Update, Sept. 4: We added the audio for David Kestenbaum's radio obituary of Ronald Coase.
If you created the world as a simple economic thought experiment, companies wouldn't exist. Instead, everybody would work for themselves, and they'd be constantly selling their labor (or the fruits of their labor, or use of their tools, or whatever) to the highest bidder. Wages would rise and fall every day (every hour! every second!) depending on supply and demand. That's how the market works, after all.
Originally published on Wed September 4, 2013 11:24 am
"We are not asking America to go to war," Secretary of State John Kerry told the House Foreign Affairs Committee early Wednesday afternoon, as he and other top administration officials continued to push Congress to support President Obama's call for military strikes aimed at the regime of Syrian President Bashar Assad.
No one has ever doubted Mois Yussuroum's patriotism. As part of the Greek resistance during World War II, he fought Benito Mussolini's fascist army and then the Nazis.
"The other resistance fighters didn't know I was Jewish," he says, since he used the name "Yiorgos Gazis" in case he was captured. "But my superiors did know, and they gave me many responsibilities, including making me a garrison commander."
Originally published on Wed September 4, 2013 12:44 pm
U.S. competitiveness among global economies suffered after the 2008 global economic crisis. Four years after the crisis, the U.S. slipped in the World Economic Forum's annual competitiveness ranking. This year it's back up a bit: The U.S. rose to fifth position overall from seventh last year, in the forum's latest survey, which was released Wednesday.