What Is Seen & What Is Not Seen In Coliseumscam
The French economist, politician, and merchant Frederic Bastiat decisively refuted the economic fallacies which underly the claims of Coliseumscam supporters when he confronted their ancestors in the nineteenth century. Sadly, the same fallacies have gotten a lease on life with the Keynesian economics of John Maynard Keynes and the Roosevelt New Deal. The Mangano and Wang scheme team’s gun for hire, Camoin Associates, rests their analysis on these fallacies.
This excerpt is from the first chapter of Selected Essays on Political Economy, translated by Seymour Cain and edited by George B. de Huszar, published by the Foundation for Economic Education. http://www.fee.org. I just reread it in the excellent book from Students for Liberty http://www.studentsforliberty.org
Henry Hazlitt did much to popularize Bastiat’s essays and book, THE LAW, with his own book ECONOMICS IN ONE LESSON.
Bastiat wrote “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 is only one difference between a bad economist and a good one: the bad economist confines himself to the visible effect; the good economist takes into account both the effect that can be seen and those effects that must be foreseen.
Yet this difference is tremendous; for it almost always happens that when the immediate consequence is favorable, the later consequences are disastrous, and vice versa. Whence it follows that the bad economist pursues a small present good that will be followed by a great evil to come, while the good economist pursues a great good to come, at the risk of a small present evil”
What is not asked by Coliseumscam supporter is what the taxpayer would do with their money if not conscripted. They may save it for investment, a new business perhaps or a 527 plan for their child’s education. The taxpayer may spend it as he or she sees fit instead of being conscripted by Ed Mangano.
Similarly, if there were no Coliseum the consumer would have that money to spend or save (invest) as they see fit.
Yes, there will be construction jobs, but what about the construction jobs to build what people chose in the market to invest in or spend money? You can’t see it but it is there in the wings waiting.
Instead of money going to Champions in the Uniondale Marriott, the consumer or taxpayer would have their money to spend in Freeport, or Wantagh, or Glen Cove, or Garden City etc. Or even NYC or anywhere on earth THEY CHOSE.
Really, Mangano should join the Democrat party as he has accepted its economic philosophy.
Coliseumscam benefits some people like billionaire Charles Wang a lot, some construction workers but not all, some contractors but not all, a few restaurants to the detriment of the many.
This why the Libertarian Party says: Stop corporate welfare. Separate sports and state. Sell the Coliseum. Stop wasting money. Vote NO Monday, August 1st.-30-