Word: basics
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...basic economics predicts, when a scarce resource cannot be allocated by market-determined prices, it will be allocated some other way--in this case, in what was to become an iconic symbol of the times, by long lines at gasoline stations. In 1974, in an attempt to overcome the unintended consequences of price controls, drivers in many places were permitted to buy gasoline only on odd or even days of the month, depending on the last digit of their license plate number. Moreover, with the controlled price of U.S. crude oil well below world prices, growth in domestic exploration slowed...
...incentive for action--for conservation, including investment in energy-saving technologies; for the investment needed to bring new oil supplies to market; and for the development of alternative conventional and nonconventional energy sources. The government, in addition to the market, can usefully address energy concerns, for example, by supporting basic research and adopting well-designed regulatory policies to promote important social objectives such as protecting the environment. As we saw after the oil price shock of the 1970s, given some time, the economy can become much more energy-efficient even as it continues to grow and living standards improve...
...While private-sector initiative was the key ingredient in generating the pickup in productivity growth, government policy was constructive, in part through support of basic research but also to a substantial degree by promoting economic competition. Beginning in the late 1970s, the federal government deregulated a number of key industries, including air travel, trucking, telecommunications, and energy. The resulting increase in competition promoted cost reductions and innovation, leading in turn to new products and industries. It is difficult to imagine that we would have online retailing today if the transportation and telecommunications industries had not been deregulated. In addition...
...national conference three years ago, National Institutes of Health Director Elias A. Zerhouni deplored the nation’s efforts in translational science, the process of using basic scientific research to improve patient care. Later that year, Zerhouni announced a major NIH-led initiative to address the problems in translational science, a push that paid off for Harvard last week when the University landed a major grant to fund its efforts in the area, according to a Harvard Medical School spokesman.Medical School professor Lee M. Nadler will lead the Clinical and Translational Science Center (CTSC) in a University-wide initiative...
...greatest problems that plague the FAS e-mail system. As Undergraduate Council (UC) legislation in January sought to address, a troubling rule in the Student Handbook permits the Ad Board to look at students’ e-mails for disciplinary purposes—a clear violation of even a basic student right to privacy. This year also saw mounting pressure for FAS to outsource the provision of its antiquated e-mail services to a third party. FAS Webmail continues to lack the features—such as adequate spam filters or storage—and the convenience of rivals such...