Word: economisters
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...Stein wrote an over-the-top, utterly misguided eulogy for economist Milton Friedman [Nov. 27]. Friedman thought that freedom comes primarily from laissez-faire capitalism, meaning government should leave business alone. This concept was useful at the time of the American Revolution but is surely anachronistic now. Even Adam Smith said that when men of the same trade meet they conspire against the public. Friedman's thinking provides a rationalization for government to turn business loose and empower it to monopolize the market, exploit the consumer and pollute the environment. HARRY L. COOK Ashland...
...long-term dialogue." His downbeat spin is hardly surprising: Beijing has been fending off U.S. demands for years on the issue of currency exchange rates, and also intellectual property rights (meaning pirated movies and brand-name goods). In 1996 this correspondent was told by a White House economist who had just returned from talks with Beijing about closing down the dozens of factories churning out pirated movies: "This time they are really going to do something about it!" Strangely enough it's still possible to buy beautifully boxed sets of the first three seasons of Lost at stores all over...
...African Americans and Latinos are poor, but the majority of poor people are white-and more than a few are Asian. If race-based remedies are supplanted by class-based remedies, the number of African Americans attending elite universities, for one thing, will fall. Tom Kane, a Harvard economist, told me, "You'd need an economic affirmative-action program six times the size of the current racial preferences to [benefit] an equivalent number of African Americans." There's another step that would reduce racial and economic injustice: eliminate "legacy" admissions to colleges. Legacies-that is, the children of alumni-represent...
...Daniel wrote about the recent dissolution of the Soviet Socialist Republics,” Seward wrote in an e-mail. “The piece probably could have run in the Economist with minor editing to correct for the spelling of Gorbachev...
Some contend that the greenback may already have been oversold. Currency strategist Mackinnon says he urges caution when the market sentiment is all one way. And in New York City, Ken Goldstein, an economist at business research organization the Conference Board, reckons: "All we're seeing is another one of those short-term moves that will peter out in weeks or months...