What Middle Class?

In recent memory at least, Americans have been uncomfortable with the idea of class.  That somehow has caused a retreat to the middle.  In the context of the myth of universal opportunity for mobility through achievement, it’s almost like Garrison Keeler’s Lake Woebegone, where “all the children are above average.”  The “lower class” is not … More What Middle Class?

Sometimes a Cigar is Just a Cigar, and Sometimes a Spy is Just a Citizen

The media response to the revelations of NSA whistle blower Edward Snowden has been, well, interesting.  At first, he was either vilified as a ‘traitor’ or as a fake or incompetent fool.  Then, as more embarrassing information on the unconstitutional surveillance of Americans was made public, and James Clapper, Director of National Intelligence, was revealed … More Sometimes a Cigar is Just a Cigar, and Sometimes a Spy is Just a Citizen

Errors, Mistakes, and Stupidity: Why Magical Thinking Can Be Deadly

We humans are both rational and emotional beings.  The mix between the two can produce some strange and amusing results.  Conventional economics assumes that all human behavior is rational in the sense that everyone chooses only actions that serve their best economic interests and the result is the best overall outcome for everyone.  Yet all … More Errors, Mistakes, and Stupidity: Why Magical Thinking Can Be Deadly

The Great Jobs Myth and the Transformation of the Growth Economy, Part I

A lot of congressional politicians and media pundits of both Republican and Democratic persuasion are jabbering these days about “job creation.”  The 2014 mid-term elections are fast approaching and nobody wants to be caught looking indifferent to the lack of jobs for an increasingly large numbers of Americans. Their approaches are different, of course.  The … More The Great Jobs Myth and the Transformation of the Growth Economy, Part I