Home
In this issue

May 9, 2008

Rabbi Abraham J. Twerski: Reverence, Yes; Worship, No

Mona Charen: Did Israel Drive Out the Arabs 60 Years Ago?

JWisdom: Ultimate opportunities by Rabbi Sroy Levitansky

May 8, 2008

Rabbi Nathan Lopes Cardozo: Israel at 3,500+

Jonathan Tobin: Still Fighting the Same War

Steven Plaut: How ‘nakba’ proves the fiction of a Palestinian Nation

JWisdom: Taking Israel for Granted? by Rabbi Mordechai Becher

May 7, 2008

Rabbi Hillel Goldberg: Israel is irrelevant to the Israeli-Palestinian conflict

Dion Nissenbaum: Latest Olmert scandal could derail efforts to force Israel's compromises

JWisdom: My Inner Ventriloquist by Sara Yoheved Rigler

May 6, 2008

Caroline B. Glick: Anti-Zionism at 60

The Kosher Gourmet By Ethel G. Hofman: In honor of Israel's 60th anniversary, the former president of the International Association of Culinary Professionals, whose members included the likes of Julia Child, is back with a smorgasbord featuring the taste and essence of the Jewish homeland

JWisdom: Holocaust in the Perspective of Faith by Rabbi Nosson Scherman: Jewish Deer in Nazi Headlights

May 5, 2008

The Jewish Ethicist by Rabbi Dr. Asher Meir: Busy work

Jonathan Mark: Remarkable half-century old Mike Wallace interview with Abba Eban puts current anti-Israel sentiment into perspective

May 2, 2008

Rabbi Berel Wein: Rote religiosity

Caroline B. Glick: Whitewashing Hamas

JWisdom: Parent trap?

May 1, 2008

David Zwiebel: Faith communities can learn from Orthodox Jews in stimulating private philanthropy for religious education

George Friedman and Peter Zeihan of Stratfor: The Shift Toward an Israeli-Syrian Agreement

JWisdom: It's time to wake up by Rebbetzin Esther Jungreis

April 30, 2008

Jonathan Tobin: Pennsylvania's Democratic slugfest may leave some Jewish votes up for grabs

The Kosher Gourmet by Linda Gassenheimer: Fresh herbs, sauteed veal and tiny creamer potatoes makes a light spring dinner

JWisdom: How to Build a Mentch by Rabbi Mordechai Becher

April 29, 2008

Daniel Pipes: Barack Obama's Muslim Childhood

Joel Brinkley: On human rights, the U.N. once again strikes out

JWisdom: Holocaust in the Perspective of Faith by Rabbi Nosson Scherman: When The Truth is Unbelievable

April 28, 2008

The Jewish Ethicist by Rabbi Dr. Asher Meir: Q: I'm often stuck in the doctor's waiting room for hours! Doesn't he owe me something for my wasted time?

Steven Emerson: New U.S. government policy advises agencies to avoid using some of the very same words that make up terror groups' names

JWisdom: Why You & I Never Die: A Jewish View of Immortality, Part I by Rabbi David Aaron

April 25, 2008

Rabbi Mitchell Wohlberg: Schadenfreude isn't kosher for Passover --- or at any other time

Rabbi Berel Wein: The secret of how the data bank of memory is transferred from one generation to the next

JWisdom: Stepping Up to A Higher Spiritual Life by Rabbi Lawrence Kelemen, Part III

April 24, 2008

Rabbi Nathan Lopes Cardozo: The successful failure

Fred Burton and Scott Stewart of Stratfor: Placing the terrorist threat to the food supply in perspective

JWisdom: Stepping Up to A Higher Spiritual Life by Rabbi Lawrence Kelemen, Part II

April 23, 2008

Connie Ogle: An intricate game of a novel

Jonathan Tobin: Making Sense of the 'J Street' Jive

JWisdom: Stepping Up to A Higher Spiritual Life by Rabbi Lawrence Kelemen

April 22, 2008

Jonathan Rosenblum: Why Israel's 'Leaven law' matters

Caroline B. Glick: Obama the Savior

April 18, 2008

Rabbi Harvey Belovski: Multimedia tool of antiquity

Caroline B. Glick: Revealed Truths vs. revealed lies

JWisdom: More than miracles by Rabbi Sroy Levitansky

April 17, 2008

Rabbi Avi Shafran: Deconstructing Dayeinu

Rabbi Elazar Meisels: Is innovation at the Seder a slap at tradition?

JWisdom: Discovering Your Divine Mission, Part III by Rabbi David Aaron

April 16, 2008

Jonathan Tobin: A Prayer for Sderot's Children

Ethel G. Hofman: Sumptuous Seder

JWisdom: The Divine is in the details by Rabbi Mordechai Becher

April 15, 2008

Rabbi Dovid Zauderer: Let Charlton Heston Go!

Frank J. Gaffney, Jr.: Jimma, tyranny's enabler

JWisdom: Relationships: Beyond Mars & Venus, Part IV by Dr. Lisa Aiken

April 14, 2008

The Jewish Ethicist by Rabbi Dr. Asher Meir: The Snitching Supervisor

Jonathan Tobin: Forget the Fun and Games!

