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NEWS
June 14, 2013
The op-ed pieces that are occasionally presented by local professors are eye opening, not for their insight but for their lack thereof. If professor Don Norris ("Flacco's contract shows America's skewed priorities," June 121) had taken an Economics 101 course, he would have certainly studied the paradox of value. In the Wealth of Nations, Adam Smith wrote, "The things which have the greatest value in use frequently have little or no value in exchange; on the contrary, those which have the greatest value in exchange frequently have little or no value in use. Nothing is more useful than water: but it will purchase scarce anything; scarce anything can be had in exchange for it. A diamond, on the contrary, has scarce any use-value; but a very great quantity of other goods may frequently be had in exchange for it. " Smith's solution to this apparent paradox was that the value in exchange of a thing is determined by its supply relative to its demand.
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NEWS
June 14, 2013
The op-ed pieces that are occasionally presented by local professors are eye opening, not for their insight but for their lack thereof. If professor Don Norris ("Flacco's contract shows America's skewed priorities," June 121) had taken an Economics 101 course, he would have certainly studied the paradox of value. In the Wealth of Nations, Adam Smith wrote, "The things which have the greatest value in use frequently have little or no value in exchange; on the contrary, those which have the greatest value in exchange frequently have little or no value in use. Nothing is more useful than water: but it will purchase scarce anything; scarce anything can be had in exchange for it. A diamond, on the contrary, has scarce any use-value; but a very great quantity of other goods may frequently be had in exchange for it. " Smith's solution to this apparent paradox was that the value in exchange of a thing is determined by its supply relative to its demand.
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NEWS
By Glenn C. Altschuler and Glenn C. Altschuler,Special to the Sun | December 31, 2006
On the Wealth of Nations P.J. O'Rourke Atlantic Monthly Press / 242 pages / $21.95 Getting burned in effigy, P.J. O'Rourke acknowledges, is "a fate not always undeserved by amateurs who write about economics." Apparently, he's willing to take the risk. In the inaugural volume of an Atlantic Monthly Press series on "books that changed the world," O'Rourke brings the 21-century sensibility of a political satirist and unabashed booster of free-market capitalism to Adam Smith's canonical text, The Wealth of Nations, published in 1776.
NEWS
By Jonathan Pitts and Jonathan Pitts,jonathan.pitts@baltsun.com | August 31, 2009
When Nick Roberts went to his first Maryland Renaissance Festival four years ago, and took up the mallet for the "feat of strength" known as Thor's Hammer, he could barely drive the metal disk halfway up the tower toward the bell. Sunday, the Centreville, Va., native, who goes to the fair every year, heaved and grunted like a woodsman felling trees, ringing the bell eight times out of 10 as his fiancee, Tasha Harris, looked on. "I've been working out a bit," said Roberts, sweating under the afternoon sun that shone on about 13,000 boot- and bodice-clad revelers on Day 2 of the annual fair, which opened Saturday in Crownsville and runs every weekend through Oct. 25. "It helps you raise your game."
NEWS
April 26, 2003
On April 25, 2003, AILEEN SMITH, beloved sister of Michael Smith of Atlanta, GA and dear sister-in-law of Phyllis Smith. Devoted Aunt of Monica and Adam Smith and Jenna and Ryan Scheinfeld all of Atlanta. Dear cousin of Barbara and Max Mendelsohn, Linda and Roger Michel and Betsy Rosenthal all of Baltimore and Miriam and Marvin Botnick and Pam and Gary Sandburg of AtlantaFuneral Services will be private at the convenience of the family. In lieu of flowers contributions may be made in her memory to the American Lung Association of Maryland, 1840 York Rd., Timonium, MD (21093)
NEWS
January 14, 2008
On January 11, 2008, IRENE RUTH SMITH (nee Merritt) a resident of Morningside House, Laurel, MD, (formerly of The Wesley Baltimore, MD); beloved wife of the late Curtis Clifton Smith and devoted mother of Suzanne Ruth Croghan and her husband, Dennis; dear aunt of Dorothy Krug Bond and her husband, Robert and Ruth Morrison of Hobe Sound, FL. Also survived by other nieces and nephews; devoted grandmother of Wendy Vance, Joel and Adam Smith and the late...
NEWS
By MICHAEL KINSLEY | March 24, 2006
According to Forbes magazine, the world is enjoying a boom in billionaires. Twenty years ago, there were 140 billionaires. Three years ago, there were 476. This year, there are 793. Some people automatically associate great wealth with evil, and they deserve the ridicule they get. But the automatic association of great wealth with virtue is equally fatuous. It's probably true that most billionaires have acquired their wealth in ways that make life better for the rest of us. But the Forbes list includes plenty who merely chose rich parents.
NEWS
By David Kusnet | May 12, 1991
THE WORK OF NATIONS:PREPARING OURSELVES FOR21ST CENTURY CAPITALISM.Robert B. Reich.Knopf.331 pages. $24.Now that patriotism is resurging, two leading automakers are boasting that their cars are built in the U.S.A. Honda's ads promote its new Accord wagon as "the amazing new car from Ohio," while Nissan's praises the "all-new, American-built Sentra."If you're puzzled by Japanese-owned companies waving the red, white and blue, read Robert Reich's insightful analysis of a global economy where a car with an American nameplate might have an engine built in Japan, styling designed in West Germany, smaller components made in Taiwan and advertising written in Britain.
