Economics

Player             School           Class           Major Robert Church    Drexel             So.       Sport mngmt. Jeff Crosby          Cabrini             So.           Finance Chris Ficke          Villanova          Sr.       Accounting Travis Gregory       Haverford          Sr.        Economics Dillon Hamill       Haverford          Jr.

IT IS AWFUL THAT terrorist attacks on London's subways caused the death of so many innocent victims. But it is also appalling, as Rob Thomas of the alternative-music band Matchbox Twenty stated during the Live 8 concert in Philadelphia "that more Africans die from preventable disease on a daily basis than twice the people who died during the infamous 9/11 attacks on the World Trade Center in New York. " However, unless a person is watching public television, tragedies in industrialized nations always garner more media attention than those in undeveloped nations.

Something Sen. Dan Quayle cheerfully said during the debate has lifted a heavy load of worry from my mind. It came after Sen. Lloyd Bentsen pointed out that under the Reagan administration, we have become the No. 1 debtor nation in the world. As Bentsen said: "They've (foreign nations) bought 10 percent of the manufacturing base of this country. They bought 20 percent of the banks. They own 46 percent of the commercial real estate in Los Angeles. They're buying America on the cheap.

Organic farming can yield "real and significant" environmental and health benefits, but the jury is still out on whether it pays farmers to adopt such a strategy, two analysts write. More research "designed to increase the profitability of alternative agriculture deserves serious consideration," according to Pierre R. Crosson and Janet Ekey Ostrov. Farmers "receive few of the environmental benefits of alternative agriculture because many of these, such as improved water quality, occur off the farm, or like improved wildlife habitat, cannot be captured in economic terms," they wrote in a newsletter of Resources for the Future, a Washington- based environmental policy research organization.

A huge yellow banner with red and black words is erected against the edge of a sidewalk in Southwest Philadelphia, soliciting passing drivers to blow their horns for "Black Power. " Meanwhile, a handful of protesters passes out fliers or yells to passers- by, alerting them that the Wild Wild West hoagie shop at 52nd Street and Kingsessing Avenue "is closed. " The shop owner has obtained a court order to keep the protesters - most of whom are activists from outside the neighborhood - at arm's length, while some residents patronize the shop despite the demonstration.

Freakonomics: odd word, two roots that don't belong to the same tree. The ?onomics part speaks of the august, dour study of economics. But freak speaks of - freaks and the freaky. The word says it all: Look closely at the reasons people do things, and what you find can be really - freaky. Coined by economist Steven D. Levitt and journalist Stephen J. Dubner, freakonomics is on many people's lips. Dubner appears at 12:30 p.m. today at the Free Library to talk about their new book, Superfreakonomics.

Chances are their names won't sound familiar. But you will hear from them. Of that, they are sure. They are tomorrow's leaders, and at 16 and 17 years of age, they are facing the problems of today. "They are our future," said Lila Booth, a business consultant. "We are talking about posterity here. " On Friday, under the watchful eye of Booth, 42 youngsters, graduating from a program in which they learned about business from businesspeople, showed that they had also learned a lot about life.

THE EDITORIAL board must have been out sick when economic fundamentals were taught in high school, or they would've learned that governmental control of salaries (minimum wage) is one of the main tenets of socialism. The board is free to pander to those who lack education or drive to make a decent living without state handouts disguised as progressive legislation. Employees are paid their worth as determined by the market. Those unhappy with their lot need to work to improve it. For advice and inspiration, they can turn to millions of us who earn a living wage without the benefits of state interference.

Alex Gardezky, 66, retired professor of economics at Villanova University, died Friday at his home in Melrose Park. Mr. Gardezky was born in Sokoliwka, Ukraine. He completed high school in the city of Kolomyja in 1943 and immediately joined the First Ukrainian Division to fight against the Russian occupation of Ukraine. Captured by Allied forces late in the war, he remained a prisoner under U.S. troops in Grenoble, France, from 1945 to 1948. Upon his release, Mr. Gardezky attended the Sorbonne University Law School for two years under the sponsorship of an aunt living in France.

David Cass, 71, a professor of economics at the University of Pennsylvania for 34 years, died of emphysema April 15 at his West Philadelphia home. "Dave was an extraordinary scholar and generous man. He made singular contributions to economic theory," said George J. Mailath, chairman of Penn's economics department "He was a cornerstone of the graduate program. " Dr. Cass wrote scores of articles for academic journals, and books on economic theories. He was awarded several major fellowships, including the Guggenheim in 1970 and American Academy of Arts and Sciences in 2003.

Is it just me, or does it feel a little, I don't know, gross that, while we're awash in headlines about a "Doomsday Budget" for our public schools, a cadre of well-coiffed businessmen are sharing grandiose plans for yet another Philadelphia casino? How'd we get here? Seems as if, over the last decade, gaming has become a type of crack cocaine for a whole generation of politicians: With their budgets squeezed by economic downturn and an electorate all too willing to vote out of office anyone who considers a tax hike, our so-called leaders - rather than make the hard choices and right-size their governments - have opted for the quick-fix high of casinos, long-term consequences be damned.

