Friday, April 23, 2010

Keynes on Volcanic Ash

A cheerfully ironic post explains the many jobs created by the volcanic ash. Most commentators have focused on the losses to the airlines while ignoring the gains to hotels and restaurants, taxis and trains, janitors and sweater shops, and the unemployed who are needed more than ever to clean things up. Horowitz' modest proposal:
In fact, rather than looking for ways to prevent a recurrence, I think we should be encouraging more volcanic eruptions, earthquakes, hurricanes, urban riots, terrorist attacks, and window breaking because each and every one of them create all kinds of job and profit opportunities for different parts of the economy when we have to clean up from the mess they make.
(Unless, of course, you think that the money spent on hotels and restaurants would have been spent on something else and count the cost to them in lost income. But if Keynes doesn't, why should we? Hat tip: Cafe Hayek. More pictures at The Big Picture)

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