Just Plain Interesting

Ronald Coase, 1910 – 2013

Ronald Coase died Monday in Chicago at 102. The Nobel Laureate in Economics in 1991, his two most famous papers, The Nature of the Firm (1937) and The Problem of Social Cost (1960) began by asking such profoundly simple questions—the word “childlike” is fitting, in the kindest sense—that the insights he derived would revolutionize our
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Adam Smith Himself, Articles, Just Plain Interesting

Happy 4th of July

Our custom on America’s Independence Day for several years has been to publish a photo of fireworks—the real thing from the annual display over the Hudson River here in little old New York (albeit one year delayed)—but this year we’re deviating from that practice, while still publishing a few images which we hope are far
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Articles, Ineffable, Just Plain Interesting

2012: Year in Review

We’ve never done a year-end review, and don’t count this (The “First Annual” if you wish) a precedent, but I thought it worthwhile to build one of the final columns of 2012 around what law firm leaders are saying. So without further ado, as the sportscasters say, “Let’s go to the videotape” (primary sources for
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Articles, Cultural Considerations, Finance, Globalization, Just Plain Interesting, Strategy

Calling All Lapsed Lawyers

Lapsed lawyers are one of our favorite groups, because they tend to be so diverse in their backgrounds, motivations (for lapsing) and current post-law situations. And we finally have an opportunity to find out  more about you all. Please follow this link to take a (really short) survey we developed with our friends at Above the
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Articles, Just Plain Interesting

2012 Economics Nobel

On Monday the 2012 Nobel Memorial Prize in Economic Science was awarded to Lloyd Shapley and Al Roth, for their work on market design and matching theory, which relate to how individuals and firms find and select one another in areas from school choice to jobs to organ donations to marriage itself. Dr. Shapley, 89,
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Articles, IT, Just Plain Interesting, Law Schools, Recruiting

Your (Not Quite) Private Panel of Economic Experts

Ever wish you could commission a quick poll of economic experts to opine on issues of current interest? Well,  you can’t, but we have the next best thing:  The University of Chicago’s Booth School of Business’s   Initiative on Global Markets forum. What is the “IGM?” It’s a newly launched online panel that poses serious questions
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Articles, Finance, Just Plain Interesting

Two Books

Today we’re talking about books. Specifically, Robert Frank’s The Darwin Economy and David Rose’s The Moral Foundation of Economic Behavior.  I believe the first–far better known–is a failure and the second–while too drily academic to gain a wide popular audience–is a success. Frank is a widely published and well-know economics professor at Cornell’s Johnson Graduate
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Adam Smith Himself, Articles, Book Reviews, Just Plain Interesting

The 2011 Nobel Prize in Economics

The annual award of the Nobel Prize in Economics (technically, since it’s not one of the original Nobel’s, the “Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel”) is always an occasion for a toast here at Adam Smith, Esq., even if a particular year’s winner is someone we disagree with. This year,
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Articles, Just Plain Interesting

Scary Chart

Here’s a depressing chart, courtesy of the enthralling and overwhelming All Things Data site Calculated Risk.  This shows the percent of job losses relative to the peak employment month for every post-WWII US recession (there have been 11). You can see that: In one recession (1980) jobs recovered fully within a year. In six others
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Articles, Globalization, Just Plain Interesting, Leadership

Lexicographers’ Time-Out

Slate is covering the announcement by Merriam-Webster of the top ten words of the year for 2010: Say what you will about its appeal (or lack thereof) as fiscal policy, but the Top Word of 2010, according to Merriam-Webster, is austerity. The distinction is based on its popularity on the dictionary’s Web site, and runners-up
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Articles, Just Plain Interesting

Bear