NEW YORK - Two months after recovering the last of its losses from the financial crisis, the Dow Jones industrial average charged higher Tuesday, closing above 15,000 for the first time. It was another milestone in the market's epic ascent of 2013. Good economic reports, strong corporate earnings, and fresh support from central banks have eased investors' concerns about another economic slowdown. Many had been on the lookout for signs that a spring swoon would derail the rally, as in each of the last three years.

Since the Marcellus Shale boom began in 2008, there has been much debate and disagreement over the effect natural gas development would have on Pennsylvania's economy. Gov. Corbett, who found himself in the hot seat last week over his comments on the state's lagging employment rate, has promoted Pennsylvania as a rival to Texas as a regional energy hub. In his budget address this year, he talked about the energy sector creating "hundreds of thousands of new jobs. " Most economists credit the Marcellus Shale development with creating jobs and having a profound economic effect in the rural areas where drilling is taking place.

JAROMIR JAGR is a scholar. At Tuesday's morning skate, Jagr twirled around the Wells Fargo Center ice for the first time since leaving Philadelphia last summer and took up his familiar post at the Bruins' white board. There, he diagrammed plays for linemates Chris Kelly and Carl Soderberg, something that was a welcomed staple during his 1-year stint with the Flyers. "Everything in his life revolves around hockey," Bruins coach Claude Julien said. Jaromir Jagr is also an economist.

WASHINGTON - For the third year in a row, the nation's economic recovery has hit a springtime soft spot. Reflecting that weakness, only one in four Americans now expects his or her own financial situation to improve over the next year, a new Associated Press-GfK poll shows. The sour mood is undermining support for President Obama's economic stewardship and government in general. The poll shows that just 46 percent of Americans approve of Obama's handling of the economy while 52 percent disapprove.

NEW YORK - So much for new spring shorts and T-shirts. As cold weather lingered across most of the country, Americans shopped modestly in March. U.S. retailers reported that a key revenue figure rose slightly during the month, as shoppers held back on spending because of the cold weather across the nation, particularly the Midwest and East Coast, and continued fears about the economy. Consumer spending accounts for more than 70 percent of economic activity. According to a preliminary tally of 15 retailers by the International Council of Shopping Centers, revenue in stores open at least a year rose 1.6 percent, or 2.5 percent excluding drugstores.

NEW YORK - Weak reports on hiring and service industries sent the stock market sharply lower Wednesday. The Dow Jones industrial average fell 111.66 points, or 0.76 percent, to close at 14,550.35, its worst decline since Feb. 25. The Standard & Poor's 500 index dropped 16.56 points, or 1.05 percent, to 1,553.69. Both indexes had closed at record highs the day before. The Nasdaq composite fell 36.26 points, or 1.11 percent, to 3,218.60. The market started 2013 with a rally as investors became more optimistic about the U.S. economy, especially housing and jobs.

FEDERAL PROSECUTORS want details about how the Delaware River Port Authority spent millions of public dollars in the past five years on projects that had nothing to do with the agency's mission of operating bridges and a rail line over the Delaware River. The chief of the U.S. Attorney's Office's public-corruption unit in Philadelphia sent the DRPA a subpoena two weeks ago for all records about that spending, dating to January 2008. The DRPA has until Tuesday morning to turn over "board minutes, financial records, grant/loan application packages, correspondence and all electronic communications . . . sent or received by DRPA employees and/or board of commissioners," according to the subpoena, which was obtained Wednesday by the Daily News . DRPA spokesman Tim Ireland confirmed Wednesday that his agency had received the subpoena at its Camden headquarters and is "cooperating fully" to turn over the relevant records.

NEW YORK - More good news on the economy Tuesday drove the Standard & Poor's 500 index to within two points of its record closing high. The S&P rose 12.08 points, or 0.8 percent, to 1,563.77. Its record close of 1,565.16 was on Oct. 9, 2007, before the Great Recession and ensuing financial crisis battered markets. Rising home prices and orders for manufactured goods drove all other major indexes higher, too. The Dow Jones industrial average rose 111.90 points, or 0.8 percent, to another record high - 14,559.65.

WASHINGTON - Senators writing a comprehensive immigration bill may dramatically limit green cards for extended families of U.S. citizens, reserving them for immediate family members instead, a key lawmaker said Thursday. It would be a significant change to U.S. immigration policy that has long favored family ties over economic or job criteria. It is already sparking opposition from groups trying to protect family-based immigration. Sen. Lindsey Graham (R., S.C.), part of a bipartisan Senate group negotiating the bill, said the aim was to remake the immigration system so it had a clearer economic focus.