Who bears blame if economic policies or the nation’s economic performance are not what one likes — Congress or the president? In an election year like 2004, visitors from other planets who read our newspapers and watch TV might assume…
Short-term numbers have shortcomings
Most people assign far too much importance to short-term changes in economic indicators, such as consumer spending, unemployment and prices. Understandably, a high level of public interest in economic matters prevails right now. We are coming through a slowdown after…
High gasoline prices, ‘bye gas guzzlers
Some economic interactions are like snapping a whip. A brisk shake at one end translates into an explosive snap at the other. The effects of higher fuel prices on prices of old cards and airlines demonstrate this. Relatively small changes…
Econ 101 doesn’t explain office glut, pricey steak
Real economies don’t always work the way they are depicted in Microeconomics 101 at the local college. That statement is not a criticism of the discipline. Introductory courses in most subjects have to leave details for subsequent ones. But people…