Quotulatiousness

July 11, 2017

The 905’ers – “the bridge-and-tunnel barbarians at the city’s gate”

Filed under: Business, Cancon, Food — Tags: , , , , — Nicholas @ 05:00

Sniffy Torontonians have apparently adopted the NYC snobs’ favourite term for out-of-towners:

Not satisfied by the socioeconomic barriers to fine dining, downtown gourmands imagine any behaviour not matching their arbitrary standards of etiquette to be uncouth, going so far as to label outsiders to their tribe with a distinct pejorative: “the bridge-and-tunnel crowd.”

Originally a derisive description for commuters to Manhattan (the earliest known instance of its use is found in the December 13th, 1977 edition of the New York Times), the term has been adopted by the inhabitants of urban centres across North America to further alienate outsiders. In Toronto, it is used interchangeably with “905er,” a reference to the common area code for the suburbs surrounding the city.

To fully grasp the classism and snobbishness inherent in the term’s use, one is best advised to revisit an episode of the second season of The Sopranos, in which an annoying bar patron in Manhattan refers to the well-meaning, but simple-minded Christopher as a “bridge-and-tunnel boy.”

There is much sense, but little grace, to the formulation of such a descriptor. The self-absorbed downtown-dweller, you see, requires constant justification for their choice of domicile. The idea that one could escape the claustrophobic propinquity of the city and its higher cost of living while still enjoying its cultural amenities and nightlife on occasion is an affront – a threat that undermines not only the urbanite’s domestic decision-making, but to some extent, their very identity.

[…]

That an expectation of sustenance from ordering food at a restaurant would be scoffed at represents, at least on some level, a misappropriation of values. Oh, yes: It’s definitely the suburbanite who balks at the $35 plate of deconstructed spaghetti who is the fool. Believe it or not, you can live in a home with a dual car garage and still watch Chef’s Table on Netflix – and even understand why one might travel to Chicago to experience a meal at Alinea. However, if a chef is offering a Saturday night prix fixe, they’re probably not Grant Achatz.

Furthermore, it seems that if only one side of the urban versus suburban divide must be labelled ill-mannered, it should be the allotment who greets the other for an economic infusion in their service sector with disdainful mockery. The summer is littered with festivals and three- to five-course restaurant specials purposely constructed as an invitation for out-of-towners to come and open their wallets, and yet, the derisiveness projected toward them suggests a suffix should be attached to the Field of Dreams axiom: if you build it, they will come … for you to disparage them.

QotD: The non-profit scam

Filed under: Bureaucracy, Business, Government, Quotations, USA — Tags: , , , , — Nicholas @ 01:00

Oddly, another form of this non-profit scam exists in my industry. As a reminder, my company privately operates public recreation areas. Several folks have tried to set up what I call for-profit non-profits. An individual will create a non-profit, and then pay themselves some salary that is equal to or even greater than the profits they would get as an owner. They are not avoiding taxes — they still have to pay taxes on that salary just like I have to pay taxes (at the same individual tax rates) on my pass-through profits.

What they are seeking are two advantages:

  • They are hoping to avoid some expensive labor law. In most cases, these folks over-estimate how much a non-profit shell shelters them from labor law, but there are certain regulations (like the new regulations by the Obama Administration that force junior managers to be paid by the hour rather than be salaried) that do apply differently or not at all to a non-profit.
  • They are seeking to take advantage of a bias among many government employees, specifically that these government employees are skeptical of, or even despise, for-profit private enterprise. As a result, when seeking to outsource certain operations on public lands, some individual decision-makers in government will have a preference for giving the contract to a nominal non-profit. In California, there is even legislation that gives this bias a force of law, opening certain government contracting opportunities only to non-profits and not for-profits.

The latter can have hilarious results. There is one non-profit I know of that is a total dodge, but the “owner” is really good at piously talking about his organization being “cleaner” because it is a non-profit, while all the while paying himself a salary higher than my last year’s profits.

Warren Meyer, “The New Rich – Living the High Life Through Your Non-Profit”, Coyote Blog, 2015-09-29.

