Last Hours

I thought I would share this wonderful poem with you: For eleven years I have regretted it, regretted that I did not do what I wanted to do as I sat there those four hours watching her die. I wanted to crawl in among the machinery and hold her in my arms, knowing the elementary,…

Paul Samuelson's View of Milton Friedman

In their book Animal Spirits, George Akerlof and Robert Shiller recount the intellectual battles waged between Milton Friedman and Paul Samuelson, two of the 20th century’s most important economists. Friedman was a huge believer in the power of markets, and in consumers’abilities to make rational decisions. Samuelson also recognized the power of markets, but thought…

On Economics and Fairness

Albert Rees was a University of Chicago trained economist who wrote some of the most influential works in the field of labor economics. Despite his Chicago training – Chicago being the epicenter of the idea that humans are guided largely by rational choice – he was well aware of something crucial missing from economic theory:…