In the economic sphere an act, a habit, an institution, a law produces not only one effect, but a series of effects. Of these effects, the first alone is immediate; it appears simultaneously with its cause; it is seen. The other effects emerge only subsequently; they are not seen; we are fortunate if we foresee them.
There's "lots of talk in Oklahoma about looking to Texas as a model for fiscal and economic policy," our liberal friends at the Oklahoma Policy Institute correctly point out. "Better look again," they warn darkly, pointing to Paul Krugman's latest.
Governor Bradford's history of the Plymouth Bay Colony is a story that deserves to be far better known, particularly in an age that has acquired a mania for socialism and Communism, regards them as peculiarly "progressive" and entirely new, and is sure that they represent "the wave of the future."