July 8, 2017

Demonizing the Koch brothers

Filed under: Business, Liberty, Media, Politics, USA — Tags: , , , , , — Nicholas @ 03:00

Julian Adorney on the amazing contrast between the way the Koch brothers actually spend their money and the demonic sins they are regularly accused of by progressives:

The Koch Brothers recently announced a $21 million anti-poverty program in Dallas, designed to reduce gang violence and encourage young entrepreneurs. But their efforts to end poverty are unlikely to earn credit from progressives, who frequently demonize the family. Senate Majority Leader Harry Reid routinely blasts them for, “crooked works” and “nefarious actions”; and when Charles and David Koch donated $100 million to New York-Presbyterian Hospital, leftists demanded (unsuccessfully) that the hospital return the gift.

Why are the Kochs so often criticized by the left, while far less progressive individuals are given a free pass?

Unlikely Alliances

The Koch brothers have spent at least $1.5 billion working to advance traditionally progressive causes. They have funded public television, museums, and hospitals. They contributed $25 million to the United Negro College Fund, the nation’s largest minority education group. The donation offers scholarships and support for historically black universities.

Politically, the Kochs have pushed for criminal justice reform. The brothers worked with Van Jones on his Cut50 project, which aims to cut America’s incarcerated population in half over the next ten years. The Kochs have partnered with the American Civil Liberties Union and the Center for American Progress to reduce prison populations and enact more humane criminal sentencing. And in 2011, the National Association of Criminal Defense Lawyers gave Charles Koch its annual Defender of Justice award.

But criminal justice reform is far from the only progressive cause the Kochs have embraced. They publicly oppose corporate tax breaks and subsidies — including the ethanol subsidies that boost their bottom line.

In spite of this, many progressives disdain the Kochs as far-right extremists. On his Senate website, Bernie Sanders claims that the goal of these, “right wing billionaires” is to, “repeal every major piece of legislation … that has protected the middle class, the elderly, the children, the sick, and the most vulnerable in this country.” The Koch’s high-profile efforts to help the most vulnerable population in the nation, those victimized by the criminal justice system, receives no mention.

[…]

Progressives vilify the Kochs for the same reason that many venerate FDR: politics encourages black and white formulations. Prominent Democrats lambast the Kochs as ill-intentioned billionaires, and the specter of the Kochs has played heavily in Democratic fundraising attempts. Fear motivates, and boogeymen inspire fiercer opposition than the complicated reality of the Koch brothers.

Similarly, Democrats may turn a blind eye to FDR’s anti-progressive actions because they don’t wish to tarnish one of their own. FDR’s economic policies owe much to fascism: Roosevelt admitted that he was, “deeply impressed by what [Mussolini] has accomplished.” Roosevelt’s National Recovery Administration stated it more directly: “The Fascist Principles are very similar to those we have been evolving here in America.”

This similarity is easy to brush off if FDR is perceived as a leftists titan, because in the public eye progressives and fascists are diametrically opposed. It is harder to ignore when one accepts that FDR’s record on human rights was only a few degrees better than Mussolini’s.

July 6, 2017

Words & Numbers: Let Amazon Play Monopoly

Filed under: Business, Economics, Food — Tags: , , , — Nicholas @ 04:00

Published on 5 Jul 2017

Amazon’s offer to buy Whole Foods for $13.7 billion sounds pretty great to both parties, but it seems that isn’t good enough. The proposal has a lot of people worried about Amazon becoming an indestructible monopoly, and the government is all too happy to step in and settle the issue. But this concern ignores consumers’ own preferences as well as business and entrepreneurial history. This week in Words and Numbers, Antony Davies and James R. Harrigan discuss the probable future of the Amazon-Whole Foods merger, what it could mean for us, and what it could mean for another once-equally feared corporation: Wal-Mart.

July 2, 2017

Minneapolis is going Seattle one better … and the results will be even worse

Filed under: Business, Economics, USA — Tags: , , , — Nicholas @ 05:00

Tim Worstall explains why, despite all the pious hopes that significant increases in the minimum wage won’t negatively impact employment or take-home pay, Minneapolis will have measurably worse outcomes:

Minneapolis has just passed an ordinance making the minimum wage in that fine city $15 an hour at some point in the near future — the effects of this will be worse than the effects of the similar Seattle ordinance raising the minimum wage there to $15 an hour. I agree that this is an unpopular prediction but it’s one that I’ll still stick with for the interesting bit is that I predicted the effect of the Seattle rise correctly. I even managed to get right why it would go bad. This is not, sadly, because I have a crystal ball, nor am endowed with super-powers, it’s just that I understand the basic economics of the minimum wage.

