Logical bailout

Patrick Gibbons

The Las Vegas Sun laments that if the auto industry goes under, more people will lose their jobs. If more people lose their jobs, then fewer people will come to Las Vegas.

It's a stretch that isn't hard to imagine, but what the Las Vegas Sun is really saying is this:

If an unprofitable, wealth-destroying enterprise is allowed to go under, then people and resources will be freed to do other things in the economy, like actually produce wealth. And if wealth gets produced – instead of destroyed – then fewer people will have the wealth to come to Las Vegas.

Thus the incoherency in the Sun's reasoning stands revealed.