“There is a great deal of ruin in a nation”—Adam Smith, on the doom that Britain faced on losing the American colonies.
I think most wonks of any stripe are very surprised just how long things take to change, and how stable (or even perversely changing) “bad” equilibria are.
“There is a great deal of ruin in a nation”—Adam Smith, on the doom that Britain faced on losing the American colonies.
I think most wonks of any stripe are very surprised just how long things take to change, and how stable (or even perversely changing) “bad” equilibria are.