Skyscrapers inspire. Sometimes they inspire shudders. I am an admirer of such neo-Babels, and you can’t find a better Schelling point for New York than the Empire State Building. Civilization’s highest erections symbolize something good about humanity. And yet, I wonder about the latest Chinese engineering effort, Sky City, to
New jobs come from entrepreneurial insight into new ways of profitably producing goods; they are paid for with investments. After a bust, old ratios of prices and wages cease to work, requiring time for entrepreneurs to refigure. But capitalism’s basic scenario — savings, investment, productivity gains, trades — still applies.
Is the long-cycle “higher education boom” now beginning to go bust? Like financial bubbles fed by subsidy and the Federal Reserve’s limbo-low interest rates, American colleges and universities are plagued with too much government attention —particularly by policy that says “everybody should go to college.” But common sense tells us
Last week I noted the revival of interest in F.A. Hayek’s classic political tract, The Road to Serfdom. This week? The ongoing revival of interest in Hayek’s theory of boom and bust. According to economist Gerald P. O’Driscoll, Jr., today’s debate about stimulus spending mirrors the debate in the Great
President Obama is blasting what he calls “the furious efforts of industry lobbyists” to fend off tighter regulation of the financial industry. Pretending that Fed credit expansion and governmental incentives to take on temporarily cheap mortgages had no part in the current crisis, officials carefully direct our attention elsewhere. Widespread