It would be artless this week to write an article on economics and business in Indiana without remarking upon the passing of John Fisher. Much has been written about his legacy over this past week, so I will make do with an anecdote and a lesson I have learned from him.
Unemployment often is a necessary and natural part of a healthy economy. But job losses that come when workers or even entire
industries become redundant are especially painful.
The worst is likely behind us, but difficult times lie ahead, especially for the unemployed.
Yhe budget concerns that Muncie and other local governments face are really a circular problem. Taxes got out of hand largely
because of an 18th century system of local government. That same system cannot fix the problem–for it is the problem.
General Motors Corp.’s bankruptcy marked the second-largest commercial failure in modern history. It is an opportunity for deep reflection.
Almost one-third of Chrysler’s investors are schoolteachers, college administrators, firefighters and police officers. These
“vultures” of Wall Street finance have seen the value of their hard work severely hampered by the Chrysler bankrutcy plan.
These days, the "buy local" crowd seems to have a stronger voice. I am gleeful about this for a variety of reasons, but it
is helpful to view some of their claims with a bit of skepticism. At least that is what economists should do.
Markets, no matter how imperfect, not government programs, manage the economy.