is parbaked, high-quality “artisanal” bread that you can get at your local supermarket. Some small-scale artisanal bread makers are understandably upset that bigger operations have found ways to make near-perfect substitutes for their lovingly-crafted, locally-produced loaves. Some will lose their jobs and have to find other lines of work.
Robert Brokamp has scathingly debunked Six Social Security Myths (free registration). In his article, Brokamp demonstrates more understanding of Social Security than the whole lot of mainstream economists, and a much greater knowledge of social security than any of it’s supporters.
Three years ago, Blockbuster was embroiled in an awful class-action lawsuit concerning inflated late fees for returned videos, and rental companies were hammering consumers with high and escalating fees. Those who held onto their videos and DVDs, or, worse, lost them, tended to cower in fear, feeling like criminals on the lam.
Greg Mankiw on how fiat money evolves naturally from commodity money, from his widely popular MACROECONOMICS (5th ed., pp. 78-79): “The government might first get involved in the monetary system to help people reduce transaction costs. Using raw gold as money is costly because it takes time to verify the purity of gold and to measure the correct quantity. To reduce these costs, the government can mint gold coins of known purity and weight. The coins are easier to use than gold bullion because their values are widely recognized.
Columnist William Fleckenstein says Don’t Take Mortgage Advice from Greenspan.
It is always the fashion among many intellectuals to blame society’s ills on the free market. One publication argued that the market is “The god That Sucked.” The course summaries in my university’s catalog, the themes of the lecture series, and the editorial content of the student newspapers suggest that many students and faculty would agree.
