I’ve already quoted Joel Miller’s Size Matters earlier today (in the message below), but I thought others might get a kick out of his description of the side effects linked to government decisions.
Miller starts by citing an 1850 essay from Bastiat, who argued that each law generated “seen” and “unseen” effects.
The reason this is so important is that regardless of how well-meaning the first effects, the secondary effects of a policy or law can be extremely detrimental.
Think about the side effects in medicine. When watching an advertisement for a new pill that will treat some troublesome condition, it’s always followed by a disclaimer: “Side effects include drowsiness, achy joints …,” etc. The point: Weigh all the costs before knocking back a dose or two.
Alas, politics comes with no such caveat.
The warning labels on policies or laws rarely announce the drawbacks: SIDE EFFECTS MAY INHIBIT INNOVATION, DAMPEN ENTERPRISE, BURDEN BUSINESS, HURT THE WORKING POOR, HIKE PRICES, AND ULTIMATELY LIMIT ECONOMIC GROWTH.
