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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 ...
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The Christmas Card Color of the Year: 2024

  Every year since 2008 I have monitored and commented on a most curious observation.        Christmas cards are my favorite part of the season.   In 2008 I first noticed that the cards were of one predominate color.   It was pink!     Pink borders, pink cartoon animals.   Even a Nativity scene in shades of pink.   Light-hearted, happy, comforting pink.   I went to the container of the previous year’s cards and glanced through those cards.   No, no pink, but a predominance of greens.   I started paying attention each year.   There are lots of family pictures, cute animals, trees, scenes of snow or an array of stars, well-loved Christmas figures like the Magi and Nativity, but there is always a predominant color.   The family photo has everyone dressed in one color.   The Nativity scene has a colorful border.   Santa and the snowmen are on a background of a specific color.   That color ...
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Where the Story "Come From Away" Comes From

  I picked up the headset and held one side to my ear.   There was the voice—calm, methodical, every tone measured and precise.   In the Gander Aviation Museum, I was listening to recordings of air traffic control.               “Delta one five heavy, this is YQX approach, squawk zero seven seven niner.”             “United two two three heavy, this is YQX, descend to 5500 and hold for approach.”             “American four six heavy, this is YQX, you are clear to land zero three.”             The term “heavy” refers to a wide body airplane.   Air traffic control handles these by the dozen every day.   You would have thought it was any other day.   But it wasn’t.          ...
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