Richard K. Vedder is professor of economics at Ohio University. He is also the co-author of Out of Work: Unemployment and Government in Twentieth-Century America and Poverty, Income Distribution and the Family, and Public Policy and the American Economy in Historical Perspective.
In an extraordinary piece by Zoe Heller for the New York Times Style Magazine, Rolling Stones front man and financial overseer Mick Jagger talks about (among other things) the business of rock & roll.
This segment of “This American Life” is actually quite good and might be worth assigning to principle of economics classes as an introduction to the topic of money. They begin with “the most stoner question we have ever posed on this show” and they get all the way to including Ron Paul.
Here’s a simple quiz:
For a mayor running for reelection, which situation would cause the most worry?
1. A minor scandal
2. Discussions of the need for a tax increase
3. Delayed snow removal from residential streets
If you live in a northern state, the correct answer (number 3) is obvious.
Now hold that thought.
One aspect of the current economic crisis has been the comeuppance for certain firms, industries, and segments of the labor market that are overdue for correction, all made possible by their special relationships with the state. The result is a case study in how political favors can result in short-term gain, while in the long run economic laws still have the final say.
Is it wrong to enjoy this comeuppance, even if just a little bit?
