
The Ranter
Why "Nobody Went Back to Check" Is the Most Important Phrase in Journalism
<p>The story everyone tells: Colonial India had a cobra problem. The British put a bounty on dead cobras. Indians started breeding cobras to collect the bounty. The British canceled the program. The breeders released their now-worthless snakes. And the colony ended up with more cobras than when they started.<br/><br/>It is the canonical example of perverse incentives. The phrase "Cobra Effect" was coined for it. Every economics textbook has a version. Every policy debate cites it.<br/><br/>Nobody went back to check.<br/><br/>Markus Grant tells the story everyone tells, then catches himself and walks...

