On November 2nd nearly 70 students walked out of an introductory economics class at Harvard in solidarity with the Occupy movement. The mainstream media largely ignored the protest. That’s regrettable since the economics profession has provided the intellectual framework and justification for the inequality and centralization of corporate power the Occupiers are challenging. “You can ’t … Read More
Watching minutes, ignoring hours by David Morris Originally published in Minneapolis Star Tribune, May 1, 2005 A few years ago the following tongue-in-cheek economics lesson made the rounds of mainstream news journals: Bill Gates would lose money if, on his way to work, he stopped to pick up a $100 bill. Why? Over his business career … Read More
Business Forum: Teaching People to Think – Badly by David Morris Originally published in the Minneapolis Star Tribune, July 25, 2004 In 1998, with much fanfare, the Federal Reserve Bank of Minneapolis formally launched its “Economic Literacy” initiative. As President Gary Stern explained: “Economic literacy is crucial because it is a measure of whether people understand … Read More
Getting the Prices Right by David Morris December 17, 1996 Never before has so bad an idea so quickly captured the imagination of America’s leadership. I’m talking, of course, of the preposterous notion of reducing inflation by congressional fiat. This nonsense began in January 1995 when Federal Reserve Chairman Alan Greenspan informed an enchanted Congress that … Read More
