Tag Archives: Economic responsibility

Public Knowledge, Projections, and Memory

In 1978, the U. S. Congress enacted energy legislation that outlawed the use of Natural Gas to generate electricity.  “knowledgeable Experts” were projecting that we would be out of natural gas by 1985.  Thus the popular opinion was we were facing a … Continue reading

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Not-for Profit College Cost rising faster than inflation – Pt 2

In Part-1, we talked about non-profit colleges and three things that have changed in the last 30 or 40 years.  (1) The recognized effect of big time athletic programs and the fact that college coaches salaries have risen to be … Continue reading

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A Federal Reserve Report says Economists Fail at Forecasting – Really?

Robert J Samuelson had a syndicated column recently reporting on a U.S. Federal Reserve study of the accuracy of Macro-economic forecasting.  The study looked at forecasts of “important economic” indicators such as unemployment, interest rates, gross domestic product and compared … Continue reading

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Unintended Consequences and Positive Results

In the previous post I tried to demonstrate how  unintended consequences on the part of a central government can have negative results.  Unintended consequences can sometimes have positive results.  Adam Smith used the term “invisible hand” in his work on … Continue reading

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It’s a Wonderful Life, the Rationing of Capital, and Economic Recovery

The movie “It’s a Wonderful Life” is shown every year at Christmas and we usually watch it.  This year was no different.  Mr. Bailey of Bailey Savings and loan is shown what life would be like if he hadn’t been … Continue reading

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What Would Make the Economy Roar Again?

The last week-end edition of the Wall Street Journal contains an article by Marc Levinson entitled “Why the Economy Doesn’t Roar Anymore”.  Marc Levinson is a former finance and economics editor of the Economist.  He points out that in the … Continue reading

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The Definition of Insanity and the Fed

One of the definitions of “insanity” is to keep doing the same things over and over and expecting a different result.  The Federal Reserve Board has been keeping interest rates almost zero for more than 7 years now – longer … Continue reading

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