The U.S. bank bailout of 2008 was unnecessary - Dean Baker It is more than ten years since the harrowing descent into the financial crisis -- when the huge investment bank Lehman Bros. went into bankruptcy, with the largest US insurer, AIG, about to follow. No one was sure which financial … [Read more...]
U.S. pharmaceutical prices started to explode in the 1980s
U.S. pharmaceutical prices started to explode in the 1980s - Dean Baker I am struck by the explosion in drug spending in the 1980s, nearly doubling as a share of GDP over the decade. [It] had not increased at all as a share of GDP over the prior two decades. The obvious villain is the passage of … [Read more...]
What is competition?
What is competition? - Editor Competition continues to be poorly understood by many economists. Here is an extract from a paper written more than 26 years ago by Australian economist Dr Evan Jones *: ” Two dominant versions exist. Version one depends on large numbers of small firms inhibiting … [Read more...]
War and peace and the steady-state economy
War and peace and the steady-state economy - Herman Daly My parents were children during WW I, the so-called “war to end all wars.” I was a child in WW II, an adolescent in the Korean War, and except for a physical disability would likely have been drafted for combat in the Vietnam War. … [Read more...]
