Have you ever heard the “widows and orphans plea?” A century ago, whenever some titan of industry was challenged for mistreating employees or engaging in questionable practices, he often responded that he personally would like to behave in a kinder,…
Category: Other
Americans want a strong dollar, but few can offer any reasons why
National customs certainly differ. In monasteries high in the Himalayas, monks rhythmically intone “Om, om, om” to achieve inner peace and serenity. In the U.S. Treasury in Washington, D.C., economists ceaselessly intone “strong dollar, strong dollar, strong dollar” to maintain…
You can tune a piano, but not an economy
Question: What is a sure sign that someone’s economic knowledge is shoddy or hopelessly out of date? Answer: If they use the words “economy” and “fine tuning” in the same sentence. If there is one thing on which economists under…
Look at a country’s political culture to get a grip on economic changes
When countries are unable to find solutions to persistent economic problems, it’s usually a symptom of an underlying political problem. Recent events in Brazil and Japan bear this out. Looking at these countries’ problems may lend some insight to our…
During his term, Bush in position to put 5 on Federal Reserve Board
President Bush has made record progress in assembling a cabinet. As the process now moves to lower-ranked positions, the public and media are likely to focus on other issues. This inevitable shift of attention is unfortunate because the new president…
Economics: California holds pricing lessons
Amid the frenzied finger-pointing taking place because of California’s electric power problems, everyone apparently has forgotten an important economic principle known as the First Law of Holes. Simply stated, when you have dug yourself into a hole, stop digging. Deciding…
Tough to measure new economy that’s flush with service industries
Imagine the following scene: NBC reporter Andrea Mitchell and her husband, Alan Greenspan, decide to take advantage of the post-inauguration lull and get away from Washington. A few days at a Colorado mountain resort will be wonderful. They arrive at…
Deeply held values, intense fears clog the education voucher debate
Societies benefit greatly when governments ensure that most citizens are healthy and well educated. That is a nearly universal lesson of history. The question is, how this can best be achieved? As we saw in last week’s column, while government…
Before ripping into voucher debate, look at government role as provider
Vouchers are in the news. One local newspaper led the week by editorially warning President-elect Bush to shun any plan for vouchers in public education. On the same day, the head of a state business group urged our Legislature to…
Bush appointee Lindsey is best described as supply-side economist
George W. Bush has named his cabinet, and his inauguration is only a few days off. Now that the public knows just whom he has asked to serve, attention turns to the policies these appointees will champion. Given the widespread…