Competition, we are constantly told, encourages individuals, institutions and companies to take the risks necessary for innovation and efficiency. But in higher education, competition often discourages risk taking, leads to overly cautious short-term decisions, produces a mediocre product for the price, and promotes excessive spending on physical plants and bureaucracies. The construction arms race on campus is the most visible example of competition run amok. To become more attractive to potent

Talks to form a coalition government in Greece collapsed again as a result of the country’s belt-tightening backlash. The country now faces an unpleasant dilemma: agreed-upon austerity measures in exchange for bailout funds, or a messy default and exit from the eurozone. Greece’s deteriorating situation raises many questions about whether austerity is the right path for other struggling European nations trying to avoid this same fate.For several years now, European governments have tried version

The insurance fraud in Changwon uncovered by the Financial Supervisory Service is both shocking and disturbing. It involved as many as 1,361 people, mostly residents of the South Gyeongsang Province city, who either posed as fake patients or exaggerated their illnesses. Collectively, they claimed 9.5 billion won from 33 insurance companies between 2007 and 2011.At the center of the scam ― the largest ever in terms of the number of people involved ― were three unconscionable hospitals in the city

The left-wing United Progressive Party is headed toward a train wreck as the widely denounced former mainstream faction has launched its own emergency leadership, challenging the one set up with the blessing of the party’s central committee.The new interim leadership is headed by Oh Byung-yoon, one of the six lawmakers-elect of the National Liberation faction, which until recently ran the party. The move demonstrated the faction’s determination to defend its two proportional lawmakers-elect ― Le

Facebook’s initial public offering reminds us of a story. Once upon a time, there was a young man who fled his homeland (Brazil) because his life was in danger (kidnappers). Like so many before him, he came to the United States. There, in the safety of the freest, most dynamic country on earth, he got a superb education (Harvard), the opportunity to exercise his entrepreneurial zeal (Facebook) ― and the protections of the U.S. legal system to safeguard the fruits of his labor. That man is Eduard

Does anyone know what a woman looks like when she’s not being watched? Women are more or less poster girls for the Heisenberg principle: It’s like you can never know what we look like when we’re not being observed, because we’re always being observed.We’ve had two examples getting attention in the recent press attempting to establish what women actually look like in our natural habitat. It’s as if we’re wild, exotic creatures ― as if women were as rare as the luminously fragile glass-winged butt

NEW YORK -- The Greek euro tragedy is reaching its final act: it is clear that either this year or next, Greece is highly likely to default on its debt and exit the eurozone.Postponing the exit after the June election with a new government committed to a variant of the same failed policies (recessionary austerity and structural reforms) will not restore growth and competitiveness. Greece is stuck in a vicious cycle of insolvency, lost competitiveness, external deficits, and ever-deepening depres

Facebook’s initial public offering reminds us of a story. Once upon a time, there was a young man who fled his homeland (Brazil) because his life was in danger (kidnappers). Like so many before him, he came to the United States. There, in the safety of the freest, most dynamic country on earth, he got a superb education (Harvard), the opportunity to exercise his entrepreneurial zeal (Facebook) -- and the protections of the U.S. legal system to safeguard the fruits of his labor. That man is Eduar

Obesity has become a danger far greater than hunger. Yet amid the alarming stories about its harm to America’s health and economy, one bit of information has been drowned out: The percentage of U.S. adults who are obese appears to have plateaued. According to data from the National Health and Nutrition Examination Survey, which measures the heights and weights of a representative sample of almost 6,000 Americans, the prevalence of obesity in 2009-2010 was essentially the same as in 2003-2008. Gi

Mitt Romney and Barack Obama concur on how to deal with the politics of gay marriage: Keep it below the radar. Both the president and his Republican challenger believe their focus in the fall campaign has to be on the economy and jobs. To spend much time on any other issue ― foreign policy, abortion or gay marriage ― would be a distraction. This is the message both campaigns told surrogates to deliver over the past week. Neither side believes many votes will be changed by the president’s recent

Money is leaving Korea for a safer haven, pulling down stocks and weakening the Korean currency ― spurred by the eurozone’s increasing exposure to the risk of a Greek exit. Moreover, growth is slowing in China, the largest market for Korean exports. Few would say, however, that the flight of capital is at a dangerous level. Still, it is serious enough for the Korean government to dust off its past contingency plans for a fresh look and prepare itself to draw up a new one should Greece leave the