Probabilities and the Warren Buffett March madness challenge

Warren Buffett has put forth a challenge for anyone to try to pick the winners of all 63 matches in the March madness NCAA tournament. The odds of getting it right were quoted as anywhere from one in 4,294,967,296 or one in 9,223,372,036,854,775,808 at the Forbes website. The one in 9,223,372,036,854,775,808 seems to have gotten […]

Obama’s health care promises and costs for small businesses

As I was getting up this morning I turned on the radio. I was hoping for a weather forecast. Instead I got Representative Ann Wagner giving the Weekly Republican Address. Wagner started by quoting Obama’s 2008 campaign promise to cut premiums for health care by up to $2,500. She saw this a a broken promise […]

Congressional Budget Office and the minimum wage

I was not at all surprised last week when the Congressional Budget Office issued a report claiming that increasing the minimum wage would cost jobs. They did not do the work themselves so much as rely on work that had been done by others. The finding is in line with standard economic thinking. Think supply […]

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