Edward C. Prescott

Of all the thankless jobs that economists set for themselves when it comes to educating people about economics, the notion that society is better off if some industries are allowed to wither, their workers lose their jobs, and investors lose their capital - all in the name of the greater glory of globalization - surely ranks near the top.

I grew up in the once segregated South. I experienced forced integration during my formative school years. I lived the sacrifices, burdens, and tears. I also lived the moments of understanding, of acknowledgment, of fellowship and success. I saw my parents and grandparents coming home beaten down - and some of my friends beaten up.

Finding a 'sacrificial lamb' on whom to tag blame for complicated problems is an important instrument in the toolkit of politicians, because it deflects blame for the nation's economic woes away from their own regulatory lapses, economic mismanagement and coddling to labor unions.