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The Keynes Conundrum

From the October 2010 Print Edition

The most practical man of business is usually the slave of a defunct economist, John Maynard Keynes observed seventy-five years ago, in reference to the theories he proposed to overthrow; and this judgment applies with force to his continuing grip on the minds of the world’s policy makers. Public . . . . Continue Reading »

Our Muddled Masses

From the January 2010 Print Edition

It would appear that America needs a miracle to escape the “new normal” of low growth. We know of no means to induce miracles, but there is a next best thing. Perhaps it is not accidental that the Holy Land was called the land of milk and honey rather than gold and oil. You need skilled . . . . Continue Reading »

The Needle’s Eye

From the December 2009 Print Edition

The destinies of the aging but affluent people of the West and the young but impoverished people of the Global South are joined”and joined by a very simple economic fact: The old tend to have savings, while the young tend to have energy. To fund their retirements, old people must find young . . . . Continue Reading »