Posts Tagged ‘Adam Smith’

  • euro zone map

    Eurozone: First Latvia and then Croatia?

    Jun 6, 13 • 334 Views • No Comments

    Reading about Latvia’s probable eurozone entry at the beginning of 2014 and then perhaps Croatia by 2017, I remembered some wise words from economist Russ Roberts. During 2010, he presented a fascinating monologue Econtalk podcast in which Adam Smith...  [read more]

  • soccer ball

    Laissez-Faire: When Is It Okay to Do Nothing?

    May 19, 13 • 248 Views • No Comments

    I suspect we have a “bias for action.” Imagine a soccer game that has gone into overtime. Each team has 5 penalty kicks. For several, remaining in the center of both posts, the goalie does not move. Statistically, her behavior is smart since the...  [read more]

  • Invention, Profit and Economic Growth

    The Real Mother of Invention

    Oct 21, 12 • 496 Views • No Comments

    Saying that profit, not necessity is the mother of invention, economic historian John Steele Gordon starts his column in this week’s Barrons. His focus was the 18th century clipper ships that earned people like John Jacob Astor $50,000 for a single...  [read more]

  • The Panama Canal Project Facilitates World Trade.

    World Trade Spin

    Jul 17, 12 • 246 Views • No Comments

    We might be able to divide the world between economic thinkers and everyone else. I noted yesterday that economist Gregory Mankiw, as President Bush’s Council of Economic Advisers chair, said that outsourcing was probably a plus in the long run. Hearing...  [read more]

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    Manufacturing and the Market System

    May 30, 12 • 201 Views • No Comments

    Adam Smith might look at recent increases in manufacturing and say, “The market works.” Here are some stories. One furniture manufacturer decided it could make consumers happier by moving back from China. Yes, it would mean paying a sander $10 an...  [read more]