Adams Myth answers your questions.
Photo: The Physical Impossibility of Death in the Mind of Someone Living (better known as the pickled shark) by Damien Hirst. Price in 2008: 6.5 million pounds, with free refurbishing (the shark rots).
Q. Our yayas are coming home. Their amos can’t pay them anymore. The most potent troops of the Philippines, dispersed all over the globe, have been trimmed down. My question: Will the global financial crisis adversely affect your world domination agenda?
Adams Myth: The yayas, nurses, bellboys, mechanics, English teachers and TNTs won’t be sent home. The construction workers and seamen will. Musicians in cruise ships will be packing in. Musicians at hotels won’t. The rule of thumb is, the more cyclical (i.e. boom-bust) the industry is, the more prone to layoffs. But at the end of the day, whatever slowdown we may see in out-migration this year will be temporary. Our competitive advantage still lies in making babies and sending them off to work in countries whose leaders know how to create jobs.
Q. Mr. Myth, are you an economist of the Keynesian school or of the Austrian school? Do you think Keynesian economics is finished?
AM: Austrian school. But will tolerate Keynesian remedies in extreme cases like today’s. Markets, by and large, work. The record of government managers is much less impressive.
Q. Is it good to save money during a financial crisis? Or is it better to spend more?
AM: If you haven’t got any, you’d better save. If you’ve got plenty, then crisis spawns opportunity…
Got a question for our economist? Post it in Comments.
Answers to questions you might be asking, unless you wandered onto this site purely by accident >>>
January 8th, 2009 at 00:57
is it a good time to buy a condo? if it isn’t yet, what are some signs that will tell me that it already is?
January 8th, 2009 at 12:12
Do you think Ayn Rand is wrong about objectivism and the “virtue” of selfishness?
January 8th, 2009 at 14:34
1. I’m a software developer for a big management consulting and outsourcing firm, is it a bad time to seek a higher paying job at a smaller outsourcing firm in the country?
2. When do you think will we feel the worst of this crisis, after which we can breathe easy and say that “everything will be looking up from now on”?
Thanks.
January 12th, 2009 at 04:14
What happened to your nephew, Davide Richards? Why do Filipinos have a hard time comprehending comparative advantage?