Posted on March 14, 2019
One of the oldest theoretical constructions in economics declares that in a perfect market, short term profits and losses eventually even out so that, in the long term, all profits are zero.
Famed 20th century English economist John Maynard Keynes gets credit for restating this jargon-rich theory into clear, concise language when, in 1923, he wrote, […]
Posted on February 21, 2019
When Internal Revenue Service (IRS) workers returned to their jobs Jan. 28 after the recent, 35-day government shutdown, an estimated five million pieces of unopened mail awaited.
Equally daunting, the shutdown coincided with the IRS’s hiring of its annual army of temporary workers to process the impending tax season’s mail. The delay now leaves the […]
Posted on January 30, 2019
Epistemology is what we on the farm called “a $10 word.”
At $10, though, it’s underpriced because epistemology—the study of what we believe, what is true, and the evidence we have to justify that truth and belief—covers a lot of ground.
In short, epistemology is the study of knowledge.
That topic sounds drier than last summer’s […]
Posted on January 3, 2019
If the calendar was a baseball game, mid-December would be the bottom of the ninth.
As such, and given 2018’s crazy weather, banner crops, sloppy harvest, muddled export future, and skinny-to-no profit, mid-December finds farmers and ranchers now at bat with two outs and the opposing team’s smoke-throwing relief pitcher on the mound.
Yeah, it’s been a […]
Posted on December 19, 2018
GIPSA, the badly named, hard-working mule inside the U.S. Department of Agriculture (USDA), is on the move again over objections that the Trump Administration’s ongoing USDA reorganization will bury it—and other, less obscure parts of the department like the Economic Research Service—in new layers of bureaucracy so deep that none will ever be seen again.
Posted on December 5, 2018
November 11 marked 100 years since the end of World War I, which U.S. President Woodrow Wilson called “the war to end all wars.”
Wilson saw himself as a historic peacemaker; instead he became an ironic phrasemaker. The Great War never brought an end to war, or even an end to that war. The then-raging Russian […]
Posted on November 29, 2018
It’s Thanksgiving week, so let’s be generous: The White House trade policy, marked by its heavy use of import tariffs and presidential tweets, continues to confound economists and trading partners alike.
A more accurate, less generous view of President Donald J. Trump’s trade policy would declare it an unhinged mess that has led to a dark, […]
Posted on November 20, 2018
A week before American voters decided whether the mid-term elections would deliver a red wave or a blue wave, OpenSecrets.org, the non-partisan group that tracks money in politics, made a spot-on prediction: the biggest wave on Nov. 6 would be green.
Greenbacks, that is, because this year’s political candidates, OpenSecrets estimated, would spend $5.2 billion on […]
Posted on November 7, 2018
If war is hell, then trade wars must be a purgatorial stop along the way. For proof, just look where Election Day 2018 finds American farmers.
Faced with ample production, stale commodity prices, and the lowest forecasted national farm income since 2002, U.S. farmers are now waiting for a winter of government “tariff mitigation” payments while […]
Posted on October 17, 2018
On Oct. 1, U.S. farmers and ranchers joined President Donald J. Trump to praise one of his Administration’s biggest international achievements, a reworked trade deal between the U.S., Mexico, and Canada.
Ironically, however, Oct. 1 also brought a massive domestic failure: the expiration of the 2014 Farm Bill. The president and his revelers, however, never mentioned […]