Right. My point. You're better off doing a mixture of stuff, some of which goes south, than doing nothing.
I remember reading somewhere -- Old Man Perelman would know about this -- that Fogel or somebody like that argues that public subsidies for railroads or maybe it was canals was not economically justified. On Thu, Oct 23, 2008 at 2:37 PM, Doug Henwood <[EMAIL PROTECTED]> wrote: > > On Oct 23, 2008, at 2:28 PM, Max Sawicky wrote: > > I happen to be noodling now with that issue in re: cost-benefit analysis. >> My intuition is that over-confidence is ubiquitous in both the public and >> private sectors because it is a rational sort of 'irrationality.' >> > > If it weren't for "over"-confidence, we might never do anything. See, for > example, the evidence that depressed people have a more rational evaluation > of their prospects than the un-depressed, which is one reason they have a > hard time getting out of bed. > > Doug > > _______________________________________________ > pen-l mailing list > [email protected] > https://lists.csuchico.edu/mailman/listinfo/pen-l >
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