The details of which are that modest rises in the minimum wage don’t have much effect. They don’t have much effect on wages and thus they don’t have much effect upon employment. Changes which are at best “Meh, marginal” have effects which are at best “Meh, marginal.” The problem with Seattle’s minimum wage rise was that it wasn’t marginal, the problem with that in Minneapolis is that it is even less so.

[…]

But why isn’t it all going to be wondrous? If we just insist that poor people should be paid higher wages then why won’t it all become copacetic? Well, this was tried in Seattle. And the results weren’t that way. We have the actual academic study of why and it’s just as conventional economics predicts. Modest rises in the minimum wage have modest effects, immodest rises have immodest. Which leaves us with trying to define immodest.

As I’ve been saying for some yeare now that definition of immodest seems to be 45 to 50 % of median wage in that labour market. We don’t usually have median wages by city, only by a rather larger economic unit. But Seattle’s area median is higher than that of Minneapolis. When we look at the cities, the mean is higher in Seattle than in Minneapolis.

We already know that $15 an hour is too high a minimum wage for Seattle, it leads to lower incomes for low wage workers. The Minneapolis $15 an hour minimum wage is higher compared to local wages–the effects will be worse.

June 28, 2017

Concert-goers rejoice, for the government is here to help you!

Filed under: Business, Economics, Law — Tags: , , , , — Nicholas @ 05:00

Of course, if you have any experience of the utility of “government help”, you shouldn’t get your hopes up too high, as Chris Selley explains:

The results of an online public consultation were clear, said Naqvi. “One: the current system clearly is not working for fans; and two: Ontarians expect the government to take action.” We should have expected nothing less: ticket rage is a real thing among concertgoers in particular — a mind-boggling 35,000 people completed the online consultation — and besides, the survey didn’t include an option to suggest the government do nothing.

Among other things, Naqvi said, it will be illegal to resell tickets for more than 150 per cent of face value, and it will be illegal to use bots. Soon, he promised, “everyone (will have) a fair shot at getting the tickets they want.” Ontario, he said, will become “a world leader in ticket sales regulation.”

You’re supposed to think that’s both plausible and desirable. You should instead be very, very skeptical. So long as U2, the Tragically Hip and other artists insist on pricing their tickets vastly below what people are willing to pay for them, there will be an enormous incentive to circumvent whatever laws are in place to prevent third parties from reaping those foregone profits. A 150-per-cent cap would reduce the incentive, as Naqvi says — but only if the entire scalping community decided to respect it.

It won’t. It doesn’t. Scalping is illegal in Arkansas. Tickets for the University of Arkansas Razorbacks’ Nov. 24 game against Missouri are going on Stubhub for well over twice face value. Scalping is illegal in Quebec. Stubhub will put you in the third row for Bob Dylan’s show at the Montreal Jazz Festival next month for US$275; face value is $137.50 Canadian. The experiment works in every scalping-restrictive North American jurisdiction I tried. Heck, scalping used to be illegal in Ontario. That sure didn’t deter the gentlemen who prowled around outside Maple Leaf Gardens and SkyDome.

Many Stubhub users aren’t even in Ontario — that’s even more true for the people with the bots. Is the Attorney General really going to prosecute people for the crime of selling tickets at prices people are perfectly willing to pay? People in other countries? That would get awfully old in an awful hurry.

As he points out in the article, this is yet another instance of the Ontario government pandering to the demands of economic illiterates (recent examples include slapping on new rent controls in the middle of a housing crunch and significant increases in the minimum wage as new workforce entrants are already finding it tough to get hired). It’s as though the government is reading the economic textbook upside down … bringing in exactly the wrong “solutions” to every problem they see.

June 27, 2017

Seattle sees some negative effects from their latest minimum wage hike

Filed under: Business, Economics, Politics, USA — Tags: , , — Nicholas @ 05:00

Ben Casselman and Kathryn Casteel report for FiveThirtyEight on initial reports from Seattle after their most recent increase in the city’s minimum wage rules:

In January 2016, Seattle’s minimum wage jumped from $11 an hour to $13 for large employers, the second big increase in less than a year. New research released Monday by a team of economists at the University of Washington suggests the wage hike may have come at a significant cost: The increase led to steep declines in employment for low-wage workers, and a drop in hours for those who kept their jobs. Crucially, the negative impact of lost jobs and hours more than offset the benefits of higher wages — on average, low-wage workers earned $125 per month less because of the higher wage, a small but significant decline.

