As a scholarly discipline, economics has always suffered from physics envy.

Britain, with the most completely socialized health system in the West, now spends the lowest fraction of GNP on health care of any major nation. There are frequent complaints of excessive waits for elective surgery and other inconveniences, but British citizens live slightly longer than Americans, on average, and our overall health conditions are comparable.

American critics of welfare statism are often surprised to learn that countries like West Germany, with a much more comprehensive welfare state and a statistically larger public sector, have fewer government employees per capita than the United States does.

It is more than a little ironic that "capital accumulation" once a rather tendentious Marxian view of a supposed capitalist obsession, should have become - of all things - Wall Street's own slogan.

We are already well down the road toward a managed-trade regime. It would be far better to acknowledge that reality, and seek a set of reasonable rules, than to pretend that Ricardian trade is the norm and allow mercantilist states to overwhelm U.S. industry and ratchet down wages, in the name of free trade.

As a scholarly discipline, economics has always suffered from physics envy.

Henry Ford, in a sense, was the first Keynesian. He paid his assembly workers high wages so they could afford to buy his cars.