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Economics: From the Dismal Science to the Moral Science: The Moral Economics of Kendall P. Cochran
No full textAdam Smith published The Theory of Moral Sentiments in 1759 and established the ethical foundation for The Wealth of Nations (1776) as well as the important role played by custom and fashion in shaping behaviors and outcomes. Kendall P. Cochran believed in Smith’s emphasis on value-driven analysis and seeking solutions to major problems of the day. Cochran believed that economists moved too far in the direction of analysis free of words like ought and should and devoted his career to establishing that economics is a moral science.
A recent study by two Harvard professors, Carmen Reinhart and Kenneth Rogoff, Growth in a Time of Debt (2010), asserted that healthy economic growth and high levels of government debt are incompatible. These conclusions are associated with the austerity movement, which calls for policymakers to reduce government spending in order to reduce the government’s debt and improve long-term growth prospects. The austerity movement has been used to justify the sharp decline in public sector employment that has restrained job growth since the recession of 2007.
In 2013, a graduate student named Thomas Herndon discovered an error in the calculations of Reinhart and Rogoff, publishing his findings in a paper co-authored by his professors, called "Does High Public Debt Consistently Stifle Economic Growth? A Critique of Reinhart and Rogoff." These findings call the entire austerity movement into question, causing many to reconsider the current obsession with reducing the government debt during a time of economic stagnation. Cochran would have held a celebration to toast Herndon and his professors for their work, not only for the sake of technical accuracy, but also because the policy prescriptions associated with the austerity movement are misguided and harmful to the unemployed and underemployed during times of economic hardship.
Cochran’s articles are significant at this time because he is able to argue persuasively that economists have a moral obligation to provide policy recommendations that are consistent with a social agenda of fairness and opportunity. While many agree with Adam Smith that individuals are motivated by self-interest, it does not follow that any action or policy that promotes an individual’s self-interest is therefore worthwhile or beneficial from society’s perspective. If a person is handsomely rewarded for placing a bomb in the city center, does the potential gain for that individual justify the harm to society? Cochran makes an eloquent case that economists must identify instances in which government policy can and should be used to protect and promote society’s well-being
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The David W. Fentress Family Letters, 1856-1969
No full textTranscript of a letter by an unidentified author to David Fentress regarding sharing federal newspapers and the banning of federal newspapers in some areas. The author passes on the news of the war including the destruction of the Federal merchantmen by the Confederate fleet. He passes along world news: Russia preparing to go to War with Europe and how that could negatively affect the Confederacy. There is also speculation on the future of the war
The David W. Fentress Family Letters, 1856-1969
No full textTranscript of a letter by an unidentified author to David Fentress regarding sharing federal newspapers and the banning of federal newspapers in some areas. The author passes on the news of the war including the destruction of the Federal merchantmen by the Confederate fleet. He passes along world news: Russia preparing to go to War with Europe and how that could negatively affect the Confederacy. There is also speculation on the future of the war
Portrait of author David Foster at the National Library of Australia, Canberra, 8 June 2011 /
No full textTitle from acquisitions documentation.; Part of the collection: Portraits of author David Foster at the National Library of Australia, Canberra, 8 June 2011.; Acquired in digital format; access copy available online.; Mode of access: Online.; Photographed by a staff member of the National Library of Australia
Cochran, Eugene Brown
No full textEugene Brown Cochran, LL.B.
Lancaster, Kentucky
Δ. X., Managing Editor - Kentucky Law Journal, Φ.A.Δ.
-The Kentuckian, 1926----------------------------------
Eugene Brown Cochran (December 12, 1903 - October 24, 1975) was born in Paint Lick, Kentucky to Samuel David Cochran and Dora Josephine Denton. Cochran practiced law in Louisville after graduation. He married Leonora Potter in 1931.https://uknowledge.uky.edu/klapp_1926/1003/thumbnail.jp
Author David Foster with academic Jeff Doyle at the National Library of Australia, Canberra, 8 June 2011 /
No full textTitle from acquisitions documentation.; Part of the collection: Portraits of author David Foster at the National Library of Australia, Canberra, 8 June 2011.; Acquired in digital format; access copy available online.; Mode of access: Online.; Photographed by a staff member of the National Library of Australia
Author David Foster and academic Jeff Doyle at the National Library of Australia, Canberra, 8 June 2011 /
No full textTitle from acquisitions documentation.; Part of the collection: Portraits of author David Foster at the National Library of Australia, Canberra, 8 June 2011.; Acquired in digital format; access copy available online.; Mode of access: Online.; Photographed by a staff member of the National Library of Australia
Letters, David R. Bowen from Congressman Thad Cochran and Senator John C. Stennis, June 1982
No full textSenators Stennis and Cochran give thier thoughts on Congressman Bowen leaving office.https://scholarsjunction.msstate.edu/db-correspondence/1034/thumbnail.jp
David Braithwaite at White Waltham Steam Fair
No full textDavid Braithwaite, fairground enthusiast and author photographed at White Waltham Steam Fair, August 1964
David Zimmer Christmas letter
No full textThis Christmas letter written November 30, 1999, by David Zimmer is titled "Season's Greetings from the last of the Red-Hot-Santas!" It features an illustration of Santa Claus with a guitar, and a summary of Zimmer's year.
David Zimmer (1929-2005) was born in Harrisburg, Ohio. He enlisted in the U.S. Army and served for two years during the Korean War at the Brooke Army Medical Center in San Antonio, where he performed in drag for wounded soldiers. After the war, he returned to Ohio. Zimmer performed as Dolly Divine, a name inspired by the song "Hello Dolly." In 1964, he established the Berwick Ball with Orn Huntington, another important early gay activist in Central Ohio. The Ball began as a formal Halloween costume ball that provided a safe space to gather and enjoy drag shows for the gay community each year; over the years, it grew into an annual Halloween tradition and an important fundraiser for the AIDS movement and other charities. During the 1970s, Zimmer was also known for hosting lavish parties at his Harrisburg home. In 1989, he moved to the German Village area of Columbus where he remained active in the community. During the 1990s, Zimmer continued to perform in and out of drag and commissioned costume designer Dick Frank to make elaborate outfits. Zimmer worked for Huntington National Bank for 39 years and was a member of the Harrisburg United Methodist Church, Veterans of Foreign Wars and the German Village Society
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