This week’s deaths included a Nobel Prize-winning economist who taught at the University of Chicago; a German art collector who kept a secret stash of prized works stolen from Jews by the Nazis; and a former heavyweight boxing champion and longtime friend of Muhammad Ali. Below are summaries of these and other obituaries from the past week.
The recent scandals at Barclays Plc, JPMorgan Chase & Co., Goldman Sachs Group Inc. and other banks might give the impression that the financial sector has some serious morality problems. Unfortunately, it’s worse than that: We are dealing with a drop in ethical standards throughout the business world, and our graduate schools are partly to blame.
The riots that began in London have spread across the country. Decades of social-science research has delivered insights about these outbursts of violence, but hasn’t explained why they erupt when and where they do.
There is nothing, and I mean nothing, like rising crude-oil prices to make sensible people go all wobbly in the head. Economists fail to differentiate between cause and effect. They confuse a supply shock with a shift in demand and see the outcomes as interchangeable. And they can’t see beyond the immediate negative impact on the consumer.