All societies are not the same. It’s a mistake to ignore that fact when implementing economic or military policies. Some economists have learned that to their regret over the years. The Bush administration needs to learn it now. At some…
Author: Ed Lotterman
Comprehensive forecasts impossible
Corn prices hit a 10-year high this week on news of the U.S. Department of Agriculture’s latest estimates of world supply and demand, specifically a 2006 crop that was somewhat smaller than 2004 and 2005, strong demand worldwide and burgeoning…
How should nation rule on judges’ pay?
In his year-end report, Chief Justice John Roberts says low pay for federal judges ‘has now reached the level of a constitutional crisis.’ Roberts is correct that salaries for judges have not kept up with inflation. In fact, in real…
Aid military members who need it most
Gov. Tim Pawlenty wants to take $15,000 from Minnesota taxpayers and give it to me. That is darned nice of him, but the Legislature should think this through carefully before they OK it. The whole question of me getting any…
Society willing to tolerate highway risks
People tell economists it is immoral to place a value on human life. The problem is that people implicitly do just that in everyday life. They do risky things to save time or money or that simply are fun. Such…
Deficit spending is seductive
As the new Congress and the Minnesota Legislature begin their work this week, their members should heed one of economist Milton Friedman’s basic warnings: If a tax cut is not accompanied by a decrease in government spending, then it really…
Will new year bring same old Congress?
New Year’s Day is a traditional time for people to vow to change their behavior. We resolve to lose weight, stop smoking or drinking, spend less or exercise more. Few of us carry out our noble intentions, however. Those who…
Weighing the costs of justice
There are few knottier problems for a society than deciding how much to pay for criminal justice enforcement. The question is difficult because we never frame it in those terms. Instead, criminal justice costs largely are determined by the laws…
Word choice can illuminate or befuddle
Juliet reassured Romeo “that which we call a rose, by any other name would smell as sweet.” But is that also true for economic indicators? If we used different terms, would people view some economic issues differently? Consider one troublesome…
Food scares revive economic debate
Recent incidents of E. coli contamination of spinach and lettuce raise questions about maintaining food safety. Most Americans think this is a necessary function of government. Most economists agree, although some — including a couple of Nobel laureates — do…