Category Archives: Economics

Of Course It Does

Restricting the top speed on automobiles “seems reasonably sensible” to Matthew Yglesias:

…of course the reason you’re not allowed to go super-fast is that it isn’t safe. A large proportion of car accidents are related to people driving too quickly. Thus, via Ezra Klein comes Kent Sepkowitz’s suggestion that we design cars so as to make it impossible for them to drive over, say, 75 miles per hour.

Clearly spoken as someone woefully ignorant of the cause of accidents, and who probably doesn’t drive much, at least outside a city, or in the west, or in mountains, or on curvy roads where rapid passing is occasionally necessary. Or someone to whom time (at least other peoples’ time) has no value. I suspect that he agrees with Al Gore that cars are intrinsically evil, and wishes that everyone would ride a train, like those enlightened Europeans. It’s similar to the idiocy (and yes, there’s no other word for it) of a double nickel speed limit (something to which even Charles Krauthammer, who doesn’t drive at all) has fallen prey.

Fortunately, most of his commenters take him to school.

Who Is Overpaid?

Not engineers.

Engineer’s salaries, taking into consideration education and responsibilities, the stress of accelerated delivery schedules and their direct impact on corporate profits and overall success of the company, seem absolutely inadequate.

Well, I’ve known a few who were. But no, not in general.

In many of these overpaid professions, there’s some kind of government-induced market failure going on (e.g., longshoremen), but in a lot of cases, it’s just the occasional irrationality of the market place.