July 2, 2009 Rabbi Abraham J. Twerski: The hallmark of a person Abe Novick: Up, up, and aliya July 1, 2009 Rabbi Avi Shafran: The Road Taken The Kosher Gourmet by Marialisa Calta: Get into the holiday spirit with these Star-Spangled desserts June 30, 2009 Rabbi Binyomin Ginsberg: What makes a great parent? Caroline B. Glick: Ideologue-in-Chief June 29, 2009 The Jewish Ethicist by Rabbi Dr. Asher Meir: Beware of 'Caveat Emptor' Steven Emerson: ACLU pushing for more money for Hamas June 26, 2009 Rabbi Yoni Posnick: Learn the secret to a healthy marriage from a scriptural villain Caroline B. Glick: Barack Obama vs. International Law June 25, 2009 Rabbi Shimon Apisdorf: The Absurd Power of Truth Jordan "Gorf" Gorfinkle's strip: Everything's Relative June 24, 2009 Rabbi Yonason Goldson: Advancement of technology is a wake-up call for humanity The Kosher Gourmet by Andrea Weigl: Summer on a stick: Making frozen treats can be easy, creative and fun June 23, 2009 Martin M. Bodek: 'On Surnames': And so, We Begin Caroline B. Glick: The Obama Effect June 22, 2009 The Jewish Ethicist by Rabbi Dr. Asher Meir: Working for a corrupt firm N. Richard Greenfield : Where are American Jews? June 19, 2009 Rabbi Abraham J. Twerski: Emotion v. intellect Caroline B. Glick: Israel's rare opportunity June 18, 2009 Jonathan Rosenblum: Sometimes it is more essential to define the nature of evil than good Jordan "Gorf" Gorfinkle's strip: Everything's Relative June 17, 2009 Rabbi Yonason Goldson: The Language of Confusion The Kosher Gourmet by Linda Gassenheimer: Nothing pleases Dad more than a thick, juicy onion-smothered steak. Add home-Baked Potato Chips and … June 16, 2009 The Jewish Ethicist by Rabbi Dr. Asher Meir: Career v. Careersism Caroline B. Glick: Obama's losing streak and Israel Richard Z. Chesnoff: ‘Palestinians’: Never Missing an Opportunity … June 15, 2009 Israeli Prime Minister Binyamin Netanyahu: How Judea and Samaria can become 'Palestine' Daniel Pipes: Where Netanyahu's speech failed June 12, 2009 Rabbi Abraham J. Twerski: Some big thoughts about not acting so big Caroline B. Glick: Obama's High Commissioner June 11, 2009 Victor Davis Hanson: Our historically challenged President Mitch Albom: Beware the True Believers Lewis Grossberger: What we learn from the new Hitler photos June 10, 2009 Mort Zuckerman: What Obama and his advisors won't -- or refuse to -- grasp about Israel and the Muslim world The Kosher Gourmet by Steve Petusevsky Lotsa pasta: Tips, techniques and (amazing) taste June 9, 2009 Anne Bayefsky: Obama's stunning offense to Israel and the Jewish people Frank J. Gaffney, Jr.: America's first Muslim president? June 8, 2009 The Jewish Ethicist by Rabbi Dr. Asher Meir: Merchant must take responsibility for careless shopper? Mark Steyn: A superpower that feeds on mediocrity cannot survive for long on leftovers from the past Richard Z. Chesnoff: How do you say 'kumbaya' in Arabic? June 5, 2009 Rabbi Abraham J. Twerski: In quest of spirituality Caroline B. Glick: Obama's Arabian dreams Charles Krauthammer: The Settlements Myth June 4, 2009 Paul Greenberg: The War Comes to Little Rock The Kosher Gourmet by Judy Hevrdejs: Splash it on! Tap your inner jazz musician and improvise when stirring up a vinaigrette June 3, 2009 The Jewish Ethicist by Rabbi Dr. Asher Meir: Q. Should terrible teacher be exposed? Jonathan Rosenblum: The Israel Lobby: Missing in Action June 2, 2009 Dennis Prager: The Speech President Obama Won't Dare Give in Egypt Frank J. Gaffney, Jr.: Pressure on Israel raises war risk Oct. 29, 2003 Mortimer B. Zuckerman: Graffiti On History's Walls (MUST-READ!)

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.

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  Julia Gorin  Jonathan Gurwitz  Paul Greenberg  Lewis Grossberger  Victor Davis Hanson  Betsy Hart  Nat Hentoff  David Horowitz  Laura Ingraham  Paul Johnson  Jack Kelly  Ed Koch  Ch. Krauthammer  Jonathan Last  Michael Ledeen  John Leo  David Limbaugh  Kathryn Lopez  Rich Lowry  Michelle Malkin  Jackie Mason  Dick Morris  Bill O'Reilly  Jim Mullen  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  Bob Tyrrell  Diana West  Dave Weinbaum  George Will  Walter Williams  Byron York  Mort Zuckerman  Robert Arial  Chuck Asay  Baloo  Chip Bok  Dry Bones   Lisa Benson  John Branch  Gary Brookins  John Cole  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  Kevin Siers  Jeff Stahler  Ed Stein  Danna Summers  John Trever  Gary Varvel  Kirk Walters  How 2  Lori Borgman  The Savvy Consumer  Elder matters  Fixit  Dr. Peter Gott  Marybeth Hicks  GET A JOB! by Marty Nemko  Richard Lederer  Tech Maven  Every Monday Matters  Nutrition Myths  Bookmark These  Bruce Williams  How Stuff Works