Peter Gordon’s Blog: Interesting analogy

From Peter Gordon, via Greg Mankiw, an “interesting analogy” from p. 25 of Paul Seabright’s book entitled “The Company of Strangers: A Natural History of Economic Life”: “Politicians are in charge of the modern economy in much the same way as a sailor is in charge of a small boat in a storm. The consequences of their losing control completely may be catastrophic,… but even while they keep afloat, their influence over the course of events is tiny in comparison with that of the storm around them. We who are their passengers may focus our hopes and fears upon them, and express profound gratitude toward them if we reach harbor safely, but that is chiefly because it seems pointless to thank the storm.”

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