Economy

The economic conventional wisdom of the moment is that the U.S. economy has begun to turn around. According to mainstream economists, a tentative recovery can be found in the third-quarter numbers, and in the drop in new unemployment claims from October to November.

Long-renowned economist Paul Samuelson died on December 13 at his home in Belmont, Massachusetts, at the age of 94. In addition to writing Economics in 1948 — which became the best selling economics textbook for several decades, having been translated into forty-one languages and selling over four million copies — Samuelson also won the Nobel Memorial Prize in Economic Sciences in 1970.

joblessNew claims for unemployment benefits rose more than analysts expected last week, while an unexpected narrowing in the trade gap in October provided some indication that the U.S. economy is steadily growing.

gold coinsMany years ago, John D. Rockefeller, Sr. famously stated, “Competition is a sin.” He preferred a monopoly, the very antithesis of economic freedom, in order to increase profits.

BUck KNives“The Buck knife saved my leg and maybe my life at least once when I carelessly caught a pant leg in the anchor winch.” So writes “Old Fool,” the retired aviator and mariner who writes a colorful blog on various and sundry things at www.oldfool.org.

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