Tag Archive for 'William Baumol'

Marx was right

On Nov. 28, 2005, I published a guest editorial in Barron’s weekly, saying that “Marx was Right”. I believe you might find it relevant today:

In today’s global markets, America and the world are on shaky ground – literally.
Geologists explain the earth’s outer shell rests on 15 rigid plates that move slowly but surely, at the speed fingernails grow. At the fault lines where they meet and collide – for instance, the Indian and Eurasian plates – disastrous earthquakes can occur, like the recent one in Kashmir.

Global markets are like tectonic plates. They shift and clash. Crises erupt suddenly. Economists, like geologists, ring general alarm bells but cannot say precisely when the next global ‘earthquake’ will occur. Unlike geologists, economists cannot even say where.

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