The Radford Free Press – Page 156 – All life is problem solving.

Skill or Dumb Luck?

January 2, 2014

Both. Be very wary of anyone who claims that their wealth is the result of great skill. Or even hard work. Luck had to play a part. Usually a very significant part. And dumb luck ought not be the basis upon which we build intelligent, caring, or stable societies. Be wary, also, of arguments against […]

Economics / austerity, business investment, consumption, demand, economic policy, economic theory, government spending, growth, plutocracy, stagnation /

2014: Same as 2013?

January 2, 2014

Well, it looks that way. We seem to be stuck in something akin to the mud that engulfed my neighbors car a week or so ago. There’s lots of huffing and puffing, by those with a job at least, and not much coming out the other end. The experts call it stagnation. The rest of […]

Economics / Coase, economic theory, Hicks, Richardson /

Quote Of The Day #3

December 19, 2013

Ronald Coase asks the big question in his 1937 paper “The Nature of the Firm”: “Within a firm, … market transactions are eliminated and in place of … exchange transactions is substituted the entrepreneur-co-ordinator who directs production. It is clear that these are alternative methods of co-ordinating production, Yet, having regard to the fact that […]

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