Have you ever heard the “widows and orphans plea?” A century ago, whenever some titan of industry was challenged for mistreating employees or engaging in questionable practices, he often responded that he personally would like to behave in a kinder,…
Americans want a strong dollar, but few can offer any reasons why
National customs certainly differ. In monasteries high in the Himalayas, monks rhythmically intone “Om, om, om” to achieve inner peace and serenity. In the U.S. Treasury in Washington, D.C., economists ceaselessly intone “strong dollar, strong dollar, strong dollar” to maintain…
You can tune a piano, but not an economy
Question: What is a sure sign that someone’s economic knowledge is shoddy or hopelessly out of date? Answer: If they use the words “economy” and “fine tuning” in the same sentence. If there is one thing on which economists under…
Look at a country’s political culture to get a grip on economic changes
When countries are unable to find solutions to persistent economic problems, it’s usually a symptom of an underlying political problem. Recent events in Brazil and Japan bear this out. Looking at these countries’ problems may lend some insight to our…