This week, China lowered its official target for the value of its currency relative to the U.S. dollar. Global news media promptly labeled this a “devaluation,” and the usual set of pundits and politicians denounced the move as “currency manipulation.”…
Would a privatized Mille Lacs have better luck?
Walleyed pike fishing on Lake Mille Lacs has collapsed, and it is unclear when, if ever, fish populations will return to former levels. As the walleye is the most desirable fish in Minnesota, this is a blow to resort owners…
China’s ominous markets meltdown
The slow-motion train wreck in Chinese stock markets these past few weeks reminds me of Winston Churchill’s observation, in August 1914, that “the terrible ‘ifs’ accumulate.” No, a stock market slump in China is not as important or devastating as…
A topical day for a tropical economist
One assignment I give my micro-econ students is to log as many examples of economic phenomena in a day as they can. Here is my go at it for 24 hours of my vacation in the Dominican Republic. The capable…