In many ways, New Orleans is a Third World city that accidentally ended up in the United States. A little history helps explain why events evolved as they did in recent weeks and how that evolution might continue as the…
How much can we really do to minimize disaster costs?
Nearly all of us will bear some of the cost of Hurricane Katrina’s destruction, so we all have a stake in minimizing future disasters. This isn’t as easy as it may sound. Decisions on how we spend now to reduce…
When labor grows faster than capital
Sometimes, economic forces sneak upon us, involving things so familiar or that develop so gradually, we ignore them. We attribute change to symptoms rather than the underlying forces themselves. This is occurring now, as “globalization” imposes difficult economic adjustments. People…
In wake of natural disaster, economic engine will restart
As the human and economic tolls from Hurricane Katrina continue to rise, it is becoming clear that this will be one of the worst national disasters in U.S. history. The human losses are the greatest cost of the storm, but…