In economic policy, as in war, it is important to learn from one’s mistakes. History demonstrates, however, that identifying the right lessons can be difficult. Few institutions carried out harsher self-examination than the U.S. Army after Vietnam. When the officers…
Ruttan’s work was a product of Midwestern roots
I wonder if Vernon Ruttan’s scholarship would have followed the same path if he had grown up on a farm on the fertile black soils of central Illinois or Iowa instead of the thin sands of northern Michigan. Ruttan, one…
Copper production is no goldmine
The electrical cable I bought this week illustrates basic economics. The 250-foot coil of ’12-2 nonmetallic cable with ground’ cost $80 at my local building supply store. That is three times what I paid for my last coil a decade…
More oversight? Really? Let the Fed be the Fed
Ongoing market gyrations are sparking calls for greater regulation of investment banks and other financial institutions. Such calls for more government oversight represent a reversal after three decades of reduced financial regulation. The political climate is such that greater regulation…