Arnold Kling sadly misses the Point expressed by Peter Wilby. This is the fact that Charity is not sufficient in scope, and not consistent to deal with the real problems. Aid necessary over a long or continuous Period is almost never served by Charity; only when the situation returns to crisis proportions will there be steady return of funds. It is like the Boss who tells his Employees that he will pay everything he owes to them when he gets a chance, rather than a consistent, regular schedule of payments; I just know that such a Boss would have a multitude of Employees. The second consideration barely touched by Wilby is the huge Cost of Charity collections; a signature vastly in excess of any Civil Service, as the Collectors generally pay themselves according to their own desires. Causes are rarely great things on which to base consistent performance, just as long-term employment of Temps will not make for steady business and Sales.
I herein would like to state that I did not take Microeconomics until after I had taken advanced Price Theory; a fact which hindered me in both Price Theory and in my finally taking the Intro course of Economics. Nick Rowe explains why I had my difficulty. I would contend with his supposition that the problem would be solved with forcing everyone to take the Intro course. I personally would blackball anyone uninterested in the Intro course; it taking Someone who has achieved a B+ in the course to really state they are competent in the field. I would advise changing the name of the course to Economic Shortages, both to generate greater Interest in the course, and letting Students understand that it is material with which they will eventually have to contend.
I will let my Readers finish the day with this Post. I personally estimate that "Plunge" behavior actually creates and expands most Booms. Not until such behavior develops will a real Boom take place, and such behavior creates a Balloon when run over time. This means that very Boom will eventually will run into a Balloon, which will eventually deflate. Who are the Plungers, then, as they are the Creators of a Boom as well as the eventual Balloon? They are Business and Professional personnel who have made a success of their own endeavors, and need a source of Investment. They are generally individuals with imprecise knowledge about Investment, and depend on Others to guide their investment decisions. They also possess a strong desire to gain as great a Return on their own investments, as they previously have had in their own personal business of professional endeavor. The Crux of my statement consists of the fact that they are both old and new Investors, but without real knowledge of either Investment, or the real limitations of simple monetary involvement in generation of long-term Profits. lgl