Friday, March 03, 2006

Wal-mart, the critics, and time machines

The Economist (Feb 25, 2006) includes a review of the latest Wal-Mart books as well as an Economc Focus column that summarizes some of the recent research. Creative destruction is not popular in polite company so economic efficiency, innovation, low prices, consumer satisfaction -- as evidenced by high profits -- come in only as occasional after thoughts.

The focus is onWal-Mart's impacts on the status quo, wages employment, etc. "There are two sides to every penny it pinches."

It's a no-brainer but what if all of the critics (enjoying their current longevity and lifestyles) were somehow able to subject all of (or just some of) the many past innovations that contributed to their present well being to the same scruitiny -- and the ensuing politics?

Ignorance of historical fact is always a problem -- and we do not have time machines. Yet.