Following the collapse of the U.S.S.R., 300 of their top mathematicians moved here. Their impact on American mathematicians was surprising. The number of papers published by American mathematicians whose research was most similar to that of the Russians dropped dramatically,…
While stores have always been able to offer cash-paying customers a discount, the recent settlement with Visa, Mastercard and bank credit-card issuers now allows stores to add a charge (equal to the swipe fee) for credit-card payments. Since stores can…
If you were worried the economy might be treading water, relax, it is. Consumer spending is flat, consumer confidence and manufacturing activity are down and jobless claims are up. Moreover, a key index of leading economic indicators fell two of…
Unless welfare recipients are penniless, passing laws prohibiting them from spending their welfare money on booze, gambling, strippers and tattoos is pointless. These laws will simply encourage welfare recipients to spend any cash they earn on the prohibited activities. Even…
The Friday File: While high heels push weight forward onto the balls of the feet and toes and stress the back and legs, (and hurt) they’re big business. American women spend $40 billion annually on shoes, with half that spending…
While many are nervous the massively stimulative monetary policy engineered by the Fed will inevitably trigger inflation, those folks are waiting for Godot. Subtracting the current yield on a 10-year Treasury Inflation Protected Securities (TIPS) bond (-0.637%) from the current…
Why are Americans significantly more religious than Europeans? In Europe, there are state churches that receive subsidies, and thus the clergy focus on politics and perquisites and not proselytizing. In addition, state-sponsored churches face virtually no competition, all but eliminating…
US Interest rates this low are harmful. Investors buy higher-yielding foreign securities (and speculate in commodities) and foreigners borrow in US dollars (not local currency), putting upward pressure on foreign exchange rates. To prevent this, central banks buy US Treasuries…
The LIBOR scandal is the result of greedy banks. But banks are no greedier today than they were decades ago. The difference is now banks are so big, and involved in so many activities (investment banking, commercial banking, insurance, underwriting…
The Friday File: Decades ago women faced substantial workforce discrimination, had limited control over their fertility, and due to limited labor saving devices, housework was hard. Thus, women looked to find a working man to marry. Today both spouses work,…