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No non-economist has taught me as much economics as has Sheldon Richman – and few economists have taught me as much economics as he has.  Sheldon’s essay here just taught me that I have, until now, misused the term “rationing.”  It’s an important lesson.

George Selgin offers here a simple but significant lesson in money-and-banking.

Alex Tabarrok explains the robustness of ECON 101.

Arnold Kling discusses the moral-authority test.

For the file “Endless Reasons Why Politicians Deserve Zero Respect” is the brouhaha du jour over the fact that the U.S. Olympic team’s uniforms are stitched together in China.  Senate majority leader Harry Reid literally calls for these uniforms to be burned.  Trying to accord respect – intellectual or moral – to any such creature as Reid and most of his fellow politicians is a more imposing challenge than trying to pretend that a dung beetle is a butterfly.  Cato’s Dan Ikenson exposes the idiocy that fuels Reid’s and some other pols’ demagoguery.

My former GMU student Andrew Kirell also weighs in on the foolishness surrounding the geographical location of the place where U.S. olympians’ uniforms are stitched together.

Shikha Dalmia explains why India, unfortunately, is a long way from catching up economically with the U.S. and other western nations.