Update, Sept. 4: We added the audio for David Kestenbaum's radio obituary of Ronald Coase.
If you created the world as a simple economic thought experiment, companies wouldn't exist. Instead, everybody would work for themselves, and they'd be constantly selling their labor (or the fruits of their labor, or use of their tools, or whatever) to the highest bidder. Wages would rise and fall every day (every hour! every second!) depending on supply and demand. That's how the market works, after all.
Endurance, going the distance, sucking up the solitude and the brine: I'm not talking about the glorious Diana Nyad and her instantly historic swim from Cuba to Key West, but of the ordinary heroine whose life is the subject of Alice McDermott's latest novel, Someone. "Ordinary" is a word that's used a lot to describe McDermott's characters, mostly Irish and working class, mostly un-heroic in any splashy way.
"We are not asking America to go to war," Secretary of State John Kerry told the House Foreign Affairs Committee early Wednesday afternoon, as he and other top administration officials continued to push Congress to support President Obama's call for military strikes aimed at the regime of Syrian President Bashar Assad.