Barack Obama calls education “the currency for the information age.” Education is, however, based on the genesis of ideas and their expression. In his book “Ideas and Opinions,” Albert Einstein wrote about the importance of opinions and formation of ideas in any scientific discipline. What is an “idea”? It is knowledge, a brainwave or some new germane thinking giving birth to some potential discoveries or inventions. In the discipline of economics, the importance of ideas is not new. Schumpeter

A federal judge last week struck down part of Utah’s ban on polygamy ― the state can no longer prosecute adult men and women who “cohabitate” in numbers larger than the traditional pair. Critics suggested the ruling was a natural next step after the success of same-sex marriage campaigns and lawsuits in recent years.But Kody Brown, the fundamentalist Mormon “Sister Wives” star whose case sparked the ruling, proclaimed it a victory for religious freedom.Is polygamy inevitable? Are we headed down

When news tidbits about North Korea’s “New Economy Management System” trickled out from early July 2012, curious and uneasy observers on the North had some expectations on possible economic reforms under the new leadership of Kim Jong-un. A year and a half later, we are hearing about an indefinite delay, if not total scrapping, of the supposedly innovative plan to improve people’s lives with loosened state control. The world knows that there are two North Koreas on the northern half of the Korea

The U.S. political system is dysfunctional and the economy is still struggling, especially for those in the middle and working classes. But when it comes to the biggest concern of some experts a generation ago ― the decay of our culture ― there is evidence that the country is doing all right.In the 1990s, the conservative Bill Bennett, a former education secretary and drug czar, devised his “Index of Leading Cultural Indicators.” He worried about a pervasive decline in U.S. moral values and “ero

Courts have recently handed down a series of stiff rulings against workers involved in illegal strikes. These rulings are welcome as they will help curb illegitimate industrial action and union militancy. Last Thursday, the district court in Ulsan told 22 irregular workers of Hyundai Motor to pay 9 billion won to the carmaker for the losses they had inflicted on it by staging an illegal strike in 2010. The figure represents the largest-ever award of damages in relation to an illegal strike. In N

Major Korean business groups facing potential liquidity problems are rushing to sell off assets to shore up their balance sheets. This is a well-advised move in light of the recent debacles of the STX and Tongyang groups, both of which collapsed under excessive debt burdens.On Sunday, Hyundai Group, a second-tier conglomerate separate from Hyundai Motor Group, announced it would dispose of an array of assets to raise 3.3 trillion won ($3.1 billion). It will use the proceeds to lower the average

As a member of the president’s Review Group on Intelligence and Communications Technologies, whose report was released this week, I was struck by some close connections between debates over national security and debates over environmental protection. In both contexts, many people favor the Precautionary Principle, which can lead in unfortunate directions.In environmental policy, the Precautionary Principle means we should take aggressive action to avoid risks, even if we don’t know that those ri

TEHRAN ― The Iranian economy manages to hobble along despite “crippling” economic sanctions. The streets are clogged with traffic, ATMs dispense streams of cash, banks issue Iran-only debit cards, and a nation of traders finds ingenious ways to evade legal obstacles. Oil exports may have collapsed officially, but several Iranians tell me that many thousands of barrels are leaking out secretly via Iraq. One Iranian businessman explains that you can get under-the-table financing for almost anythin

PARIS ― A French business magazine recently ranked IMF Managing Director Christine Lagarde the most internationally influential French person alive ― well ahead of President Francois Hollande. While politics may have influenced that particular decision, there is no doubt that Lagarde is at least the most prominent French woman alive.Lagarde’s competition in this category is not particularly stiff. Valerie Trierweiler, Hollande’s partner, came to prominence with an ill-judged political tweet abou

Many Americans would like to know more about what they eat, including whether the food they purchase contains genetically modified organisms, or GMOs. That desire has sparked ballot initiatives and bitter fights in states across the country. But what a lot of concerned consumers don’t realize is that there is already a way to ensure that the foods they purchase are free of GMOs.During the Clinton administration, we were responsible for implementing the Organic Foods Production Act. One of the im

