May 14 2014
One of my all-time favourite comments by an economist goes like this:
“If two people claim to have seen a UFO, with one person claiming that it was large and the other person claiming that it was small, should we assume that the UFO was medium-sized?”
This great comment — actually by two economists, Brian MacLean and Mark Setterfield — reminds us of a basic, often-neglected law of economics: The fact that people assert something to be true doesn’t mean that it is.
Indeed, Ontario Progressive Conservative Leader Tim Hudak claims he has a plan that will create One Million Jobs. Everywhere he goes in the current election campaign, he stands in front of a backdrop that proclaims One Million Jobs.