Monday, October 26, 2009

The Lemonade Shortage

I’m an economist and I am as passionate about economics today as I was when I took my first undergraduate course.  In that course, in fact in the first lesson, a very basic but still fundamental definition of economics was presented and discussed.  That definition focuses on the allocation of scarce resources among alternative ends.  Because of scarcity, it is impossible for our society or any society on our planet to meet everyone’s needs and wants.   And because of that scarcity, choices need to be made and hopefully these will be the best possible choices.  Scarcity and choice become even more of a challenge if you are working within the constraints of a severe economic recession, an unemployment rate that is at 10%, and at least some uncertainty as to whether a recovery is in fact underway.  More scarcity, more uncertainty, more difficult choices, more needs not met.

Thursday, October 8, 2009

Homecoming Revisited

I am a longtime fan of homecoming and at Hofstra we do it especially well. This year’s theme is “myths and legends” and I am excited by the possibilities inherent in such a theme.  I also take enormous pride at the recognition of alumni achievement, I enjoy seeing all the floats at the Homecoming Parade, I always welcome watching Hofstra athletics, and I like the fact that various groups such as the “young alumni” have a set time to socialize.  But the reality is that Homecoming attracts a tiny minority of our over 100,000 alums, and even a tiny minority of local graduates.