The Secret Worldwide Transit Cabal
Tuesday, August 13, 2002
Hahvahd, Take Another Hit!
From the Cabalmaster:
Referring to the article in The Stranger ("Comparison Shopping," Josh Feit, Vol 11 No. 46, Aug 1 - Aug 7 2002):
ECONorthwest is the firm (and the appropriately-surnamed Daniel Malarkey admits to being the analyst) that found that the (Seattle) Central Link LRT would have a negative ratio of benefits to costs.
But operating-cost savings would provide a positive benefit-cost ratio even if ridership did not change.
But Mr. Malarkey seems to like monorail. Perhaps because it isn't "regular" rail. He, after all, is a Harvard grad . . . ah, Hahvahd, school of Kennedys . . . Kain . . . Pickrell . . . Gomez-Ibanez . . . and the ever-"envious" Jonathan Richmond . . .)
This brings to mind one of the more memorable sentences we've read, penned by George M. Smerk (and which I hope that no one on the list will find offensive): "Benefit-cost analysis, like the words of the Holy Bible, may be used to prove almost anything."
Another memorable sentence, which we neglected to save for reference, is a quote by a New York stockbroker, published in the Wall Street Journal: "Economics is taught in this country without any reference to history, politics -- or common sense."
It would seem that Harvard-trained economists are among those most lacking in the latter quality.
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