Monday, June 7, 2010

policy short-sightedness

"The fallacy of overlooking secondary consequences ... is the persistent tendency of man to see only the immediate effects of a given policy, or its effects only on a special group, and to neglect to inquire what the long-run effects of that policy will be not only on that special group but on all groups."
-- Henry Hazlitt, Economics in one Lesson (1946)

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