BUSINESS
By JAY HANCOCK | August 12, 2009
The wise Adam Smith figured out two centuries ago why boards of public companies would let CEOs haul away truckloads of money that ought to belong to the shareholders. "The directors of such companies, being the managers of other people's money than their own," the Scottish philosopher said, do not "watch over it with the same anxious vigilance" that a direct owner would bring to bear. The "say on pay" legislation in Congress would give the owners of corporate America a little more power and a little more vigilance over what are, after all, their companies.
NEWS
By Witold Rybczynski | October 23, 1991
THE EVOLUTION, from the simple to the intricate, from casualness to intensity, is visible in almost every contemporary American recreation, whether it's bicycling, roller-skating, cross-country skiing or boating.Even wind-surfing, which started life as a simple and inexpensive alternative to sailing, has succumbed to what appears to be an inevitable tendency to complicate fun with gear and technical gadgetry.Play is beginning to look more and more like a kind of work."There is nothing -- absolutely nothing -- half so much worth doing as simply messing about in boats," said Toad in "The Wind in the Willows."
BUSINESS
By JAY HANCOCK | August 12, 2009
The wise Adam Smith figured out two centuries ago why boards of public companies would let CEOs haul away truckloads of money that ought to belong to the shareholders. "The directors of such companies, being the managers of other people's money than their own," the Scottish philosopher said, do not "watch over it with the same anxious vigilance" that a direct owner would bring to bear. The "say on pay" legislation in Congress would give the owners of corporate America a little more power and a little more vigilance over what are, after all, their companies.
NEWS
January 14, 2008
On January 11, 2008, IRENE RUTH SMITH (nee Merritt) a resident of Morningside House, Laurel, MD, (formerly of The Wesley Baltimore, MD); beloved wife of the late Curtis Clifton Smith and devoted mother of Suzanne Ruth Croghan and her husband, Dennis; dear aunt of Dorothy Krug Bond and her husband, Robert and Ruth Morrison of Hobe Sound, FL. Also survived by other nieces and nephews; devoted grandmother of Wendy Vance, Joel and Adam Smith and the late...
BUSINESS
By JAY HANCOCK | November 7, 2007
There is a way to stop Baltimore's murder epidemic. Improve Baltimore's schools. Revive Baltimore's neighborhoods. And it doesn't involve more police, higher taxes or longer prison sentences. Instead, it requires restructuring what is possibly the city's biggest industry. Legalize heroin and cocaine sales, and you erase the economic force behind Baltimore's heartache. Would it lead to new addicts? Of course. Would it send a bad message to kids? Yep. Would it cause problems we can't envisage?
NEWS
By Glenn C. Altschuler and Glenn C. Altschuler,Special to the Sun | December 31, 2006
On the Wealth of Nations P.J. O'Rourke Atlantic Monthly Press / 242 pages / $21.95 Getting burned in effigy, P.J. O'Rourke acknowledges, is "a fate not always undeserved by amateurs who write about economics." Apparently, he's willing to take the risk. In the inaugural volume of an Atlantic Monthly Press series on "books that changed the world," O'Rourke brings the 21-century sensibility of a political satirist and unabashed booster of free-market capitalism to Adam Smith's canonical text, The Wealth of Nations, published in 1776.
NEWS
By MICHAEL KINSLEY | March 24, 2006
According to Forbes magazine, the world is enjoying a boom in billionaires. Twenty years ago, there were 140 billionaires. Three years ago, there were 476. This year, there are 793. Some people automatically associate great wealth with evil, and they deserve the ridicule they get. But the automatic association of great wealth with virtue is equally fatuous. It's probably true that most billionaires have acquired their wealth in ways that make life better for the rest of us. But the Forbes list includes plenty who merely chose rich parents.
NEWS
By Paul Adams and Paul Adams,SUN STAFF | September 18, 2005
Motorists tired of waiting for gas prices to come down in the wake of Hurricane Katrina will be happy to know that, after years of study, economists have all but proved what most car owners have known all along: Fuel prices go up much faster than they come down. In academic circles, this is known as the "rockets and feathers" syndrome. Gasoline prices tend to "soar like a rocket" in times of turmoil, such as after a natural disaster. But they "fall like a feather" when markets return to normal, the observation goes.
NEWS
By Jonathan Pitts and Jonathan Pitts,jonathan.pitts@baltsun.com | August 31, 2009
When Nick Roberts went to his first Maryland Renaissance Festival four years ago, and took up the mallet for the "feat of strength" known as Thor's Hammer, he could barely drive the metal disk halfway up the tower toward the bell. Sunday, the Centreville, Va., native, who goes to the fair every year, heaved and grunted like a woodsman felling trees, ringing the bell eight times out of 10 as his fiancee, Tasha Harris, looked on. "I've been working out a bit," said Roberts, sweating under the afternoon sun that shone on about 13,000 boot- and bodice-clad revelers on Day 2 of the annual fair, which opened Saturday in Crownsville and runs every weekend through Oct. 25. "It helps you raise your game."
BUSINESS
By Jay Hancock | August 21, 2005
BLOODY SHAME about those high oil and gas prices. They're causing billions of dollars to be invested in petroleum production, which will increase supply. They're discouraging unnecessary driving, encouraging use of public transit and fuel-efficient cars and cueing industry to cut fuel costs, which will decrease demand. And they're triggering billions more to be invested in new technologies such as solar power and hybrid engines, which will offer alternatives. I hate to say it, but if this keeps up we might avoid a 1970s-style energy crisis, with its shortages, gas lines, severe recession and petroleum prices a third higher than they are now, adjusted for inflation.
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