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I was driving to work the other day, and morning person that I am, I had the radio tuned to the Bloomberg financial station. By 7 AM, I’m ready for some insightful and stimulating comment on the state of business, the markets and the world economy. (Bloomberg is after all about money, but Bloomberg media does do a pretty good job of covering politics and social trends in addition to its primary focus on the business of making money).
As I rolled down Ridgewood Avenue in Glen Ridge, it was time for Bloomberg View, and this day it was Megan McArdle‘s turn. Ah yes, good old Megan (she’s actually rather young), the rising star of economics-oriented punditry. I remember back when she cut her teeth writing an occasional “rational economic thinking” piece for The Atlantic. I find that Ms. McArdle’s thoughts have generally been worth a read or listen, and I take my hat off for her being one of the few female pundits embracing market theory and financial trends.
During my ride to work, Ms. McArdle was taking on Chris Hayes of MSNBC, specifically a recent article he published in the uber-liberal Nation magazine which compared and in some ways equated global warming with slavery. Mr. Hayes’ bottom line was that slavery was such a crime against humankind that society had to eviscerate billions of dollars worth of economic value (i.e., the investment of the plantation owners in their armies of slaves, and the huge profits that they earned by using them) . . . despite the fact that this radical seizure of economic value would have a tremendously disruptive effect on the regional economies of the South (and secondarily on the industrialized North, too). In the same fashion, society would now have to destroy a tremendous amount of economic value by prematurely ending the use of fossil fuels, because of the great crimes that global warming will soon have (and possibly is already having) on the human race (to say nothing of the many other living species and the overall living ecology of planet earth).
Ms. McArdle found this logic to be a bit “inapposite” – i.e., Mr. Haynes did not hit the nail on the head, after all. Slavery was a horribly » continue reading …