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According to economic theory, when gold prices go down, people and capital will move out of the gold town seeking a new "equilibrium" in greener pastures where all will be well. All the nasty stuff that happens to the people and the town between these two equilibria is just "friction" and would be eased by more "liberal reform" and less attachment to "sunk costs". Didn't they teach you anything in your Economics degree?

Can the last politician to go out the revolving door please turn the lights off?
by Migeru (migeru at eurotrib dot com) on Tue Jun 19th, 2007 at 05:35:03 AM EST
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I implied in one of my other comments in that diary that one of the first urges would be to invoke Schumpeter... and lo... there he is, invoked at the top of Wolf's column...
by Metatone (metatone [a|t] gmail (dot) com) on Tue Jun 19th, 2007 at 02:50:19 PM EST
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