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April 9, 2014

Jonathan Tobin: Why Did Kerry Lie About Israeli Blame?

Samuel G. Freedman: A resolution 70 years later for a father's unsettling legacy of ashes from Dachau

Jessica Ivins: A resolution 70 years later for a father's unsettling legacy of ashes from Dachau

Kim Giles: Asking for help is not weakness

Kathy Kristof and Barbara Hoch Marcus: 7 Great Growth Israeli Stocks

Matthew Mientka: How Beans, Peas, And Chickpeas Cleanse Bad Cholesterol and Lowers Risk of Heart Disease

Sabrina Bachai: 5 At-Home Treatments For Headaches

The Kosher Gourmet by Daniel Neman Have yourself a matzo ball: The secrets bubby never told you and recipes she could have never imagined

April 8, 2014

Lori Nawyn: At Your Wit's End and Back: Finding Peace

Susan B. Garland and Rachel L. Sheedy: Strategies Married Couples Can Use to Boost Benefits

David Muhlbaum: Smart Tax Deductions Non-Itemizers Can Claim

Jill Weisenberger, M.S., R.D.N., C.D.E : Before You Lose Your Mental Edge

Dana Dovey: Coffee Drinkers Rejoice! Your Cup Of Joe Can Prevent Death From Liver Disease

Chris Weller: Electric 'Thinking Cap' Puts Your Brain Power Into High Gear

The Kosher Gourmet by Marlene Parrish A gift of hazelnuts keeps giving --- for a variety of nutty recipes: Entree, side, soup, dessert

April 4, 2014

Rabbi David Gutterman: The Word for Nothing Means Everything

Charles Krauthammer: Kerry's folly, Chapter 3

Amy Peterson: A life of love: How to build lasting relationships with your children

John Ericson: Older Women: Save Your Heart, Prevent Stroke Don't Drink Diet

John Ericson: Why 50 million Americans will still have spring allergies after taking meds

Cameron Huddleston: Best and Worst Buys of April 2014

Stacy Rapacon: Great Mutual Funds for Young Investors

Sarah Boesveld: Teacher keeps promise to mail thousands of former students letters written by their past selves

The Kosher Gourmet by Sharon Thompson Anyone can make a salad, you say. But can they make a great salad? (SECRETS, TESTED TECHNIQUES + 4 RECIPES, INCLUDING DRESSINGS)

April 2, 2014

Paul Greenberg: Death and joy in the spring

Dan Barry: Should South Carolina Jews be forced to maintain this chimney built by Germans serving the Nazis?

Mayra Bitsko: Save me! An alien took over my child's personality

Frank Clayton: Get happy: 20 scientifically proven happiness activities

Susan Scutti: It's Genetic! Obesity and the 'Carb Breakdown' Gene

Lecia Bushak: Why Hand Sanitizer May Actually Harm Your Health

Stacy Rapacon: Great Funds You Can Own for $500 or Less

Cameron Huddleston: 7 Ways to Save on Home Decor

The Kosher Gourmet by Steve Petusevsky Exploring ingredients as edible-stuffed containers (TWO RECIPES + TIPS & TECHINQUES)

Jewish World Review April 18, 2012/ 26 Nissan, 5772

Good Economists

By Walter Williams




http://www.JewishWorldReview.com | It's difficult to be a good economist and simultaneously be perceived as compassionate. To be a good economist, one has to deal with reality. To appear compassionate, often one has to avoid unpleasant questions, use "caring" terminology and view reality as optional.

Affordable housing and health care costs are terms with considerable emotional appeal that politicians exploit but have absolutely no useful meaning or analytical worth. For example, can anyone tell me in actual dollars and cents the price of an affordable car, house or myomectomy? It's probably more pleasant to pretend that there is universal agreement about what is or is not affordable.

If you think my criticism of affordability is unpleasant, you'll hate my vision of harm. A good economist recognizes that harm is not a one-way street; it's reciprocal. For example, if I own a lot and erect a house in front of your house and block your view of a beautiful scene, I've harmed you; however, if I am prevented from building my house in front of yours, I'm harmed. Whose harm is more important? You say, "Williams, you can't tell." You can stop me from harming you by persuading some government thugs to stop me from building. It's the same thing with smoking. If I smoke a cigarette, you're harmed — or at least bothered. If I'm prevented from smoking a cigarette, I'm harmed by reduced pleasure. Whose harm is more important? Again, you can't tell. But as in the building example, the person who is harmed can use government thugs to have things his way.



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How many times have we heard that "if it will save just one human life, it's worth it" or that "human life is priceless"? Both are nonsense statements. If either statement were true, we'd see lower speed limits, bans on auto racing and fewer airplanes in the sky. We can always be safer than we are. For example, cars could be produced such that occupants could survive unscathed in a 50-mph head-on collision, but how many of us could buy such a car? Don't get me wrong; I might think my life is priceless, but I don't view yours in the same light. I admire Greta Garbo's objectivity about her life. She said, "I'm a completely worthless woman, and no man should risk his life for me."

Speaking of worthlessness, I'd be worthless as an adviser to either the White House or Congress because if they asked me what they should do to get the economy going, I'd answer, "Do nothing!" Let's look at it. Between 1787 and 1930, our nation suffered both mild and severe economic downturns. There was no intervention to stimulate the economy, but the economy always recovered.

During the 1930s, there were massive interventions, starting with President Herbert Hoover and later with President Franklin D. Roosevelt. Their actions turned what would have been a sharp three- or four-year economic downturn into a 10-year affair. In 1930, when Hoover began to "fix" the economy, unemployment was 6 percent. FDR did even more to "fix" the economy. As a result, unemployment remained in double digits throughout the decade and reached 20 percent in 1939. President Roosevelt blamed the high unemployment on his predecessor. Presidential blaming of predecessors is a practice that continues to this day.

You say, "Williams, the White House and Congress should do something." The track record of doing nothing is pretty good compared with doing something. None of our economic downturns in the century and a half prior to 1930 lasted as long as the Great Depression.

It would be political suicide for a politician to follow my counsel — and for good reason. Americans have been miseducated into thinking that Roosevelt's New Deal saved our economy. That miseducation extends to most academics, including economists, at our universities, who are arrogant enough to believe that it's possible for a few people in Washington to have the information and knowledge necessary to manage the economic lives of 313 million people. Good economists recognize our limitations, making us not nice people to be around.

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