The classical theory of recession in pictures

And then from nowhere, this.

The back story is to explain why there were so many pictures of the meteorite which was because virtually every driver in Russia has a dashboard camera since the legal system is about as trustable as you might expect.

It is that the unexpected can happen in so many ways that makes being in business so chancey and the management of economies so difficult. An economic system that is built on the recognition that things will happen out of nowhere, some good most bad, is the only way to make the best of a very difficult job. Peeling the hands of governments back from their various attempts to “run” things once the rules of the road have been put in place is the best you can hope for.

Here, by the way, is a video of that meteorite:

[Via Instapundit]

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16 Responses to The classical theory of recession in pictures

  1. three d

    There are a number of Russian driving vids out there: a compilation:

    http://www.youtube.com/watch?v=itMdLTd1l4E

  2. JamesK

    How can you object to $1 billion for jobs you cruel right-wing extremist?

  3. WhaleHunt Fun

    Because every dollar collected by this clown collective is pissed up against the wall with only the odour of its having been, left for the poor sods who paid the tax, and nothing except an ugly witch that looks like a poisoned kidney to show for it.

  4. WhaleHunt Fun

    And don’t get me started on his boss Gillard.

  5. Entropy

    Looking at the truck accident, following cars keep going and don’t stop to see if they can help. The dude in the car checks out his own vehicle, and ignores the truck driver trapped in the cabin. What kind of people are Russians?

  6. How can you object to $1 billion for jobs you cruel right-wing extremist?

    I would be dancing in the street if any Australian Federal government spent that much on “jobs”.

  7. WhaleHunt Fun

    “What kind of people are Russians?”

    Ones who survived Stalin and his predecessors by minding their own business. At all times in all ways.

    This is your future. Watch and weep.

  8. Infidel tiger

    What kind of people are Russians?

    Drunks, prostitutes or mafia.

  9. Harold

    You’d reckon with the prevalence of video cameras we’d finally get some close encounter UFO footage i.e. the encounters which we previously only had eye witness accounts of.

    Unless they were all bullshitting.

  10. simon

    The black swan theory in action. The last thing that driver was expecting right.

    There is a great podcast with Taleb on anti-fragility over at econtalk.

  11. Tel

    The back story is to explain why there were so many pictures of the meteorite which was because virtually every driver in Russia has a dashboard camera since the legal system is about as trustable as you might expect.

    The crazy thing about dash-cams in Russia is that a lot of the video on the Internet shows the driver of the car (i.e. the owner of the dash-cam) to be absolutely beyond the pale in the wrong. I mean like driving on the wrong side of the road, at double safe speed, weaving between lanes, and eventually losing all traction kind of wrong.

    So what kind of driver does something like this, films themselves doing it, and then says, “Hey I better get this up on the Internet to prepare for my court case.”

  12. Rodney

    I once took on a new employee on a Govt scheme. I was not pleased to find that the first week of “work”, for which I was paying half the wages was spent on classes on “Your Rights at Work”.i.e. How to lodge a claim of discrimination, breach of the award and of course Unfair Dismissal.

    Good post Stephen.

  13. Alfonso

    Indeed Harold, with dash cameras as a standard fitting the incidence of 7′ yowies standing on the road side will be markedly reduced.

  14. Uber

    Steve I’ve just been looking at your book on Amazon. However I’ve had to apply Say’s Law and conclude that at $50 a pop there is insufficient supply side value-add for me to expend the input.
    God bless our protectionist guvment. They’ve just lost you a sale, reduced supply, and effectively proven that demand is an effect rather than a cause.

  15. Mother Hubbard's Dog

    Uber, maybe you could get this instead.

  16. Uber

    Ha ha, yes. But only if it comes with pictures.

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