The Unconsidered Elephant

The elephant in the room is everything we do not count. When investors say a speculative opportunity is a “sure thing”, most people know to treat their certainty with suspicion. Some prefer to focus on the emotional satisfaction of having come in contact with a “sure thing” windfall opportunity, but it’s easy to see the … Continue reading The Unconsidered Elephant

Generating Vibrant Local Economies

[ The Note for September 2014 ]

The Cafe Cash Register Standard

There is a cafe I like to visit whenever I am near Villanova University, where I studied and taught for many years. A few years ago, someone staged an informal experiment, putting a stamp on a dollar bill to make it easily identifiable. Staff at this cafe reported receiving the bill in payment no less than 30 times in a 60-day period. That one dollar bill became $30 in gross domestic product (GDP). In this sense, the local economy of the cafe is a phenomenally efficient engine of economic productivity.

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