Friday Lay Day – Economists remain in denial of reality
It is my Friday Lay Day blog and it is going to be relatively quick. There was an article in the Wall Street Journal (December 23, 2015) – Economists Say ‘Bah! Humbug!’ to Christmas Presents – that says a lot about how my profession struggles to appreciate reality in all its dimensions. Every year, it seems that this type of article is written. It discusses whether giving gifts at this time of year “represents an inefficient reallocation of resources”. As my friend Scott tweeted this morning it is just another example of (mainstream) rebuking parallel lines for not remaining straight.