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June 19, 2013

Peter Grier and Harry Bruinius: In the end, NSA might not need to snoop so secretly after all

Howard LaFranchi: Taliban peace talks hold glimmer of hope, but also unanswerable questions

Warren Richey: Supreme Court: For right to remain silent, a suspect must speak
Meredith Cohn: Leeches are making a comeback as medical helpers

Kerri-Ann Jennings, M.S., R.D.: How to pick the healthiest breakfast cereal

The Kosher Gourmet by : Spicy Double Chocolate Banana Muffins

June 17, 2013

Rabbi Simcha Weinstein: Black to the Future: American Apparel Gets Biblical

Patrik Jonsson: Minnesota Nazi: How did Nazi hunters miss Michael Karkoc?

Kate Irby, Ali Watkins, Trevor Graff and Kevin Thibodeaux: All the ways you're being watched
Don Lee: G-8 meeting will test NSA leaks' effect on U.S. influence

Patrik Jonsson: Fort Hood shooting: Judge nixes Nidal Hasan defense strategy. What now?

Stacey Burling: Why the stigma for migraine sufferers?

The Kosher Gourmet by Lisa Abraham: Does it work? 5 new kitchen gadgets put to the test

June 14, 2013

Rabbi Abraham J. Twerski: A spiritual budget: Religious economics and being a ruler

John P. Martin: Hitler insider's missing diary found

Matt Pearce: NSA surveillance disclosure could affect court cases
Peter Tinti: US bounties changes strategy on (Wild, Wild) West African jihadis

Daniel Pendrick, M.D.: Memory loss? Old age may be the least of it

Lauren F. Friedman: But it's all natural! Should we have an instinctive preference for herbal remedies?

Jewz in the Newz by Nate Bloom : Streisand and Alicia Keys in Israel; "Girls" Stuff; Mel Brooks, Another TV special; Superman (who is Jewish) returns --- Israeli plays his mom

The Kosher Gourmet by Sharon K. Ghag : Bored with salad? Bling it up a bit (4 effortless recipes that will result in a 'WOW!')

June 12, 2013

Stephanie Hanes: Little girls or little women? The Disney princess effect

Fred Weir: In tweak to US, Russia would 'consider' asylum for Snowden

Sharon Palmer, R.D.: What's so special about Omega-3 supplements?
Morgan Housel: What newspapers were saying when you should have been buying

Pete Spotts: How cockroaches evolved so as to bypass 'roach motels'

The Kosher Gourmet by Anjali Prasertong: Deep-dish cookie: Warm, gooey and a little over the top

June 10, 2013

Joseph A. Slobodzian: Faith healing and third degree murder: Thorny legal case
Lindsay Wise: Few options for online users to avoid spying, experts say

Sharon Palmer, R.D.: There are plenty of nutritional food bargains out there
Harvard Health Letters: Can bariatric surgery control diabetes?

Zach Murdock: Superglue helps doctors save infant's life

The Kosher Gourmet by Celebrated chef Mario Batali : As good as grilling gets: Rib eye with dry mushroom spice rub

June 7, 2013

Rabbi David Aaron: Beating jealousy

Caroline B. Glick: Wounded . . . and dangerous

Clifford D. May: Al Qaeda vs. Hezbollah
Harvard Health Letters: Fighting back against allergy season

Kimberly Lankford: Grandparents who use FSA to cover grandkid's braces and other must-know info

Jewz in the Newz by Nate Bloom:J ewish Tony Nominees/Tony Awards; Jewish Teen Actor In Sci-Fi Flick; Jewish singer in "Voice" finals

The Kosher Gourmet by Anjali Prasertong: A tart filling so good it might not make it to the crust

June 5, 2013

John Rosemond: Mom, Dad: Talk More and listen less

Kristen Chick: Egypt court sentences 43 pro-democracy workers to prison

Sharon Palmer, R.D.: Mushrooms Have Medicinal As Well As Culinary Value
Morgan Housel: Why you never learn from your investment mistakes

Don Lee: In China, kindergarten rivalry takes deadly turn

The Kosher Gourmet by Sara Kate Gillingham-Ryan: 30-Minute Coq au Vin isn't a dream

June 3, 2013

Molly Hennessy-Fiske: Military judge to consider letting Fort Hood shooting defendant represent himself

Richard A. Serrano: Pvt. Bradley Manning's WikiLeaks trial also a test for government

Mark Trumbull: Have degree, driving cab: Nearly half of college grads are overqualified
Kim Lankford: What to do when long-term care insurance premiums rise

Deborah Netburn: Study: Adults' mouth bacteria may help babies

Jewz in the Newz by Nate Bloom: Jewish Contestant on 'The Voice'; Will Smith's 'Jewish movie family'; Bravo Gives Long Island Jews the Jersey Shore Treatment; Magicians and More

The Kosher Gourmet by Bill Ward: How to be as refined as the wines at a wine tasting

May 29, 2013

Andrew Connelly and Helene Bienvenu: The Little Synagogue that Refused to Die

Dennis Prager: The 'Muslims-Killed-by-the-West' Lie

David Clark Scott: Open war on teachers?
Morgan Housel: If you know only five things about investing, make it these

Sara Reardon: AGenome detectives change the donation game

Deborah Netburn: A one-way ticket to Mars? 78,000-plus and counting apply by video

The Kosher Gourmet by Bev Bennett: CHEDDAR AND CHERRY MUFFINS --- your mouth is already watering

May 24, 2013

Rabbi Tzvi Hersh Weinreb: When I didn't so 'humbly disagree'

Caroline B. Glick: Thank you, Hafez al-Assad

Diana West: From the Brooklyn Bridge to London
Morgan Housel: Why spotting bubbles is so much harder than you think

Environmental Nutrition editors: NuVal labeling to the rescue?

