Critics occasionally castigate economists for “knowing the price of everything but the value of nothing.” What economists measure best is not what matters most. (Love is not merely an interdependent utility function.) Because they are handy and comfortable with numbers, economists discount culture, a concept impossible to quantify with precision. Yet, Nobel economist Gary Becker […]
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How do you explain Bozeman’s spectacular boom? My response to this often asked question—“Why are you here?” After a moment of self-reflection, the usual answer provided is, “We decided this would be a great place to live.” Developments around the Gallatin Valley exemplify a national demographic trend: people want to move toward smaller, more “authentic” […]
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Some of my friends and neighbors resent the prospect of living near the world’s most expensive spec house, a coming attraction in the Yellowstone Club. This is certainly not mere envy of the “haves” by the “have-nots,” for some friends are well-educated and well-off. Rather, they correctly anticipate the imposition of costs on innocent communities. […]
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While joyful in anticipation, coming home for Christmas is often a mixed blessing. Folks arrive with their baggage of memories packed over some years and selectively sorted by time and experience elsewhere. Pleasing recollections color our expectations. Unless gone for a very long while, we expect our home territory to be much as when we […]
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Here’s a fundamental rule of political economy: Wealth buys safety, not merely comfort and convenience. This is a true, empirical, universal, testable, statistical generalization, a helpful one when formulating public policy. While we can find exceptions — rich folks do climb Everest and fly their own planes — such exceptions probe the rule. Generally, the […]
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This is a “feel-good” column, written to share. Please join me in appreciating our home territory. The Gallatin Valley Bicycle Club sponsored an English (100 miles) and metric (100K) ride last Saturday. Both left from the Belgrade town park, around 8:00 AM. No precise time was given, for these were pleasure rides, not races. My […]
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One of the best features of our community is the most difficult to measure. While we can cite symphonies, recommend fine restaurants, and calculate the distance to skiing, spring creeks, and Gallatin Field, how can we calculate the value of trust? The implicit ability to trust others facilitates social interaction. Trust reduces the costs of […]
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The Gallatin Valley is truly a great place to build a life. As John Baden recently observed, the community is growing richer in civic culture, and access to high-quality amenities is easy. But might it also be an “ecological trap”? If it is, let’s understand it in hopes of helping folks avoid it. Here are […]
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I find travel a mixed blessing, with the best part returning home. I always gain renewed appreciation of qualities we take for granted. I also again understand why our region is so appealing. No wonder we’re a magnet for migrants. Our most recent trip to Washington, DC reminds me that simply living here inures us […]
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Most folks who make New Year’s resolutions begin today. The first three items on the official U.S. Government web site are: lose weight, pay off debt, and save money. But of course these goals don’t apply to the federal government. (Nobel Prizes are given to economists who explain why these goals are antithetical to modern […]
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