- The Parable Of The Broken Window
- Betting Against Disaster
- New Theories For Sluggish Wage Growth
It’s a little-known fact that I hold the world record for the 800-meter run. The record book says the mark was set by David Rudisha of Kenya in 2012, but that is incorrect.
One day during grade school many years ago, a group of my friends decided to play baseball in the schoolyard. School policy required the use of a rubber ball on such occasions, but we decided to use a real baseball that afternoon. During my turn at bat, I made unexpectedly solid contact with a pitch, sending it screaming through a second-story window. And immediately thereafter, I set the world record for 800 meters, the approximate distance between the playground and my home.
The recent U.S. weather disasters got me thinking about broken windows. This has been a particularly bad month for unfortunate events, but according to the AON Global Climate and Catastrophe Report, worldwide weather-related economic losses have been elevated for several years now.
Economists have been working overtime recently to account for the impact of hurricanes Harvey and Irma. Damage assessments are still being completed, but estimates are nearing $200 billion in property and business losses.