- Strong quake hits Japan, triggering tsunami
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- Violent gang taking advantage of immigration crisis, using border as recruiting hub
- Medicaid enrollment continues to soar under Obamacare, administration says
- Michelle Obama to Latinos: ‘We cannot afford to wait on Congress’ for immigration
- White House urges GOP to act ‘urgently’ on $3.7 billion request for illegal immigrants
- Politicians, criminals using ‘right-to-be-forgotten’ law EU courts forced upon Google
- Combat fatigue: elite special forces troops are ‘fraying,’ Gen. Joseph Votel warns
- German foreign minister to meet Kerry to discuss spying claims
- Florida police spokesman tells citizens: ‘Get yourself some firearms’
Senate majority leader practices politics of personal destruction
Topic - Ning Wang
A new book by Ronald Coase, age 101, is an event in itself. Mr. Coase, the 1991 Nobel laureate in economics, revolutionized the field by challenging conventional wisdom regarding the nature of business firms and how so-called public goods can be provided. One of his main contributions is the concept of "transaction costs," which are the costs individuals incur in making an economic exchange.
On China -- where he draws heavily from Ronald Coase and Ning Wang's excellent book "How China Became Capitalist," published just last year -- he quotes P.J. O'Rourke, who once called China's success "the miracle of the zero baseline, as everything looks good if you start from nothing."