Index Investing News
Thursday, February 26, 2026
No Result
View All Result
  • Login
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion
No Result
View All Result
Index Investing News
No Result
View All Result

What Should We Do About Ukraine? I Have No Idea

by Index Investing News
February 19, 2024
in Economy
Reading Time: 4 mins read
A A
0
Home Economy
Share on FacebookShare on Twitter


“Let’s be honest. Hillary Clinton is going to be the next president of the United States.” I uttered those fateful words on election day 2016 and then proceeded to lose a few hundred dollars at Predictit.org, where I had bet on a Clinton victory. The experience made me appreciate Yogi Berra’s maxim that “it’s hard to make predictions, especially about the future” even more. That experience combined with what I’ve read about experts’ lousy records making concrete predictions was chastening, to say the least, and now my default answer to, “What do you think is going to happen?” and, “What should we do about [whatever]?” is, “I don’t know.”

It’s a good lesson to remember as we mark the second anniversary of Russia invading Ukraine. I’d say allow more immigration, but that’s a good idea regardless. Reading Richard Hanania’s Public Choice Theory and the Illusion of Grand Strategy: How Generals, Weapons Manufacturers, and Foreign Governments Shape American Foreign Policy, convinced me sanctions will be ineffective if not counterproductive. They stand a very good chance of being worse than doing nothing, and the paradigmatic case for successful sanctions–the end of Apartheid in South Africa–was not due to sanctions but due to other causes.

Was the Russian invasion bad? Yes. Is Vladimir Putin a bad guy? Yes. Do those two facts alone mean we can make things better? No.

The world is filled with problems we do not know how to solve, and it’s unwise to try to keep up with all of them and foolish to try to solve all of them. I basically stopped keeping up with current events after reading Rolf Dobelli’s essay “Avoid News: Towards a Healthy News Diet.” Dobelli argues that news is to the mind as candy is to the body, and he explains that news takes our faulty ways of thinking about risks and makes them worse. As he puts it, for example, “Terrorism is overrated. Chronic stress is underrated.” Most of what you see on the evening news or read on your favorite news website is irrelevant to your daily affairs, and many of the confident pronouncements people are making about this or that will be wrong or correct only fortuitously. Checking the news is like going to the pantry for a bag of chips. It’s OK to do every so often, but just as chronic snacking on junk food ruins our bodies, chronic snacking on junk information ruins our minds.

I’m also inspired by Michael Huemer’s article “In Praise of Passivity” and Chris Freiman’s argument for why it is OK to ignore politics. I don’t think we’re at the stage in our knowledge of the social and moral sciences where we can confidently predict the actual, long-run consequences of many actions and interventions. We can make predictions based on models, which can be informative, but there’s enough randomness in the system that, once again, even the best forecasters aren’t very good at it. For someone who doesn’t specialize in a particular area, a citizen’s or observer’s Hippocratic Oath: first and foremost, don’t make things worse. As Hanania argues, many American military adventures abroad wind up with ad hoc justifications based on jingoism and short-run political expediency. Huemer is right: it’s OK to stand by and watch. Huemerian passivity, of course, isn’t the same as apathy. We should care about what happens in the world, but not to the point of distraction or neglect of our other duties.

In any event, politics is hard and the world is an unimaginably complex place. To the objection that it is not OK to ignore politics and that we have a duty to be informed citizens, Freiman responds by pointing out the overwhelming intellectual burden one needs to bear in order to really understand things and account for the consequences of different policies and proposals. It is hard enough for me to keep up with the scholarly literature in my very narrow field of specialization within economics, and even then, there is a lot I don’t know and end up missing. Christopher Freiman thinks it’s OK to ignore political debates even about very sensitive issues because of the sheer complexity of what is involved and because it’s by no means certain that we will make things better overall. I tend to agree.

So what are we to do? I am learning to pray with Reinhold Niebuhr for the courage to change the things I can, the serenity to accept the things I can’t, and the wisdom to know the difference. What’s happening in Ukraine right now is getting a lot of attention, but it’s almost certainly something I can’t change.

