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Dec. 2, 2013 Rabbi Moshe Grylak: Attack on Chanukah's scholar-warriors an affront to all people of faith Mark Steyn: U.S. boxes in Israel, not Iran: Surrender in Geneva Kimberly Lankford: The Lowdown on the Obamacare Health Insurance Penalty Kathy Kristof: 5 Stocks to Sell Now Karen Ansel, M.S., R.D.: How you can eat more and weigh less Jewz in the Newz by Nate Bloom: Vanessa Bayer & Jacob, the Bar Mitzvah Boy; Adam Levine, nickname "the Bear Jew," is People's Sexiest; Eastwoods Need to Say "Kinehora!" The Kosher Gourmet by Kim Ode: Fried and gone to heaven: Dense, fried Slovenian doughnut-like rolls, krofi, on Chanukah is a treat you'll want to eat all year long Nov. 27, 2013 Caroline B. Glick: The goal of Obama's foreign policy David G. Savage: 1993 religious freedom act is at heart of contraception case Jonathan Tobin: SCOTUS Gives Religious Freedom a Hearing Cameron Huddleston: Best Doorbuster Deals for Thanksgiving and Black Friday Anjelica Tan and Cameron Huddleston: 12 Things Not to Buy During the Holidays Amina Khan: Jellyfish inspire flying-robot design The Kosher Gourmet by Cathy Pollak: Thanksgiving leftovers from boring to brilliant: TURKEY-BUTTERNUT TORTILLA SOUP WITH ZESTY LIME SOUR CREAM Nov. 25, 2013 Jonathan Tobin: Ayatollahs, 1; West . . . Damned Melanie Phillips: It's 1938 all over again Cameron Huddleston: The Black Friday Deals that Aren't Harvard Health Letters: Some health-related apps should be avoided Kimberly Lankford: Time Is Running Out on Energy-Efficient Home Improvement Tax Credits Karen Kaplan: Tracking babies' eyes, scientists find signs of autism in 2-month-olds The Kosher Gourmet by Diane Rossen Worthington: Secrets to perfect roasting of vegetables, including clever cook additions Nov. 22, 2013 Rabbi Benjamin Hecht: Especially wrong: How not to de-pamper a self-absorbed society Caroline B. Glick: A vastly changed Middle East Karen Kaplan: Bored? You won't be after reading this! Morgan Housel: What drives me absolutely crazy about finance Schuyler Velasco: Is one-click shopping just too darn easy? Jewz in the Newz by Nate Bloom : Hunger Games: Jewish Connections; A 'Minyan'of Jewish Celebs Recite the Gettysburg Address On-line; Walter Matthau's Reaction to JFK's Death L'CHAIM! by Joshua E. London and Lou Marmon: This year, give the gift of booze Nov. 20, 2013 Christa Case Bryant: Israel becomes a 'Promised Land' for non-Jewish geeks Steve Weizman: Rebuffed by Washington Netanyahu heads to Moscow 'Love Thy Enemy's Grandchild' Yale S. Samole, M.D. : Doctor, do I have to take this medication forever? Sharon Palmer, R.D. : Which foods are best? Busting nutrition myths Eleanor Laise: Medical credit cards can cause heartburn The Kosher Gourmet by Emma Christensen: Cranberry Curd Bars with Walnut Shortbread Crust is an excellent last-minute treat for Thanksgiving or any other special dinner this fall Nov. 18, 2013 There Is More Than One Way To Save a Life: As told to Rabbi Nachman Seltzer Nancy A. Youssef : Christians too afraid to complain as treatment in new 'democracy' worsens Stacy Teicher Khadaroo: How to get high school dropouts into 'recovery'? Soumya Karlamangla: Family sues NJ over gay-conversion therapy ban Susannah Snider: When to replace your financial adviser Jordan B. "Gorf" Gorfinkel's Everything's Relative: FINALLY! The solution to the global campaign to ostracize Israel The Kosher Gourmet by Rick Nelson: Celebrating vegetables, Italian-style ( 4 tantalizing recipes!>) Nov. 15, 2013 Rabbi Avraham Edelstein: The Quintessential soul food Caroline B. Glick: The demise of Pax Americana Steven Emerson: 'Muslim exception to the First Amendment'? Sandra Block: Watch out for the sales pitch Morgan Housel: Now is not the time to do anything stupid Jewz in the Newz by Nate Bloom : Jewish MLB managers; Past and Present; Movie News and Dancing W/the Stars Shocker; Paula Abdul's Israeli bat mitzvah and bio facts rarely reported The Kosher Gourmet by Diane Rossen Worthington: Lamb Stew with Dates and Zinfandel is a slightly sweet, aromatic feast and the perfect cold-weather entree

