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Showing posts from June, 2026

Herbert Hoover and a Locker Room Expression

Belgium is one of the smallest and most densely populated nations in Europe.   It is snugged between France, the Netherlands and Germany with the North Sea forming its northern border. Belgium’s population is educated, intelligent, refined and ostensibly neutral. But, in 1914 its children were starving to death.   During World War I Belgium fell to Germany, which refused to feed Belgian’s civilians.   You don’t have to carry a gun to die in war, and children are the easiest and most quickly dismissed victims of all.   In London an American businessman had already launched and administered a successful effort to bring relief to Americans trapped in England at the beginning of the war.   He was respected and liked, though his social skills were sometimes thin or absent entirely (when he grew weary of the chatter at a dinner party he would simply find a quiet room, pick up a book and start reading).   He was well known as a good judge of character, a creativ...

Basketball and the K-shaped Economy

  Both of my children were involved in sports, starting in kindergarten.   I never missed a game.   By the time both girls had graduated from high school I felt like I had to call the athletic director and ask him where I was supposed to be on Tuesday.             I was particularly fond of basketball.   When you watch a high school basketball game you are going to see every player leave their heart on the court.   And it is free.   That is why I was aghast to hear that the NBA finals were going for $7000 per seat!               While I am a free-market economist I know a problem when I see it.               Capitalism has a fatal flaw, and that flaw can be illustrated in what has come to be called the K-shaped economy.   Most economic models show themselves as waves, undula...