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The concept of Private Profits and Social Costs is implicitly easy to understand. It is far more difficult to recognize. Simply put, there are areas of economic activity where profits accrue to a few in the private sector but produce significant social costs that are paid by taxpayers. Currently, there is a political effort toContinue reading “Private Profits, Social Costs and The Minimum Wage”
First Things First—Where the Trump Administration Left Us Even acknowledging the effects of Covid-19 on the economy, the Trump administration’s economic record is quite remarkable. The largest post-war deficits since WW II. This was going to be the case even before the Covid crisis. The three largest trade deficits ever, exceeding $800 billion. The deficitContinue reading “Market Interest Rates Are Fiction”
I have no interest in a detailed review of this miserable year. The C-19 illnesses and death by the tens of thousands, the daily trauma faced by our healthcare workers, the unemployed, the business closures, the food lines, the evictions, the sheer desperation of so many people, and on and on… I guess that IContinue reading “Looking Forward to 2021 – Yes and No”
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