 


Art Carden is Professor of Economics & Medical Properties Trust Fellow at Samford University, and he is by his own admission as Koched up as they come: he has an award named for Charles G. Koch in his office, he does a lot of work for and is affiliated with an array of Koch-related organizations, and he has applied for and received money from the Charles Koch Foundation to host on-campus events.



Source link

Tags: IdeaUkraine
ShareTweetShareShare
Previous Post

Apple Still Has A China Problem (NASDAQ:AAPL)

Next Post

Texas has constitutional right to defend itself from invasion

Related Posts

Transcript: Hilary Allen on Fintech Dystopia

Transcript: Hilary Allen on Fintech Dystopia

by Index Investing News
February 24, 2026
0

https://www.youtube.com/watch?v=NSFAIakPdmohttps://www.youtube.com/watch?v=NSFAIakPdmo     The transcript from this week’s, MiB: Hilary Allen on Fintech Dystopia, is below. You can stream and...

Friedman on Immigration: Setting the Record Straight

Friedman on Immigration: Setting the Record Straight

by Index Investing News
February 20, 2026
0

Even people who are otherwise enthusiastic about a free market in labor can get cold feet about immigration once redistribution...

10 Presidents Day Reads – The Big Picture

10 Presidents Day Reads – The Big Picture

by Index Investing News
February 16, 2026
0

My three-day weekend reads: • Why a ‘K-Shaped’ Economy Means More Risk for Stock Investors: The wealthy are propping up consumer...

Property Rights and the Arctic Contest

Property Rights and the Arctic Contest

by Index Investing News
February 12, 2026
0

In recent years, the Arctic has returned to the center of public attention: the renewed interest in Greenland, the progressive...

No easy end to easy money

No easy end to easy money

by Index Investing News
February 8, 2026
0

Unlock the White House Watch newsletter for freeYour guide to what Trump’s second term means for Washington, business and the...

Next Post
Texas has constitutional right to defend itself from invasion

Texas has constitutional right to defend itself from invasion

My Weekly Reading and Viewing for February 18, 2024

My Weekly Reading and Viewing for February 18, 2024

RECOMMENDED

slasher movie that follows the killer

slasher movie that follows the killer

March 20, 2024
10 Purchase And Maintain Ceaselessly Dividend Shares For A long time Of Dividend Development

10 Purchase And Maintain Ceaselessly Dividend Shares For A long time Of Dividend Development

December 24, 2024
What Seinfeld Can Teach You about the Government’s Senseless War on Appliances – FREEDOMBUNKER

What Seinfeld Can Teach You about the Government’s Senseless War on Appliances – FREEDOMBUNKER

January 26, 2024
Record high mortgage rates keep lid on Seattle-area housing market

Record high mortgage rates keep lid on Seattle-area housing market

October 6, 2023
The Limits to Growth? – Econlib

The Limits to Growth? – Econlib

November 5, 2022
Ebook Overview: Convertible Securities | CFA Institute Enterprising Investor

Ebook Overview: Convertible Securities | CFA Institute Enterprising Investor

July 29, 2022
Violence, Our Brains, and Our Darkest Selves

Violence, Our Brains, and Our Darkest Selves

June 11, 2023
How serious is the challenge of the petroyuan?

How serious is the challenge of the petroyuan?

January 8, 2023
Index Investing News

Get the latest news and follow the coverage of Investing, World News, Stocks, Market Analysis, Business & Financial News, and more from the top trusted sources.

  • 1717575246.7
  • Browse the latest news about investing and more
  • Contact us
  • Cookie Privacy Policy
  • Disclaimer
  • DMCA
  • Privacy Policy
  • Terms and Conditions
  • xtw18387b488

Copyright © 2022 - Index Investing News.
Index Investing News is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion

Copyright © 2022 - Index Investing News.
Index Investing News is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In