Economic Lessons from Everest
Jim O’Neill (former chairman of Goldman Sachs Asset Management and a former UK Treasury Minister) notes:
“Recent images of long lines at the Mount Everest base camp, and at choke points on the way to the summit, offer a perfect real-world example of mismanaged supply and demand. As in a number of other economic-policy areas, a combination of price adjustments and regulation offers the only way off the mountain.”