Private Profits, Social Costs and The Minimum Wage

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”

Looking Forward to 2021 – Yes and No

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”

The Tyranny of the Minority

The title of this piece is not my own, but it certainly reflects my views.  I understand that polls are often misleading.  Our recent election experience reinforces that.  But how is it that a significant majority of people want some elements of gun control for example, but nothing gets done.  Blatant discriminatory policies abound forContinue reading “The Tyranny of the Minority”

Economic Systems, Political Labels, and Ignorance

In the recent political campaigns, there were a number of political labels thrown around.  The Republicans accused Democrats of being socialists and in more extreme cases, communists.  Obviously, the latter is particularly ridiculous, but that is today’s reality.  On the other side, the Democrats accused Republicans of being autocratic crony capitalists and fascists, with theContinue reading “Economic Systems, Political Labels, and Ignorance”