An economist is lucky if his or her work stands the test of time and remains relevant decades after first being published. Robert Mundell, the 1999 Nobel laureate in economics, is extremely fortunate: His work is actually more respected and…
Category: Other
Are numerous, lengthy lawsuits against industries going too far?
Is it good or bad for a society when people are able to sue each other with abandon? That question came to mind when U.S. Attorney General Janet Reno said recently that the U.S. government is going to sue tobacco…
U.S. industries need to remember the foreign customer is always right
“Pardon me, do you have any real Dijon?” Rather than a romantic gaze, that question is eliciting howls of pain from French mustard lovers in the United States ever since the U.S. imposed punitive tariffs on imports from Europe of…
Greenspan’s oral circumvention is cerebral fribble
Alan Greenspan, the speaker at Thursday night’s Minnesota Meeting, is a past master Fed-Speak, a language in which many complex words are used to say as little as possible. Indeed, he frequently acknowledges this skill. He once told a congressman,…
Retiring from the Fed would be good for Greenspan, good for the country
The U.S. economy is doing better than it has in decades. Inflation and unemployment are low, incomes are rising, and the stock market remains high. You already knew that, you say? Well then consider this: Alan Greenspan should announce that…
Trivial side issues mask real story of whether Western aid is effective
A 24-hour convenience store is robbed. Crime reporters immediately converge on the First National Bank where they ask, “Is it true some of the money taken in the robbery at Joe’s are funds your bank lent him as part of…
Propping up commodity prices isn’t the way to save family farms
Farming is one economic sector that’s missing out on the current general prosperity. And with only 15 months to the next general election, politicians are scrambling to help. Some, such as Minnesota’s Paul Wellstone and North Dakota’s Byron Dorgan, are…