“[A Milken Institute study ranking cities based on job growth] showed a shift in the strength of the nation’s cities, from larger, technology-driven areas to mid-sized urban centers with more traditional businesses, such as health care and government,” writes Randi Marshall in Newsday. ’In some respects, I think it represents a true change,’ [Milken economist Ross] DeVol said.
Entrepreneurs are widely considered to be important parts of economic activity. Why would they not be studied carefully by the folks who are supposed to know so much about this activity?
Does the English-Fedspeak Fedspeak-English Dictionary include an entry for deflation? Consider the Fed’s pronouncement yesterday about the current state of the economy: “The committee perceives that the upside and downside risks to the attainment of sustainable growth for the next few quarters are roughly equal.
Among critics of the market on both left and right, we occasionally hear it proposed that something like the old guild system, which operated during much of the Middle Ages and beyond, be re-established throughout the economy. Under this system, each occupation had its own guild, to which all employers and employees in that occupation belonged. The guild regulated such aspects of business as prices, wages, hours of operation, and product quality. In this way, one shop was prevented from underselling another.
CNN’s Special Report on the Fed Though Wall Street has been roiled by a debate about the size of the Federal Reserve interest rate cut almost certain to come Wednesday, the debaters may be missing the point: What the Fed says could be more important than what it does.
Posted by Jeffrey Tucker
Ammo Low, Fed Eyes Last Bullet to Lift Economy (CSM): “For the past 2-1/2 years, the Federal Reserve has lowered interest rates to stimulate the economy. The result has been a virtual gully washer of money in the economy.
Inexperienced Hands Guide Iraq Rebuilding (Washington Post): “Some people in the occupation authority believe the U.S. government needs to create a modern version of the old British colonial service, dispatching legions of young diplomats and others with specific technical experience to small towns and provincial capitals.”
The Atlas Institute’s Alejandro Chafuen in the European Journal (in .pdf; scroll down to page 8): “Europeans often complain that letting the companies with the best products win in the marketplace is the equivalent of ‘economic Darwinism.’ They forget that government bodies have typically been the most voracious predators of productive companies and innocent bystanders. Did you ever feel more threatened by the maker of your computer than by your country’s tax collector or regulator?”
I don’t think that this one needs a lot of introduction. A great illustration of governmental bureaucracy.
http://www.usatoday.com/tech/world/2003-06-23-phone-line-troubles_x.htm
“I am so happy. But I am a bit sad, also. When I applied, I was a young man of 33 and had dreams about owning my own telephone. Now all those dreams are gone. My children will use the phone now,” Ismail told the newspaper.
