I can't speak for them, of course, but I believe that most economists would accept the view that, while you sometimes can make a score by sheer luck, you can't do it constantly, unless you're willing to put the resources in.
Official boundaries are often hard to see. If you head north on Woodward Avenue, away from downtown Detroit, you wouldn't know exactly when you left the city and crossed over into Oakland County - except for a small sign that tells you.
As public schools deteriorate, the upper-middle class and wealthy send their kids to private ones. As public pools and playgrounds decay, the better-off buy memberships in private tennis and swimming clubs. As public hospitals decline, the well-off p...
In a period of economic downturn, the overwhelming instinct is to pare back, cut costs, and lay off. If you do that, do so with your strategy in mind. The worst mistake is to cut across the board. Instead, reconnect and recommit to a clear strategy t...
He also didn't like a lock of my hair and said that he couldn't get into the moment without the hair being just right. I quietly knew that he was anxious and that the hairdo wasn't the real issue. But we all let it go and came back to the scene somet...
I find it ironic how New York City Mayor Mike Bloomberg is so focused on such small issues as drink sizes, while ignoring the massive infrastructure challenges in New York - lousy roads, third-world airports, traffic jams, etc.
In my book, 'The Big Three in Economics,' I found that the press has frequently and prematurely written the obituary of Adam Smith and his free-market philosophy, only to see a new and more vibrant global marketplace reemerge after being savagely att...
If you subscribe to any online service, whether it be AOL, Google, Yahoo, or the Huffington Post, have you noticed that you are forced to watch a seemingly endless ad before the video story appears about a news item that caught your eye? AOL and the ...
It is a remarkable fact that smallpox, a scourge for thousands of years, has now vanished from the earth, except for two tiny vials, one locked in a highly secure facility at the Centers for Disease Control, in Atlanta, and another stored in a simila...
My first reaction on being awarded the Nobel Prize was, actually, I thought of Fischer Black, my colleague. He unfortunately had passed away. And there was no doubt in my mind that if he were still alive, he would have been a co-recipient of the Nobe...
Lenders look at potential borrowers from many angles before extending credit: How much of its income will a household need to put into debt repayment? How large is the down payment? Does the borrower have a job with a stable income? What is the borro...
The key to house prices is the share of foreclosure or short sales in the total housing market. When that share rises, house prices will fall, because distressed properties sell for significantly less - currently around 25 percent below non-distresse...
Investor demand for distressed property has been healthy, as rents rise to levels that can cover investors' costs while they wait for properties to appreciate. Giving investors a small tax break should further juice up demand, supporting prices for d...
The Bush tax cuts should be extended permanently for families with annual incomes of less than $250,000 and should be phased out slowly for those making more than that. Raising taxes on anyone now, when the economic recovery is so fragile, would be a...
Debt vultures are really the scum at the bottom of the pond. These are guys who buy up the debts of the world's poorest countries on the secondary market. You can go buy debts of a country like Peru, for example, at a real discount. Why? Because peop...
It's actually very surprising how little we think about the quality of our decision-making and how we could improve it. How absent decision-making classes are from educational curricula. How little we think about how it is we think.
We are deluged with information. We have to process now three times as much data as we would have done 50 years ago. We're bombarded with tweets, with emails - a state of continuous disruption - and that's bad for our decision making and bad for our ...
The World Trade Organization is an organization that defends trade interests. I think the problem is less that they exist. The problem is that internationally we've only got an organization that protects trade interests. Surely we need some kind of c...
Surely in a world of email, video conferencing and virtual assistants, isn't being expected to show up at the office extremely anachronistic? Yet to date it seems that where one works does matter. That creativity and innovation do feed off physical i...
We are all socialists now, it seems. John McCain, David Cameron and Gordon Brown attack bankers' irresponsible behaviour and salaries, and call for state intervention in the financial markets. But these calls will not get them elected or re-elected i...
The whole enterprise of teaching managers is steeped in the ethic of data-driven analytical support. The problem is, the data is only available about the past. So the way we've taught managers to make decisions and consultants to analyze problems con...
