I really need to read Steven Levitt's NBER papers. 
<p>

Business 584 (Business in a Global Society) is taught by a post-Marxist
Dane who has accepted Capitalism (or seems that way). Dr. Partum's a strict 
formalist when it comes to papers; I suspect that he is a formidable
logician on paper, but when it comes to teaching a class on Society, he
can't organize people to save his career. ;) 

<p>
He presented the following idea of a changing social contract between Business
and Society (the new encompasses the old):

<center>
<table border=1>
<tr><th colspan=2> INPUTS </th><th colspan=2>   OUTPUTS</th></tr>
<tr><th>NEW </th><th>  OLD </th><th>  OLD </th><th>  NEW </th></tr>
<tr><td>Environment</td><td>Capital </td><td>Goods/Services</td><td>Pollution</td></tr>
<tr><td>Quality of Workforce</td><td>Labor</td><td>Jobs/Income</td><td>Discrimination/Poverty</td></tr>
<tr><td>Composition of Workforce</td><td>Materials</td><td>Dividends/Interest</td><td></td></tr>
<tr><td><b>Rule of Law</b></td><td><b>Property Rights</b></td><td><b>Economic Efficiency</td><td><b>Trust &amp; Convenience</b></td></tr>
</table>
</center>
<p>
I added the bold line because not all business externalities are socially
negative. We use Brands because we trust the company to not jeopardize their
Brand development by selling me a lousy product. The knowledge that Brand
equity loss is almost always greater than cost savings by skimping on product
lowers transaction costs which means that Trust is efficient.

<p>
Next time I talk with him, I'll make some Marx/Hegel analytical puns, see
if he appreciates them. ;)

<p>
<hr align=center width=75% noshade>
<p>


Pessimists of America have approved the following New Year Countdown:<br>
<pre>
  Is it over yet?
  no.
  Is it over yet?
  no.
  Is it over yet?
  YAAAAAAYYYYYYY!!!
</pre>

<P>