Why are some countries poor and others rich? That is the most basic question in economics and the focus of Adam Smith’s seminal book, “An inquiry into the nature and the causes of the Wealth of Nations.” This work is…
The EU may be forced to give up the euro
A Greek exit from the Eurozone is a very bad outcome for that country and for the European Union, but it probably is the least-bad one for either, and it may be inevitable over the long run. The joke going…
Greece, Puerto Rico share some of same issues
The juxtaposition of this past week’s news headlines, “Greece will not pay IMF loan due on Tuesday” and “Puerto Rico governor says island can’t pay” brought a much ignored truth home. Just as Greece’s economy is an unsustainable element within…
As a group, raisin growers will pay the price
In an 8-1 decision, the Supreme Court ruled last week that the 1940s-era “Federal Marketing Order” for California raisins as currently implemented violates the Fifth Amendment of the U.S. constitution. This is good news for raisin consumers, and I myself…