Wednesday, October 26, 2005

Ebbs and Flows--the Tide of Creative Destruction

The NY Times today has an article mostly on the scattering of the New Orleans labor force. However, it notes that some have migrated to New Orleans:
Its Work Force Scattered, New Orleans Wrestles With Job Crisis - New York Times: "Large numbers of workers who lived in New Orleans are now scattered throughout Louisiana or neighboring states, unable to return to flood-damaged houses and leaving hundreds of businesses unable to reopen or operating below capacity. Many are out of contact, or have settled elsewhere to enroll their children in schools.

Some positions are being filled by people from other states looking for new job opportunities in construction or, as in the case of the Five O'Clock Grille, service jobs."

One of my platitudes is that there are always tradeoffs, and it's true here. The farming way of life has changed/been destroyed in many areas, but the loss here is focussed and more visible. But, as in the case of the closing of some military bases, the new may seem better on balance than the old.

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