What’s the value of the liberal arts?

Yesterday in Iowa, Senator Marco Rubio joined the discussion about the value of the liberal arts. According to Inside Higher Education, Rubio made the same point in the past: "'So you can decide if it's worth borrowing $50,000 to major in Greek philosophy,' The Waterloo Cedar Falls Courier reported Rubio as saying. 'Because after all, the market for Greek philosophers has been very tight for … [Read more...]

China devalues – what it means

The New York Times reports that China "on Tuesday sharply devalued the country’s currency, the renminbi, a move that could raise geopolitical tensions and weigh on growth elsewhere."  Why?  What's the big deal about changing the value of a currency by two percent?  Three reasons: 1. The value of the renminbi relative to the dollar is part of what determines the price of Chinese imports in the … [Read more...]

Remembering Thalidomide: In Praise of Regulations and Bureaucrats

The front page of this morning’s New York Times carried an obituary for Dr. Frances Oldham Kelsey.  The name wasn’t familiar to me, but I knew the story for which she was famous: blocking the approval of thalidomide for use in the United States.  As the Times points out, by September 1960, “The drug had already been sold to pregnant women in Europe for morning sickness, and the application seemed … [Read more...]