tag:blogger.com,1999:blog-1735628051336217048.post2555255499067024871..comments2024-02-24T04:08:30.728-05:00Comments on MV=PQ: A Resource for Economic Educators: Economics on the BeachTim Schillinghttp://www.blogger.com/profile/09159198592921510105noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-1735628051336217048.post-82408644790473828022009-02-23T10:24:00.000-05:002009-02-23T10:24:00.000-05:00Good one, Tim. But let me offer another possible ...Good one, Tim. But let me offer another possible explanation for the difference in behavior: Twenty-plus years of greed-is-good, laissez-faire economics have brought us to the point where our guiding philosophy seems to have become "I've-got-mine-and devil-take-the-hindmost."<BR/><BR/>Until the recent economic downturn, we tended to overlook the pain of our neighbor's job loss or the declining state of our public institutions, as long as:<BR/>1) Our 401K balances were increasing at 10 percent annually. (Where is it written that a 10 percent annual return is a god-given right?)<BR/>and<BR/>2) We were able to keep amusing ourselves with the expanding inventory of cheaper consumer goods on the shelves of big box stores. (Never mind that those stores don't offer their workers health insurance or paid sick leave.)<BR/><BR/>And if anyone out there thinks I'm preaching socialism, save your breath. I'm not. All I'm saying is that when we make it acceptable to use "the bottom line" and unfettered self-interest as our guiding principles, we shouldn't be surprised when the invisible hand turns up its palm -- or worse, grabs us by the throat -- when hard times times turn tough.Anonymoushttps://www.blogger.com/profile/07908341016095770048noreply@blogger.com