All Security is Private

Tip O’Neill, and many others, famously said “All politics is local.” Well, by the same token, all security is private. Or so I claim here. A warning:  this account is…

Morality and Market Process

I’m not sure others will find this argument persuasive. But one argument for the morality of markets goes like this: A. It is wrong to use something someone else values more….

Comparative Advantage

We teach “comparative advantage” as if it were a deterministic rule of the universe. But it isn’t. Human creativity rules the universe, for better and for worse. So, it’s time…