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Among other things, these essays predicted the dismal failures of our recent costly, but highly vaunted government stimulus spending programs, and the ineffectiveness of Federal Reserve stimulus policies. And they explain why: In a nutshell, the stubborn, short-sighted refusal of official policymakers to recognize the critical importance of personal incentives as the fundamental driver of a free-market economy; the incentives that need to be rewarded if the key to real stimulus, a thriving level of private investment, is to ignite a sustainable robust growth in our economy.

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9781478750857

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After 31/2 years of World II duty in the Army Air Force, I obtained a BS degree in accounting. This was followed a year later with an MBA in Finance, climaxed five years later with a Ph.D. in Economics, all degrees earned at UCLA. My teaching career took me to graduate business schools where I taught mainly the economics of private investment, otherwise known as capital budgeting. I also specialized in the subject of working capital management In addition to publishing numerous research articles on the economics of capital budgeting, economics, and working capital management, I wrote textbooks entitled Analysis for Financial Decisions (R.D. Irwin, 1963) and Working Capital Management (Wadsworth Publishing Co., 1966). My teaching experience includes three years at MIT, eight years at the University of Wisconsin, three years at The Pennsylvania State University, eight years at the University of Pittsburgh, and 16 years at the University of Georgia, where I was a Distinguished Professor and held the Mills B. Lane Chair in Banking and Finance.

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