What happens when firms and industries disappear in economies reasonably free? Here's some insight from a report yesterday on NPR. (HT to my dear friend, and fashionista, Betsy.)
And I chip in here with my own complementary account from a few years ago.
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I liked how the GM building was turned into storage for human tissue. Who would have guessed? It sounds more meaningful and valuable than one of the nebulous "green" jobs that Obama has promised.
Even though I may not always be marching in lock step with you, Don. It is things like this, valuable ways of thinking and making points, that keep me coming back.
Of course it doesn't hurt to have a host of intelligent and energetic people commenting as well, sauce on the side so to speak.
vidyohs,
Thanks!
Don
This essay posted earlier by Me Thinks is a must read for anyone thinking that socialism is the way to go:
http://mises.org/story/3105
What a nightmare the Soviet Union was.
I love Schumpeter
Thanks Don!
I think that if we had let the big investment banks go bankrupt that they owuld have been replaced by something much better.
Diversification is another benefit that Michigan reaps when new industries arise to use the resources freed up by the shrinking auto producers. In the long run, government life-support for the auto-giants victimize states like Michigan which have lacked the diversification needed to moderate economic highs and lows.