I guess we’ll need a new expression for long odds.
Mike Terry of Yet Another Damned Blog:
The gas station I stopped at on my way to work has a sign advertising 2 Krispy Kreme donuts for $2, which means that the all-important dollars to donuts exchange rate is now one to one.
I hadn’t thought about it that way, but Terry has a point. Aside from its purely economic effects, persistent inflation has a corrosive effect on linguistic traditions: “In for a penny, in for a pound” actually meant something when even a penny had some actual purchasing power.
Author: Mark Kleiman
Professor of Public Policy at the NYU Marron Institute for Urban Management and editor of the Journal of Drug Policy Analysis. Teaches about the methods of policy analysis about drug abuse control and crime control policy, working out the implications of two principles: that swift and certain sanctions don't have to be severe to be effective, and that well-designed threats usually don't have to be carried out.
Drugs and Drug Policy: What Everyone Needs to Know (with Jonathan Caulkins and Angela Hawken)
When Brute Force Fails: How to Have Less Crime and Less Punishment (Princeton, 2009; named one of the "books of the year" by The Economist
Against Excess: Drug Policy for Results (Basic, 1993)
Marijuana: Costs of Abuse, Costs of Control (Greenwood, 1989)
View all posts by Mark Kleiman