The board of supervisors should not make the same mistake the Federal Reserve System has made in past years and artificially stimulate the economy on a local government level. The task of economic stimulus should be left up to the Amador County Chamber of Commerce and Visitors Bureau. Conservative Amador County goes liberal with Amador's economic "social benefit" - wherein "social benefit" = "private benefit" + "external benefit," defined as follows:
- Social benefit: The total benefit of producing a good or service, irrespective of whether the producer or someone else gets it; social product.
- Private benefit: The benefit obtained by the producer; also called private product.
- External benefit: The difference between the total benefit of an activity to the community and that part of the benefit (the private benefit) going to the person(s) carrying on the activity.
Let us not forget the flip side, wherein "social cost" = "private cost" + "external cost," and is an apparent concern for some departments. What county leadership appears to be overlooking is "consumer sovereignty": The consumer getting what they most want.
The board of supervisors should allow the market economy to adjust itself. Too much left wing and the bird goes right. Too much right wing and the bird goes left. The market economy bird, our proud eagle, knows where it is headed. Like the eagle, the county's economic stimulus plan will come home to roost on a social benefit and social cost.