Two things occurred this past week that reminded me how little economists are able to explain economic growth. The Bolivian government headed by Gonzalo Sanchez de Lozada bowed to popular pressure, including street violence that killed some 20 people, and…
Beefy, bulky price sweeps
What do fat steers and cargo freighters have in common right now? I’ll bet that one of my smarter microeconomics students would come up with the right answer. Both cattle and ships have very inelastic supply. Producers cannot increase the…
Talk about trade talks obscures important issues
It is important that the world not let recriminations over the failed Cancun trade talks obscure a more important issue. Expanded trade reform would have benefited rich and poor countries alike. In the long run, however, such reform is less…
Nobel choices leaner and lean to U.S.
Nobel choices leaner and lean to U.S. I would love to be a mouse under the conference table during meetings of the committee that selects the Nobel laureate in economics. So would a lot of other economists. Our curiosity is…