“The goal of this policy was to deliver higher incomes to people who were struggling to make ends meet in the city,” said Jacob Vigdor, a University of Washington economist who was one of the study’s authors. “You’ve got to watch out because at some point you run the risk of harming the people you set out to help.”

The paper’s findings are preliminary and have not yet been subjected to peer review. And the authors stressed that even if their results hold up, their research leaves important questions unanswered, particularly about how the minimum wage has affected individual workers and businesses. The paper does not, for example, address whether displaced workers might have found jobs in other cities or with companies such as Uber that are not included in their data.

Still, despite such caveats, the new research is likely to have big political implications at a time when the minimum wage has returned to the center of the economic policy debate. In recent years, cities and states across the country have passed laws and ordinances that will push their minimum wages as high as $15 over the next several years. During last year’s presidential campaign, Hillary Clinton called for the federal minimum wage to be raised to $12, and she faced pressure from activists to propose $15 instead. (The federal minimum wage is now $7.25 an hour.) Recently, however, the minimum-wage movement has faced backlash from conservatives, with legislatures in some states moving to block cities from increasing their local minimums.

June 22, 2017

The Netflix tax is dead (again) – “This thing was a turkey, and Trudeau was right to wring its neck.”

Filed under: Business, Cancon, Government, Media — Tags: , , , , , — Nicholas @ 05:00

Chris Selley rejoices in the demise of the so-called “Netflix tax” proposal, but also pours scorn on yet another proposal to prop up Canadian print media organizations:

Justin Trudeau wasted little time last week rubbishing the Heritage Committee’s so-called “Netflix tax,” and no wonder. If you’re determined to raid people’s wallets to fund journalism they’d rather not pay for and Can-con programming they’d rather not watch, you’re far better off doing it shadily than with a shiny new tax on something people love. The sound bytes winging around in the idea’s favour were, in a word, pathetic: “it’s not a new tax, but an expanded levy!”; “we already tax cable, why not Internet?”; “we already subsidize magazines, why not newspapers?”

Good God, why any of it? This thing was a turkey, and Trudeau was right to wring its neck.

Newspaper publishers and union bosses remain undaunted in pursuit of unearned public funds, however. “Canada’s newspaper industry unites to advocate for Canadian Journalism Fund,” proclaimed a headline at News Media Canada, the publishers’ lobby group. They’re savvy enough to propose tying subsidies to employed journalists’ salaries — 35 per cent to a maximum of $30,000 per head — rather than just cutting cheques. That might fend off Executive Bonus Rage, but it won’t fend off sticker shock: the suggested eventual cost is a whopping $350 million a year.

As a taxpayer I would much rather subsidize Canada’s journalists than Canada’s legacy media companies — but I would sure as hell rather subsidize neither. The more beholden to government a country’s journalists, the less free its press. Magazine writers in this country know their publications get a top-up from Ottawa in the form of the Canadian Periodical Fund. That’s not ideal. But under News Media Canada’s proposal, we would know our jobs literally depended on government largesse. I’ll take a hard pass on that.

Publishers’ and union bosses’ claims of unanimous support notwithstanding, many unionized journalists, and many of your non-unionized friends here at the National Post, hate the idea. It risks narrowing Canada’s already remarkably narrow spectrum of acceptable ideas and arguments. It risks — no, guarantees — alienating the very consumers we need to attract. In the case of some legacy media outlets it would simply extend the runway for business models that everyone knows will never fly again. In any event, the sums being bandied about wouldn’t solve the crisis as a whole unless the solution was permanent and ever-greater government dependency. I’m amazed to see how many journalists, including some very nearly pensionable ones, support the idea.

June 21, 2017

QotD: Profit

Filed under: Business, Economics, Quotations — Tags: , , — Nicholas @ 01:00

While capitalism has a visible cost – profit – that does not exist under socialism, socialism has an invisible cost – inefficiency – that gets weeded out by losses and bankruptcy under capitalism. The fact that most goods are more widely affordable in a capitalist economy implies that profit is less costly than inefficiency. Put differently, profit is a price paid for efficiency.

Thomas Sowell, Basic Economics (fifth edition), 2015.