JWisdom: Sincerity is Valued Most by Rabbi Abraham J. Twerski, M.D.

April 11, 2008

Rabbi David Gutterman: A Mystery in the Middle East

Caroline B. Glick: Why Ahmadinejad smiles

JWisdom: Elevated illness by Rabbi Sroy Levitansky

April 10, 2008

Stratfor Intelligence Briefing by George Friedman: A Mystery in the Middle East

The Kosher Gourmet By Steve Petusevsky: The spring elegance of asparagus

JWisdom: Holocaust in the Perspective of Faith by Rabbi Nosson Scherman: The Power of Rational Lies

April 9, 2008

Michael Feldberg: An all but forgotten Colonial doctor who put his Jewish values before his life

Jordan "Gorf" Gorfinkel's "Everything's Relative" gets philosophical

JWisdom: Four Rabbis in Bnei Brak by Rabbi Mordechai Becher

April 8, 2008

Caroline Glick: Covering for the enemy

Elliot B. Gertel: 'House' goes Hasidic

JWisdom: Relationships: Beyond Mars & Venus, Part III by Dr. Lisa Aiken

April 7, 2008

The Jewish Ethicist by Rabbi Dr. Asher Meir: Q: I have a translating business. Recently someone asked me to translate some financial documents that are clearly forged. Should I agree?

Jonathan Rosenblum : Israel is unwittingly helping to fuel the international campaign of delegitimization against it

JWisdom: Matzah and leaven as a life philosophy by Rabbi Abraham J. Twerski, M.D.

April 4, 2008

Rabbi Abraham J. Twerski: The Mystery of Suffering

Caroline B. Glick: Fear of democracy

JWisdom: Dirty Jews by Rabbi Sroy Levitansky

April 3, 2008

Rabbi Y. Y. Rubinstein: Parents --- and the children who would be them

The Kosher Gourmet by Kathy Manweiler: Tempted by restaurant dressings? Don't be. Here are recipes that can be made at home, healthier!

JWisdom: The importance of retaining a 'slave mentality' by Rabbi Mordechai Becher

April 2, 2008

Mitch Albom: Child abuse, disguised as faith

Jonathan Tobin: Unreasonable Accommodations

JWisdom: Holocaust in the Perspective of Faith with Rabbi Nosson Scherman: Eliminating Jewish Influence over Germans

March 22, 2007

J-Rhythms with Avraham Rosenblum: JWR's cutting-edge music program showcasing performers -- singers, song writers, musicians, and bands -- who learn and live the Torah lifestyle (OUR NEWEST IGODCAST !)

Oct. 29, 2003
Mortimer B. Zuckerman: Graffiti On History's Walls (MUST-READ!)

Jewish World Review Oct. 3, 2007 / 21 Tishrei 5768

This economist is a masochist with a sense of humor

By George Will


Printer Friendly Version
Email this article

http://www.JewishWorldReview.com | CHICAGO — In his curriculum vitae, Austan Goolsbee lists as his "other interests" — other than teaching at the University of Chicago — two activities: triathlons and improv comedy. Evidently he is a masochist with a sense of humor, so he is suited to participate in presidential politics, which he is doing as an adviser to Barack Obama.


Before they met in person, Obama, running for the Senate in 2004, asked Goolsbee a perplexing question. Obama's opponent, Alan Keyes, an African- American imported from Maryland by Illinois' shambolic Republican Party, had been asked whether he believed in reparations for slavery. Keyes said perhaps America could do what Rome did — exempt descendents of former slaves from taxes for two generations. Obama asked Goolsbee how much that might cost. Goolsbee's two answers were: Hard to say. And: Trillions.


Goolsbee graduated from Yale and earned his doctorate from MIT before coming to the University of Chicago's business school, which gave to public life a giant of conservatism, George Shultz. The university's economics department has been adorned by the likes of Milton Friedman, George Stigler and Gary Becker, each a Nobel laureate, each a conservative by virtue of his inclination to expect more utility from markets than from government interventions therein.


Is Goolsbee dismayed about widening income inequality? Yes, but with a nuanced understanding. The stagnation of middle- and working-class incomes, and the anxiety this has generated, is, he says, a most pressing problem, but policymakers must be mindful about trying to address its root cause, which Goolsbee says is "radically increased returns to skill."


In 1980, people with college degrees made on average 30 percent more than those with only high school diplomas. That disparity has widened to 70 percent. In the same year, the average earnings of people with advanced degrees were 50 percent more than those with only high school diplomas; today it is more than 100 percent.


FREE SUBSCRIPTION TO INFLUENTIAL NEWSLETTER

Every weekday NewsAndOpinion.com publishes what many in the media and Washington consider "must-reading". HUNDREDS of columnists and cartoonists regularly appear. Sign up for the daily update. It's free. Just click here.