Jewish World Review August 1, 2007 / 17 Menachem-Av, 5767 Economic thinking By Walter Williams http://www.JewishWorldReview.com | Historical costs, sometimes called sunk costs, are irrelevant to decision-making because they are costs that have already been incurred. That's something that's not intuitively obvious, even for some trained economists. On a couple of occasions, I've recommended to a graduate student, having difficulty with his Ph.D. dissertation, that it might be wise to start all over again with a different topic. The response: "Professor Williams, but I've spent so much time on the dissertation so far." I reminded the student that the time already spent should have nothing to do with his decision to either stick with his chosen topic or choose another one. His question should be: Which choice, sticking with the chosen topic or choosing another, will more readily lead to successful completion of his doctorate? When Hurricane Katrina struck the Gulf Coast, gasoline prices started rising immediately. Some people couldn't understand why prices rose for gasoline already in the pipeline long before Katrina struck. The fact that prices for gasoline produced before the disaster rose led to charges of price gouging. Many people believed that historical costs, what a retailer paid for it, should determine price. That's patently wrong, and a simple example will demonstrate it. Say you've been selling me coffee from your large inventory for $4 a pound. A crop disaster in Brazil spikes the world coffee price to $10 a pound. What will you charge me now? If you said at least $10, go to the head of the class. Why? Because the opportunity cost, or replacement cost, of coffee is now $10. What coffee cost before the disaster is irrelevant. You say, "Williams, I'm not greedy. I'd sell it to you for $4 until I ran out." That's great. I'd buy it from you for $4 and resell it for the world price of $10. At the time of Katrina, gasoline retailers couldn't replace their gasoline at yesterday's prices. In other words, gasoline prices, coffee prices and any other price reflect conditions in the market today, not yesterday. Today's debate over the Iraq War is so often discussed in terms of whether it should have been initiated in the first place, our faulty intelligence about Hussein's possession of weapons of mass destruction, and whether the Bush administration lied to the American people. Whether these observations and charges are true or false should in no way be a part of today's decision-making, for history is one of those immutable facts of life. We can change the future, but we cannot change the past, though we can learn from it. The only costs relevant to decision-making are what economists call marginal or incremental cost; that's the change in costs as a result of doing something. That cost should be compared to the expected benefit. Think about pollution. Getting rid of pollution is a no-brainer. All that the authorities of, say, Los Angeles would have to do is to mandate that all pollution-emitting sources shut down. That would mean no driving, no manufacturing, no airplanes, no power generation and no lawn mowing. Angelenos would have perfectly clean air, but I doubt whether they'd agree that it's worth the costs. That means perfectly clean air is non-optimal, and so is perfectly dirty air. The question is, how much clean air do we want and at what cost? In other words, we should compare the additional benefit of cleaner air to the additional costs of getting it. The idea of weighing the costs of doing something against its benefits are part and parcel of intelligent decision-making. If we only look to benefits, we'll do darn near anything because everything has some kind of benefit. Every weekday JewishWorldReview.com publishes what many in in the media and Washington consider "must-reading". Sign up for the daily JWR update. It's free. Just click here. Walter Williams Archives © 2006, Creators Syndicate.

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