June 20, 2017

“Licensing … is now one of the biggest labor problems facing California”

Filed under: Bureaucracy, Business, Government, USA — Tags: , , , — Nicholas @ 03:00

In the Orange County Register, Dick Carpenter outlines how many jobs in California are now closed off to anyone who doesn’t have a license:

Whether it’s brick-and-mortar restaurants fighting to outlaw food trucks, or taxicab associations suing Uber and Lyft, examples abound for this type of anticompetitive lobbying. One of the more blatant instances comes courtesy of the California Landscape Contractors Association. In 2014, the association supported a bill that made it even easier for regulators to crack down on contractors operating without a license. Their stated reasons were revealing: “Unlicensed persons unfairly compete,” because they can “significantly undercut licensed contractors when pricing projects to consumers.” The cost of compliance is quite substantial, as it “typically adds 15 to 20 percent to the cost,” the association estimated. Not only does licensure jack up consumer prices, it also keeps out aspiring entrepreneurs who ask for nothing more than the opportunity to work hard and prove themselves by the sweat of their brow.

Licensing goes well beyond contractors and is now one of the biggest labor problems facing California. In the 1950s, about 5 percent of Americans needed a government-issued license to work. Back then, government-mandated licensing was limited to a handful of trades, such as medicine and the law. But over the years, bottleneckers — often through self-serving professional associations — successfully persuaded governments to adopt new licenses that are difficult or practically impossible to obtain. This restricts opportunities for would-be entrepreneurs trying to break into the marketplace and provide new or better services.

Today, more than one-fifth of California’s workforce is licensed. When it comes to low- and middle-income occupations, which are often a gateway for upward mobility, California is the second-most extensively and onerously licensed state, according to a study by the Institute for Justice. In fact, there are so many licensing bottlenecks that when the bipartisan Little Hoover Commission began examining the issue, it reported that “No one could give the commission a list of all the licensed occupations in California.”

These restrictions are great for the bottleneckers, but they are bad for consumers. A report by the Brookings Institution summarized many of the academic findings on occupational licensing. Licensure can boost wages for licensed workers by as much as 15 percent, while increasing the cost for consumers by anywhere from four to 33 percent. As a result, one study even estimates that pervasive licensing leads to “up to 2.85 million fewer jobs nationwide, with an annual cost to consumers of $203 billion.”

Bottleneckers typically claim the costs of licensing are necessary to protect the public, but the reality is quite different. In California, barbers, cosmetologists, tree trimmers and many construction contractors all must complete far more training for their licenses than is required for emergency medical technicians — who hold people’s lives in their hands. Manicurists need 400 hours of coursework and training for their licenses, which can costs thousands of dollars; EMTs require less than half the amount of training at only a 160 hours.

The introduction of licensing to a previously unregulated field typically benefits the existing workers in that field and severely disadvantages anyone hoping to enter that field — existing workers and businesses restrict competition by keeping out new entrants, and create an artificial shortage which allows them to boost their prices. The consumer generally does not benefit in any measurable way from the introduction of licensing, and ends up paying more for the services offered.

June 18, 2017

Sabres and Smoke: The War of 1812

Filed under: Business, Cancon, Gaming — Tags: , , , , — Nicholas @ 03:00

Last month, Military History Now profiled a new game (and new Ontario-based game company): unusually for today, it’s not a computer game, but a board wargame:

MHN: Tell us about the game.

Sheppard: Sabres and Smoke: the War of 1812 is a two-player light strategy board game that allows players to relive 16 of the War of 1812’s most important battles. From Queenston Heights to Fort York, players command either the British or American armies in battles that shaped the future of North America.

MHN: Tell us about Hand 2 Hand Entertainment. Who are you guys? How did you get started?

Sheppard: We are based near Toronto, Canada and have been working on Sabres and Smoke: The War of 1812 since July of 2016. I founded Hand 2 Hand Entertainment in 2016, the summer after I finished Grade 12, because I although I was lucky enough to find a summer job, there were no hours available. So, I decided to spend my time combining two things that I really enjoy: history and board games. I started by visiting battle sites from the War of 1812 and doing extensive research to make my game historically accurate. From there I created the battle scenarios and the game rules. Hand 2 Hand Entertainment spent the fall and winter designing Sabres and Smoke: The War of 1812, and preparing to launch a Kickstarter campaign in the summer of 2017. This summer, I am running the company out of the Propel Summer Incubator (PSI) program with the Propel Centre for Entrepreneurship at the University of Western Ontario.

