The recent brouhaha regarding StarLink genetically modified corn is like manna from heaven for those of us who teach introductory economics. It is hard to think of a better real-world example of external costs, one of the most important concepts…
Fed is performing well right now, but remember: It’s only human
The Federal Reserve System is a great institution that, on balance, has done much to improve the well-being of U.S. society. I was proud to be a small cog in that machine for several years. But the hair stands up…
Consumers ultimately pay a price for product recalls, safety measures
“Say it isn’t so, Mr. Sears! Are you really recalling my saw?” That was my gut reaction to a small news item in my local newspaper this past week announcing that Emerson Tool of St. Louis was recalling 3.7 million…
Next president needs to take steps to ward off possible banking crisis
As I write this column, it is not certain who our next president will be. But one thing is certain: as president-elect Gore or Bush puts together his economic team, he should pay heed to how that team is qualified…