Risk and Uncertainty

Much as some would like to, life cannot be computed. A column on risk, uncertainty, and decisionmaking. . . . → Read More: Risk and Uncertainty

Paying for Education

What if professors gave students money instead of grades? Instead of giving an “A,” let’s give US$400. Instead of a “B,” give US$300, and so on. Instead of grade-point averages, student transcripts would show total dollars earned. At 5 classes per semester, instead of a 4.0 GPA, an all-“A”s student could earn US$2,000, enough to recover tuition and textbook costs at Augusta State University. Crazy idea? No, not at all. . . . → Read More: Paying for Education

An Economic Outlook for the Year 2100

For the past several years, my annual forecast for the U.S. economy has become boring, if upbeat. So let’s reflect not on economics in the year 2000, but on economics by the year 2100. . . . → Read More: An Economic Outlook for the Year 2100

The Simple Secrets of Prosperity

By return email I wrote: “Tell [the new South African president] Mbeki that long-run growth and prosperity stem from but four sources: (1) people must be healthy, (2) people must be educated and have the opportunity to freely pursue options based on that education; (3) people must be secure in their person and property; and (4) the role of the state is to look after these fundamentals—no more, no less.” . . . → Read More: The Simple Secrets of Prosperity

Education Neglect Damages U.S. Competitiveness

Pleasingly, the economy is beginning to turn around for the better. By historical standards, the recent recession has been “gentle and kind.” Nonetheless, it has created spectacular fear in the American conscience, a fear of “not cutting it” in the international competitive marketplace. To do something about this, turn your gaze to the dreadful state of education. . . . → Read More: Education Neglect Damages U.S. Competitiveness