Jonathan Catalan

gets it …

20 miles of empty lumber rail cars

I’m driving past 20 miles of these empty railroad lumber transport cars in Eastern Oregon, which are being stored on an unused rail spur. The cars have been there for 2 years. A living image of the Hayekian malinvestment boom and bust cycle:

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The empirical element in economic theory consists of propositions about the acquisition of knowledge. — F. A. Hayek

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