An excellent economic article written by a psychologist in this morning’s New York Times in which Professor Schwartz argues a perfectly efficient world is one that is friction free. Becoming more efficient is a primary goal of business. On the other hand, it is those little frictions that cause us to pause, to think, and perhaps to behave more appropriately. Continue reading
Kevin Drum at Mother Jones has a fascinating analysis this morning showing that the vast, vast bulk of so-called welfare goes to the elderly (Social Security & Medicare primarily) and the disabled (Medicaid etc). Very, very little falls into the hands of the able-bodied. The whole article is well-worth a read. Paul Krugman adds another astonishing statistic: Apparently 40% plus of people on Social Security and/or Medicare claim that “they have not used a government program!” Amazing.
I teach not-for-profit accounting and each semester my students and I work through the annual reports of selected organizations. This year, given the financial difficulties that have been reported, I decided to do the Dallas Symphony. A visit to GuideStar reveals that it has their “gold star” for transparency BUT . . . Continue reading
The Economist had a fascinating piece recently about how cities in China, lacking sufficient property taxes, were forced to sell land to developers to finance public works for existing housing. With loose rights to property in China, this would typically take the form of forcing peasants off the land that they were farming. The article noted that recently the peasants had revolted against this practice. Revolting? Continue reading