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Showing posts from January, 2025

The Anniversary of My Death

  In truth, I had forgotten about this anniversary until I saw the story in the paper.  In that instant my coffee cup was suspended before my lips, my eyes looked without seeing and I realized that, had I had my way, I would be looking at the anniversary of my death.             On January 28, 1986 the  Challenger  space shuttle lifted off from Cape Canaveral, Florida at 11:38 a.m.  Seventy-three seconds later it blew up in a starburst of destruction, killing all the crew members on board.  They did not die instantly.   The crew was probably alive during the ever-accelerating plunge toward the ocean.  It is the impact with the water that killed them—that would have killed me. On board was a crew as diverse as American itself.  Included in the group was America’s first teacher in space, Christa McAuliffe, a 37-year-old teacher.  As far as I was...

The Economics of Industry Regulation or Breakfast in Bed

  Every mother knows the sweet joy of having your children treat you to breakfast in bed.   Whether it is your birthday, Mother's Day or some other occasion, there is that morning when your kids come giggling into the bedroom with a dangerously balanced tray of food ready for your praise and consumption.   The eggs and pancakes may not be up to standard, but the affection surpasses all understanding.   Then you go into the kitchen and see the debris field of spills, mess and mistakes that have been left behind.   That kitchen is going to take considerable time and effort to be made right.   But you and your family have shared a special time and that makes the mess worth the moment.   In economics we call this a cost/benefit analysis.     There are some people who want our relationship with industry to be like that of an indulgent parent and carefree child.   Those people have rarely had to clean up a mess, which means it has no ...