Wealth: What is it good for?

On the Economix blog at the New York Times, Uwe E. Reinhardt wrote a post titled “How Businesses Create Wealth.” That elicited attention from a commenter who wondered where he was “trying to go with this essay.” Reinhardt, an economics professor at Princeton, answers with “Companies: What Are They Good For?” He also cites an article from Acton’s Journal of Markets & Morality: “A Communitarian Model of Business: A Natural-Law Perspective.” Reinhardt: Actually, I was not trying to go anywhere with my analysis, other than to point out that businesses create value and wealth beyond the usually narrow slice that accrues strictly to the owners. Continue Reading...

Debt and Politics

Though the Greek Debt crisis may seem far away, here is a sobering article by Kevin Hassett at Bloomberg. Greece’s Bailout Heroes arrive in Leaking Boats Those countries coordinating the $1Trillion bailout of Greece find themselves in similar trouble. Continue Reading...

Digging In to the Crimes of Communism

Having recently finished reading Jean-François Revel’s Last Exit to Utopia – in which he excoriates leftist intellectuals for ignoring the crimes of communist totalitarianism and their efforts to resurrect the deadly ideology – and having just read a few more chapters of Solzhenitsyn’s Gulag Archipelago over lunch, it seems providential that I would stumble across this article at City Journal on the failure of researchers to seriously dig into the now-available archives of the Soviet Union: Pavel Stroilov, a Russian exile in London, has on his computer 50,000 unpublished, untranslated, top-secret Kremlin documents, mostly dating from the close of the Cold War. Continue Reading...

The Downside of Michigan Jobless Pay

I have close friends here in Michigan who are out of work–talented, principled, hard-working people who are either unemployed or seriously underemployed. My heart breaks for them and for everyone eager to work who has been blindsided by the current recession. Continue Reading...

On the ‘edge of the abyss’

From the Greek daily Kathimerini: Witnesses said that protestors marching past the building ignored the bank employees’ cries for help and that a handful even shouted anti-capitalist slogans. [ … ] It took a statement from President Karolos Papoulias to best sum up Greece’s dire situation and the frustration that many people are feeling with the political system. Continue Reading...