Word: approaches
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...Kindle editions at $9.99, which is quite a bit less than the cost of your average hardcover book. "In the digital-books world, a number of the costs are removed, so we believe they should be priced lower," says Russell Grandinetti, vice president of books for Amazon. "Our approach to digital books is that we will allow that to continue...
...would like, and of course, the consumer likes it," says Carolyn Reidy, president and CEO of Simon & Schuster. "Who wouldn't like a price that was significantly lower than the price the hardcover is? And we think it's too low." (Grandinetti sticks to his guns: "We believe our approach to digital books allows authors, publishers and retailers to run profitable businesses yet still pass on the savings that digital books allow to readers," he says. Right or wrong, nobody can stay on message like an Amazon exec...
...good. "When a person in that position doesn't really try to reach out and communicate and then goes out and gives interviews, it becomes clear this is going to be an antagonistic relationship," says a former Treasury official. "She's coming at this in terms of a gotcha approach...
More to the point, Fisher was the country's first great economist, a pioneer of the mathematical approach that came to dominate the discipline after his death. Fisher saw the behavior of the market in rational, mathematical terms. He wasn't completely doctrinaire about this--earlier in his career, he had allowed that investors sometimes behaved like sheep. But in the 1920s, convinced that skilled monetary management at the Federal Reserve and the rise of new, professionally run investment trusts had reduced the riskiness of markets, he lulled himself into believing that the prices prevailing on Wall Street were...
Well, maybe not the whole edifice. For all its flaws, Fisher's economic approach delivered genuinely important insights. He proposed in 1911 that the government issue inflation-linked bonds; in 1997, the Treasury Department finally got around to doing so. If anybody in power in Washington had been willing to follow his advice in 1930 or '31 (which essentially amounted to "Print more money"), the Great Depression might not have been so great. For the past two years, the Federal Reserve has been working right out of the Fisher playbook, and while the results haven't been perfect, they...