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Saturday, June 03, 2006

The Legislation Possibilities Curve

The time available for legislation in a congressional session is limited. Because time is limited, it is very valuable and should be used to solve the nation's most important and pressing problems. When legislators decide to focus on a particular problem and use up that valuable time, there is an opportunity cost in terms of all the other important problems that do not get the attention they need.

We are already at point B. We could move to point A and fully focus our attention and resources on our most important issues. But as today's radio address made clear, the President has decided to reduce the time spent on important problems fom P0 to P1 by moving to point C and focusing the nation's legislative and other resources (newspapers, pundits , analysts, the public, etc.) on gay marriage instead. Update: Thinking this over a little more, I assumed the opportunity cost is "important problems," but maybe the alternative is even worse policy. If so, then having legislators spin their wheels without accomplishing anything would be a positive outcome.

Correction: I inferred in an earlier post, since corrected, as well as in an earlier version of this one that the nickname "opie" applied to a particular individual. It does not. I was mistaken. My sincere apologies.

    Posted by on Saturday, June 3, 2006 at 11:07 AM in Economics, Policy, Politics | Permalink  TrackBack (0)  Comments (14)


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