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Monday, March 14, 2005

Talk about transition costs

A lot of folks are concerned that private accounts in the Social Security Ponzi scheme will be expensive. Specifically, they are concerned about what are called "transition costs," which really don't exist per se but a good talking point (see Larry White's posts over at Division of Labour).

Here is an idea that would actually have large transition costs: redefining the kilogram:
The current definition of the kilogram - that it is equal to the mass of a piece of platinum-iridium alloy kept in a vault in Paris - is out of date and should be abolished, according to physicists in the UK, US and France. The researchers believe it is time instead to define the kilogram in terms of fundamental constants, like the other six SI base units. This is despite the fact that the proposed new definitions are less precise than that based on the platinum-iridium "international prototype"

Good luck with that.

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