The nation does not belong to anyone in the same way that a home belongs to its owner.
Tanglewood is a model for anyone concerned about the future of classical music to study and emulate.
The Trump administration has imposed a rule that two existing regulations must be removed for every new regulation imposed on the economy. Unfortunately, the two-for-one rule does not apply to the trade policies consuming much of the administration’s attention.
Don't become cynical; embrace the challenge; and as teachers of a subtle scientific discipline it is vital to remember that the students will remember what is emphasized in the class, so emphasize throughout the lectures the enduring principles that are embodied in the economic way of thinking.
Feldstein taught his students and readers to think about economic policy decisions in rigorous ways, backed by hard numbers.
Because the American government is democratically elected, there’s a widespread presumption that the actions of this government are, as a rule, the best ones possible. Yet this presumption is mistaken.
What preferences do you want? In traditional neoclassical economics, that’s a nonsense question, because preferences are taken as idiosyncratic, fixed, and exogenous. Of course, that’s only a modeling assumption; no one really claims that’s descriptively accurate.
Every unforced decision to trade represents a spark of insight, a hope for a better future, and the instantiation of a human relationship that affirms the dignity of everyone involved. Sometimes that relationship is personal; it is even more awesome to consider the enormously complex impersonal relationships that make up the vast global networks of exchange that make our lives wonderful.
The problem is that we have discarded importance in favor of interesting.
If socialism can’t be made to work in such a small and simple case like this, why would one think that all these problems would go away once you expand the idea of common ownership to the whole of society and all existing goods?