Jewz in the Newz by Nate Bloom : Memorial Day: Jews Serving and KIA in War on Terror; Liberace Bio-Pic; Jew Wins "Survivor"; Shalom, Dr. Brothers; More

The Kosher Gourmet by Emma Christensen: HIDE THESE FROZEN TREATS FROM THE KIDDIES!: Sangria pops; Irish cream pudding pops; mango Lassi pops

May 22, 2013

John Thorne: They launched the 'Arab Spring' but now yearn for the good old days of a strongman

John Rosemond: 'Disciplinary math' adds up to parental successl

Warren Richey: Are prayers before public meetings OK? Supreme Court to decide
Rick Montgomery: Use of ADHD drugs as study aid raises concern on campuses

Brierley Wright, M.S., R.D.: 6 convincing reasons you should keep carbs in your diet

Eoin O'Carroll: Scientists examine nothing, find something

The Kosher Gourmet by Carole Kotkin: This soup is made from one of the great pleasures of spring: A wonderful pairing of rosy color and earthy tang

May 20, 2013

Richard A. Serrano: Is Meir Kahane's assassin now a changed man?

Hannan Adely: Town raises Palestinian flag at City Hall

Melissa Healy: Genetic copies of living people from embryos no longer science fiction
Morgan Housel: When smart investors do stupid things

Sharon Saloman, M.S., R.D.: Hunger games: Eat more, weigh less, without starving

Jewz in the Newz by Nate Bloom : Jews Inducted into Rock Hall of Fame; Anton Yelchin co-stars in New "Trek" film; Kutcher (but not Kunis) visits Israel; Jewish TV Star Praises Jewish Rap Star

The Kosher Gourmet by Cathy Pollak: WARNING: This WALNUT CAKE WITH PRALINE FROSTING, perfect for afternoon coffee, is addicting


Jewish World Review Jan. 18, 2005 / 8 Shevat, 5765

Economics for the citizen

By Walter Williams


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Part Three of a Ten-Part Series


http://www.JewishWorldReview.com | There are four classes of behavior that can be called economic behavior. They are: Production, consumption, exchange and specialization. The discussion of specialization will be left to the next article.


Production is any behavior that creates utility, that is, raises the want-satisfying capacity of something. When a mill smelts iron ore, it raises the want-satisfying capacity of the material by changing its form. The metal's want-satisfying capacity is raised further when it's made into steel and the steel into rails, girders and the like. Production also includes changing the spatial characteristics of a good. Navel oranges have no want-satisfying capacity for Philadelphians if the oranges are in California. The person sometimes called the middleman or wholesaler changes the spatial characteristics of the oranges by moving them from California to Philadelphia, thereby raising their want-satisfying capacity to Philadelphians.


Consumption is easy. Consumption is simply the reduction of the want-satisfying capacity of something. When I eat a hamburger, I reduce its want-satisfying capacity. When I drive my car, I reduce its capacity to satisfy wants. By the way, if production is greater than consumption, the result is called saving. If it's the opposite, we call it dissaving.


Exchange is a bit more complicated; misunderstanding it leads to considerable confusion and mischief. The essence of exchange is the transfer of title. Here's the essence of what happens when I buy a gallon of milk from my grocer. I tell him that I hold title to these three dollars and he holds title to the gallon of milk. Then, I offer: If you transfer your title to that gallon of milk, I will transfer title to these three dollars.


Whenever there's voluntary exchange, the only clear conclusion that a third party can make is that both parties, in their opinion, perceived themselves as better off as a result of the exchange; otherwise, they wouldn't have exchanged. I was free to keep my three dollars, and the grocer was free to keep his milk. If you think it's obvious that both parties benefit from voluntary exchange, then how come we hear pronouncements about worker exploitation?

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Say you offer me a wage of $2 an hour. I'm free to either accept or reject your offer. So what can be concluded if I'm seen working for you at $2 an hour? One clear conclusion is that I must have seen myself as being better off taking your offer than my next best alternative. All other alternatives were less valuable, or else why would I have accepted the $2 offer? How appropriate is it to say that you're exploiting me when you've given me my best offer? Rather than using the term exploitation, you might say you wish I had more desirable alternatives.


While people might characterize $2 an hour as exploitation, they wouldn't say the same about $50 an hour. Therefore, for the most part, when people use the term exploitation in reference to voluntary exchange, they simply disagree with the price. If we equate price disagreement with exploitation, then exploitation is everywhere. For example, I not only disagree with my salary, I also disagree with the prices of Gulfstream private jets.


By no means do I suggest that you purge your vocabulary of the term exploitation. It's an emotionally valuable term to use to trick others, but in the process of tricking others, one need not trick himself. I'm reminded of charges of exploitation Mrs. Williams used to make early on in our 44-year marriage. She'd charge, "Walter, you're using me!" I'd respond by saying, "Honey, sure, I'm using you. If I had no use for you, I wouldn't have married you in the first place." How many of us would marry a person for whom we had no use? As a matter of fact, the problem of the lonely hearts among us is that they can't find someone to use them.

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Walter Williams Weekly Column Archives

Economics for the citizen, Part Two
Economics for the citizen, Part One


© 2005, Creators Syndicate