The way we have managed Medicare has brought our nation to a fine fare-thee-well. Yes, the program meets an enormous need. It has been and continues to be a vital lifeline for tens of millions of people. Current beneficiaries have…
Category: Other
Why issues with Medicare go unaddressed
Today is a big day! I have just managed to get on welfare. It is not that lucrative right now, but over the next couple of decades I may get $300,000 or more out of the program, tax-free. A really…
Forget Wall Street; the ‘real economy’ is the thing to watch
We live in interesting economic times. Over the past week, the step-wise down trend of stock prices in China accompanied by wild gyrations in U.S. share prices is getting much media attention. These financial markets are part of the “monetary…
UCare bid flap not a new issue for government
The UCare brouhaha, which broadened Thursday into a lawsuit that the health care company filed against the state, illustrates the inherent challenges when a government contracts with the private sector to provide public goods like military hardware, infrastructure or health…
China’s currency policy is only a symptom
This week, China lowered its official target for the value of its currency relative to the U.S. dollar. Global news media promptly labeled this a “devaluation,” and the usual set of pundits and politicians denounced the move as “currency manipulation.”…
Would a privatized Mille Lacs have better luck?
Walleyed pike fishing on Lake Mille Lacs has collapsed, and it is unclear when, if ever, fish populations will return to former levels. As the walleye is the most desirable fish in Minnesota, this is a blow to resort owners…
China’s ominous markets meltdown
The slow-motion train wreck in Chinese stock markets these past few weeks reminds me of Winston Churchill’s observation, in August 1914, that “the terrible ‘ifs’ accumulate.” No, a stock market slump in China is not as important or devastating as…
A topical day for a tropical economist
One assignment I give my micro-econ students is to log as many examples of economic phenomena in a day as they can. Here is my go at it for 24 hours of my vacation in the Dominican Republic. The capable…
Wealth of nations changes over time
Why are some countries poor and others rich? That is the most basic question in economics and the focus of Adam Smith’s seminal book, “An inquiry into the nature and the causes of the Wealth of Nations.” This work is…
The EU may be forced to give up the euro
A Greek exit from the Eurozone is a very bad outcome for that country and for the European Union, but it probably is the least-bad one for either, and it may be inevitable over the long run. The joke going…