Who’s afraid of a little genetically engineered American corn?Chinese quarantine officers apparently. They’ve recently blocked at least six batches (more than 180,000 tons) of American corn from entering China, citing the presence of a genetically-modified strain of the grain that the Chinese government hasn’t (yet) approved for import. The impact has been notable: In recent days U.S. corn futures fell, in part out of fear of further Chinese enforcement action.So far there’s been little coverage

It’s charity time, and not just because the holiday season reminds us to be charitable. As the tax year draws to a close, the charitable tax deduction beckons.America’s wealthy are its largest beneficiaries. According to the Congressional Budget Office, $33 billion of last year’s $39 billion in total charitable deductions went to the richest 20 percent of Americans, of whom the richest 1 percent reaped the lion’s share.The generosity of the super-rich is sometimes proffered as evidence they’re c

Before Ukrainian President Viktor Yanukovych signed a deal to bail out our country’s economy this week, there was excitement among Western officials and analysts about the way some businessmen who have bankrolled the president’s rise to power appeared to be distancing themselves from him.Many Ukrainians weren’t fooled. The country’s so-called oligarchs still supported Yanukovych. And now they will be prime beneficiaries of the $15 billion of bail-out loans and lower natural gas prices that he se

From the earliest days of our nation, Americans have been a generous people. In 2012 alone, according to Giving USA estimates, Americans donated $316 billion to charity.At no time is this generosity more evident than during the holiday season, when nearly 60 percent of all Americans make charitable contributions, ranging from loose change dropped into Salvation Army buckets to multi-million-dollar donations.Whether it’s a child who receives a $10 Christmas toy from Toys for Tots or a college stu

The Oscars won’t be awarded until March, but those who hand out the annual Behavioral Economics Oscars (known as the Becons) are famously impatient, and it is time to announce this year’s winners.― Best Actress: In recent years, behavioral economists have become interested in emotions and affect. It is now widely known that human beings use an “affect heuristic” in thinking about activities and risks. Instead of carefully assessing the statistics about (say) nuclear power or genetic modification

In what has been dubbed the beginning of the end to quantitative easing, the U.S. Federal Reserve said Wednesday that it would reduce its monthly bond purchases by $10 billion to $75 billion starting in January.The impact of the Fed’s move on the Korean market was mild, with no volatility observed in the stock and foreign exchange markets Thursday. This was probably because the move had been expected for so long that much of its potential impact had already been reflected in the markets.Another

Barring the unexpected, Hwang Chang-gyu, a former Samsung Electronics semiconductor veteran, will be installed as new chief executive officer of KT, the second largest mobile service operator in the nation, next month. Few would say he is unqualified, with his management skills having already been proven. Still, he will have so many obstacles to overcome during his three-year term in office.When it picked Hwang, now a university professor, as the next KT chairman on Monday, the CEO selection com

Self-awareness often eludes U.S. officials who push American interests on Asia. John Kerry’s visit to Vietnam was a case in point as the secretary of state implored the government to ratify the Trans-Pacific Partnership.In his pitch earlier this week, Kerry said the U.S.-led trade deal would bring “transparency” and “accountability” to the communist nation, helping it become a more open society that supports free expression. An odd thought, considering the Big Brother-like secrecy enshrouding th

A new report commissioned by the French Socialist government to make recommendations on how France can better integrate its residents of foreign origin has been described by former French Defense Minister Gerard Longuet as “organizing apartheid by inciting each community to affirm its difference,” according to the French newspaper Le Figaro.I figured that had to be gross exaggeration ― until I read through the hundreds of pages myself. As a native Canadian, I couldn’t help but notice that the Fr

One year has passed since Park Geun-hye was elected president by earning 51.6 percent of the vote against the 48 percent of her opponent, Moon Jae-in. In her acceptance speech, she promised to do many things, including achieving national reconciliation and launching a new era of happiness for all South Koreans. Throughout 2013, however, she has had difficulties delivering on her campaign pledges. The government has submitted a host of reform bills to the National Assembly to implement her promis