Innovation: The Cotton Gin, Speed Dating, and the Patent System

After graduating from Yale with no family fortune, Eli Whitney headed South to become a tutor in 1792. In the right place at the right time, he saw the missing link in cotton production. Whitney realized that the US cotton crop…

Cotton and Crocodiles

A Malaysian proverb tells us, “Don’t think there are no crocodiles because the water is calm.” Looking at cotton markets, perhaps we should remember the crocodiles. According to The Wall Street Journal, cotton prices are soaring. Speaking as economists, it…