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Slowing Down

We ought to reflect, however briefly, on the implications of today’s Institute for Supply Management’s survey of manufacturing activity. Yes, I know it sounds dull. But it is a closely watched index, published monthly, and gives us an approximate indication of industrial activity, and just as importantly, industry expectations. Here’s the bad news: the manufacturing […]

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Health Care Reform

Well that was a shock. Although, perhaps, not as much of a shock that some people are suggesting. After all during the oral arguments in court Chief Justice Roberts did gently float that tax wheeze he relied upon to support the liberal justices in upholding the law. So we had a hint this might be […]

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Krugman Discovers Theory of the Firm!

Whoa. Did I read that correctly? Paul Krugman just blogged about the Microsoft introduction of it new tablet to compete with Apple’s iPad. He sees it through the prism of the theory of the firm. Unfortunately he cites Oliver Hart’s 1993 article about incomplete contracts and leaves aside comment on why that article became so […]

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