The recent tragic fire that killed 112 workers in a clothing factory in Bangladesh raises an interesting question in benefit-cost analysis: What is the economically optimal number of workers to die in industrial accidents such as factory fires or coal…
Watch out for misleading data in public policy debates
At a time when we need clarity in public policy debates, it is disheartening to hear misleading arguments that obscure rather than illuminate choices we face. Sometimes misinformation stems from ignorance and occasionally from self-serving malice. But often, well-meaning people…
The law of diminishing returns applies to political spending, too
GOP strategist and fundraiser Karl Rove, U.S. Chamber of Commerce head Tom Donahue and Federal Reserve Chairman Ben Bernanke are all in the same economic boat. Whether they realize it or not, they are limited by the fundamental economic phenomena…
Thanks, gratitude and cooperation all stem from attitude
The word “thanksgiving” does not appear in Adam Smith’s book, “The Theory of Moral Sentiments,” but he does discuss “gratitude” and its relationship to other human sentiments at length. So it is clear that he appreciated the key role of…