As a general rule, one should always regard legislators as basically clueless, and this is especially true when it comes to issues of the economy.
Which is one reason why Adam Smith had little use for regulatory systems of any kind in "Wealth of Nations". He observed the wreckage mercantilist manipulations had made of things and realized that no government regulation was ever going to work half as well as an unfettered free market for disciplining everyone to efficient and productive behaviors.
That pension money sitting just out of their grasp must be killing them.
But, legislation inbound!
Any thoughts on this, Peter.
And, as usual, Superb work.
As a general rule, one should always regard legislators as basically clueless, and this is especially true when it comes to issues of the economy.
Which is one reason why Adam Smith had little use for regulatory systems of any kind in "Wealth of Nations". He observed the wreckage mercantilist manipulations had made of things and realized that no government regulation was ever going to work half as well as an unfettered free market for disciplining everyone to efficient and productive behaviors.
That stimulus research is interesting, I need to research this further.
It's an interesting study to be sure. Definitely a counterintuitive set of conclusions.