Category: some fundamentals

thoughts on basic concepts

nailing naked nonsense

Teaching and research distractions have again kept me from blogging for a while.  I guess my defense is that learning the facts is always an important precursor to writing about them. This morning, however, I decided to divert from class…

asleep at the switch

This morning the Federal Aviation Authority’s head of air traffic control, Mr Hank Krakowski, resigned. He was taking responsibility for the recent incidents in which air traffic controllers were found to have been asleep on the job. The FAA Administrator…

adam smith on freedom and markets

Adam Smith, the greatest icon of free market theorists, has as Amartya Sen observed “had much smallness thrust upon him.” Far from arguing that markets make people free, Smith knew full well how markets could be hijacked by powerful interests.…

corporate criminality

At what point do we ask ourselves whether our economic system has lost its integrity? Day in and day out one reads reports that regulators or the Justice Department have settled with major banks and other well known corporations for…