Economics

"This Is How All Government ‘Works’"

Steven Greenhut presents a gem of an example.

This story is a reminder of how government “works.” It has many well-paid employees. (Los Angeles County fire captains and battalion chiefs can earn total compensation packages that top $600,000 a year. The median county and city firefighter compensation in California is just under $200,000 a year.) It has no “customers.” It is adept at handing out notices and fines, but has no incentive to properly manage its budgets or property. It rewards bureaucracy and inaction. The only way to get it to do anything constructive is to apply pressure from politicians.

For more on how government "works" see "Uber under Fire" and "The Obama Center Can Afford More Than $1 Rent".


"Friedman's"

I never knew there are restaurants in New York City named after the late, great economist.

Friedmans was named after the famous economist Milton Friedman who popularized the phrase, “there ain’t no such thing as a free lunch”. This phrase has gone on to be used in science, economics, finance, statistics, technology, sports, & now food. However, to put it simply, “to get one thing we like, we usually have to give up another thing we like.”

Link via Economics Job Market Rumors.