By Thornton “Tip” Parker
As NEP readers know, the economy consists of private, government, and foreign sectors. Financial flows among the sectors always add up to zero; that is, one sector’s deficits must be offset by surpluses in either or both of the others.
If the private sector imports more than it exports, ignoring investment flows, it will run a financial deficit while the foreign sector runs a surplus and the economy will then slow down as money in the private sector becomes scarce. Unless the trade deficit is reduced, the only way to keep the economy running is for the government to run large deficits, as is it is doing now. While few people understand the sectoral view of the economy, many are aware of problems that this one-dimensional view does not explain. Continue reading
Part 5 of my series on Race, Crime, and Policing
William K. Black
August 5, 2016 Bloomington, MN
I explained in my two prior columns the blood libels against “whites” as a race and law enforcement officers (LEOs) made by the sociologist Michael Eric Dyson. Dyson was particularly vitriolic in complaining that whites refused to “condemn” LEOs who shot blacks until they knew whether the LEOs had acted criminally or even improperly. Dyson portrays this adherence to due process and the rule of law by whites as an outrageous moral failure. This column explains two famous incidents that played critical roles in shaping our society’s view that we should celebrate the moral courage required to maintain respect for due process in circumstances where much of the public is baying for its destruction.