From Mill to Obama

Yesterday, President Obama briefly said that some salaries on Wall Street were more than anyone should earn.  Approximately 160 years ago, John Stuart Mill responded by saying that he wanted to encourage work. Consequently, instead of limiting salaries through a…

The Ties That Bind Us

Although Nairobi and London are 4228 miles apart, they actually are closely connected. The NY Times described the tie that was cut by volcanic ash. Kenyans supply gourmet vegetables and cut flowers to European supermarkets. When planes were grounded, so…

Adam Smith and a Physician’s Pay

Pondering healthcare reform again, I came across this comment from Adam Smith, 1776, WEALTH OF NATIONS: 22] We trust our health to the physician: our fortune and sometimes our life and reputation to the lawyer and attorney. Such confidence could…

Adam Smith and Wine

Known for his absentmindedness, Adam Smith seemed always to be pondering economic issues. According to The Economist, not always. In their December 17 issue, Smith is quoted in an article on the history of wine. He seemed to be alluding…

Are We All Keynesians?

According to the Yardeni newsletter, in 1965, A Time Magazine cover story was titled, “The Economy, We Are All Keynesians Now”. Even Milton Friedman was quoted as saying, “We are all Keynesians now.” (which he later corrected as having been,…