The market is shouting, "Stay in school!" and Goolsbee's conservative colleagues at Chicago say a high tax rate on high earners is "a tax on going to college." Conservatives say: Don't tax something unless you are willing to have less of it. But Goolsbee says: Conservatives often exaggerate the behavioral response to increased tax rates. The solution is to invest more in education, which will raise wages, reduce inequality and move toward equilibrium. The GI bill was, he says, so prolific in stimulating investment in "human capital" — particularly, college education — that for a while the return on it went down relative to high school.


"Globalization" means free trade and various deregulations that supposedly put downward pressure on American wages because of imports from low-wage countries. Goolsbee, however, says globalization is responsible for "a small fraction" of today's income disparities. He says "60 to 70 percent of the economy faces virtually no international competition." America's 18.5 million government employees have little to fear from free trade; neither do auto mechanics, dentists and many others.


Goolsbee's rough estimate is that technology — meaning all that the phrase "information economy" denotes — accounts for more than 80 percent of the increase in earnings disparities, whereas trade accounts for much less than 20 percent. This is something congressional Democrats need to hear from a Democratic economist as they resist trade agreements with South Korea and such minor economic powers as Peru, Panama and Colombia.


As regards China, Goolsbee — who favors a tougher approach, especially through the World Trade Organization — notes that all imports are only 16.7 percent of the U.S. economy and imports from China are a small portion of all imports. Those from China amount to 2.2 percent of the U.S. gross domestic product. Mexico, he says, is genuinely stressed by China, whose exported products "overlap" with nearly two-thirds of Mexico's. China's exports overlap with 5 percent to 10 percent of America's economy. Rising imports from China predominantly replace those from other lower-skilled countries. Were China to be pressured into revaluing its currency in isolation, Goolsbee says, America would not start making the kind of toys it has been importing from China — America would import toys from Vietnam.


Economics is the only academic discipline that in recent decades has moved in the direction that America and much of the world has moved, to the right. Goolsbee no doubt has lots of dubious ideas — he is, after all, a Democrat — about how government can creatively fiddle with the market's allocation of wealth and opportunity. But he seems to be the sort of person — amiable, empirical and reasonable — you would want at the elbow of a Democratic president, if such there must be.

Every weekday JewishWorldReview.com publishes what many in the media and Washington consider "must-reading". Sign up for the daily JWR update. It's free. Just click here.

George Will's latest book is "With a Happy Eye but: America and the World, 1997-2002" to purchase a copy, click here. Comment on this column by clicking here.

Archives

© 2006 WPWG

Insight (Our Columnists)

 Mitch Albom
 Michael Barone
  Dave Barry
 Tony Blankley
 Andy Borowitz
 David Broder
 Stratfor Briefing
 Mona Charen
 Linda Chavez
 Ann Coulter
 Greg Crosby
 Rod Dreher
 Larry Elder
 Suzanne Fields
 John Fund
 Frank J. Gaffney
 Lloyd Garver
 Jonah Goldberg
 Michael Goodwin
 Julia Gorin
 Jonathan Gurwitz
 Paul Greenberg
 Victor Davis Hanson
 Betsy Hart
 Nat Hentoff
 David Horowitz
 Jeff Jacoby
 Paul Johnson
 Jack Kelly
 James Klurfeld
 Ed Koch
 Ch. Krauthammer
 Jonathan Last
 Michael Ledeen
 John Leo
 David Limbaugh
 Kathryn Lopez
 Rich Lowry
 Michelle Malkin
 Jackie Mason
 The Medicine Men
 Dick Morris
 Bill O'Reilly
 Clarence Page
 Kathleen Parker
 Dennis Prager
 Wesley Pruden
 Tom Purcell
 Jonathan Rauch
 Celia Rivenbark
 Robert Robb
 Cokie & Steve Roberts
 Pat Sajak
 Debra J. Saunders
 Culture Shlock
 Roger Simon
 Michael Smerconish
 Thomas Sowell
 Mark Steyn
 John Stossel
 Cal Thomas
 Jonathan Tobin
 Bob Tyrrell
 Diana West
 Dave Weinbaum
 George Will
 Walter Williams
 Mort Zuckerman

'Toons
 Robert Arial
 Chuck Asay
 Chip Bok
 Dry Bones
  Lisa Benson
 John Branch
 Gary Brookins
 John Cole
 Paul Combs
 J. D. Crowe
 John Deering
 Brian Duffy
 Everything's Relative
 Mallard Fillmore
 Jake Fuller
 Bob Gorrel
 Joe Heller
 David Hitch
 Jerry Holber
 Steve Kelley
 Jeff Koterba
 Dick Locher
 Chan Lowe
 Ranan R. Lurie
 Jimmy Margulies
 Rick McKee
 Michael Ramirez
 Jeff Stahler
 Danna Summers
 John Trever
 Gary Varvel
 Kirk Walters

Lifestyles
 How 2
 Know-It-All
 Lori Borgman
 The Savvy Consumer
 Elder matters
 Fixit
 Dr. Peter Gott
 Marybeth Hicks
 GET A JOB! by Marty Nemko
 Richard Lederer
 Tech Maven
 Nutrition Myths
 Supermarket Shopper
 Bruce Williams
 How Stuff Works