Charles Mueller wrote,
>This is a routine exercise in every undergraduate college course in
>economics. A drop in consumption means a fall in sales, which in turn
>requires producers to cut down their output volume, and that of course
>requires that a part of their workforce be laid off--thus raising
>unemployment.
and so on . . .
I had the good fortune of taking that undergraduate college course three
times. The first time was in high school (we were a privileged school
district). The third time was because the second college I went to didn't
recognize transfer credits for that particular course from the first.
Now, I wonder if there isn't an applicable lesson in that? If my consumption
of undergraduate college courses in economics had somehow been cut by 2/3,
it might have set off a cycle of lost consumer purchasing power and reversed
multiplier effects that at first might have seemed insignificant. But over
time, and allowing for compound interest, my failure to enroll in those two
redundant college courses could well have brought the entire economy to it's
knees.
It's scary to think how close we came!
Regards,
Tom Walker
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