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Translating "Fiat Citizenship" into Economicsese
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August 08, 2013, 01:20 AM
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My Taki`s Magazine article "Fiat Citizenship" points out that the Schumer-Rubio plan to print up millions of documents for "the undocumented" is much like the Weimar Republic`s plan in 1923 to solves its economic problems by printing up trillions of marks. A reader translates my point that politicians love nickel and diming the public for the sizable benefit of lobbies into proper economicsese:

Nice article. "This willful ignorance isn’t surprising because politicians love giving big handouts to small numbers of people by nicking a small amount from big numbers of people." In Economics terminology/buzz words: politicians love doling out `concentrated benefits with diffuse costs.` The low cost incurred by any single individual creates a `collective action problem.` The same predicament was addressed in tort law by allowing class action lawsuits.
So, you can use this jargon when addressing economists. Of course, these days they are more devoted to adding to the wealth of their paymasters than of understanding how things work, so don`t expect to induce much comprehension in them.