The maxim attributed to Napoleon that “in war, morale is to all other factors as three is to one” could be applied just as well to an economy. We talk about consumer or investor “confidence” rather than “morale,” but the…
Hurwicz’s Nobels shows nice guys can finish first
Every time my friend Paul came back from his Ph.D.-level microeconomics course he said the same thing: “Man, Leo is just amazing.” I never had the privilege of taking a course from Leonid Hurwicz but I know many people who…
Changing conditions breed invention
A simple morning commute generates a good metaphor for how markets work. One morning last week, I left my house and found cars on Raymond were backed up to the light at Como. I slipped down Scudder instead, hooking a…
“Nanny” government should simplify savings
This week, Hillary Clinton tossed out a proposal to establish 401(k) accounts for everyone, even for people who don’t have access to one through their employers. She also proposed the federal government provide up to $1,000 in matching funds for…