[…]

MHN: The computer wargaming market is enormously popular; what can tabletop games offer that computers can’t?

Sheppard: This is an interesting question. I think there is a certain satisfaction to physically moving units on a battlefield in board games like this. Although you can look at units and terrain from a commander’s perspective in video games, doing it on a board feels more real. Players can look at the board in the same way Generals would have looked at maps when commanding real battles throughout history. I think this is what makes light strategy board games special.

June 17, 2017

“Probably the best example of our carny-barker economy is Tesla”

Filed under: Business — Tags: , , , , , — Nicholas @ 03:00

The Z-Man on the post-modern business models used by Amazon, Facebook, and Tesla:

The key for Amazon making it all these years was to keep people focused on everything but their financials. This is not an exception. Faceberg will never have earnings to justify its share price. In fact, it will never have user rates to justify its ad revenue. It’s not unreasonable to think that everything about the business is fraudulent. That should trigger large scale audits and investigations into its business practices, but Facebook is on the side of angels in the cultural revolution, so its all good.

Probably the best example of our carny-barker economy is Tesla. To his credit, Musk has built a real factory that builds real cars. No one is going to say the Tesla is a work of art or even a practical car, but it is a car and the technology is impressive. The trouble is the company does not exist to make cars. It operates as a tax sink, where government subsidies flow into it and some portion of those subsidies turn into payments to the principles in the form of stock repurchases, debt service and compensation.

This only works if people think the venture will either one day turn a profit or the technology that it creates will result in something good down the road. To that end, Musk is regularly out doing his Lyle Lanley act, making all the beautiful people feel righteous by backing his ventures. He’s also telling Wall Street that he will soon be making and selling enough cars to turn a healthy profit, even without massive tax subsidies. The trouble is, that’s probably never happening, at least not with current management.

June 16, 2017

Canada’s oldest wind farm shutting down but “if there is an incentive, we’d jump all over that”

Filed under: Business, Cancon, Government — Tags: , , , , — Nicholas @ 03:00

The owner of the oldest operating wind farm in Alberta is desperately hoping for a big government subsidy to replace the old wind turbines at their Cowley Ridge facility:

The oldest commercial wind power facility in Canada has been shut down and faces demolition after 23 years of transforming brisk southern Alberta breezes into electricity — and its owner says building a replacement depends on the next moves of the provincial NDP government.

TransAlta Corp. said Tuesday the blades on 57 turbines at its Cowley Ridge facility near Pincher Creek have already been halted and the towers are to be toppled and recycled for scrap metal this spring. The company inherited the now-obsolete facility, built between 1993 and 1994, as part of its $1.6-billion hostile takeover of Calgary-based Canadian Hydro Developers Inc. in 2009.

“TransAlta is very interested in repowering this site. Unfortunately, right now, it’s not economically feasible,” Wayne Oliver, operations supervisor for TransAlta’s wind operations in Pincher Creek and Fort Macleod, said in an interview.

“We’re anxiously waiting to see what incentives might come from our new government. . . . Alberta is an open market and the wholesale price when it’s windy is quite low, so there’s just not the return on investment in today’s situation. So, if there is an incentive, we’d jump all over that.”

In February, TransAlta president and chief executive Dawn Farrell said the company’s plans to invest in hydroelectric, wind, solar and natural gas cogeneration facilities in Alberta were on hold until the details of the province’s climate-change plans are known.

June 14, 2017

Canada’s Next Auxiliary Oiler Replenishment Ship – Episode 3

Filed under: Business, Cancon, Military, Technology — Tags: , , , , , — Nicholas @ 06:00

Published on Jun 9, 2017

The third episode in a series about the construction and operation of the Royal Canadian Navy’s next naval support ship.

June 8, 2017

Words & Numbers: Earning Profits is Your Social Responsibility

Filed under: Business, Economics, Government — Tags: , , , , , — Nicholas @ 04:00

Published on 7 Jun 2017

“We tend to demonize people who make money – how dare they have more than us? But that negative reaction forgets the voluntary role we play in profit-making every day. This week in Words and Numbers, Antony Davies and James R. Harrigan discuss just how good it is to earn a profit, and the vital difference between that and forcing money from people.”

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