Education Matters — Part 1

Positive Returns on Investment Education has positive returns. That claim is certainly not the most extravagant generalization about education that one can make. It is true unless of course hundreds of millions of people over centuries have been systematically paying for education and not fully recovering their investment. An investment is an expense in the … Continue reading Education Matters — Part 1

The People Matter

Character and culture determine destiny. Every time our great "democracy" throws up corrupt immoral shortsighted asinine "leaders" -- which is happening with sickening regularity -- it is important to remind ourselves that it is the "will of the people" expressed unambiguously through the political process. The nature of the leaders and their policies bear a … Continue reading The People Matter

The Tangled Web — Part 7

Expectation Matters George Akerlof's seminal contribution to economic theory is in the area of information imperfection and how it affects markets. His paper, "The Market for Lemons", is brilliant and an easy read. Information asymmetry between the buyers and sellers of used cars (very poor quality used cars are the lemons that Akerlof talks about) … Continue reading The Tangled Web — Part 7