Evening Entrepreneurs

If you’re worried about whether there is any entrepreneurial spirit left in America, relax!  Last night we paid a visit to the Moonlight Market on Gay Street in downtown Columbus, and we can faithfully report that the entrepreneurial spirit in Cbus is alive and most definitely kicking.

The Moonlight Market is held once a month on the two blocks of Gay Street between High Street and Fourth.  Vendors set up tents on each side of the street — including on the sidewalk directly in front of the firm — and sell all manner of products, from artwork to baked goods and other foods to used books to plants to clothing to massages.  Unlike some street markets, all of the participants in the Moonlight Market seem to be individuals who are pursuing their passions through their small businesses and trying to make a few bucks in the process.  Without exception, the vendors are friendly, outgoing, and excited about what they are selling, and their enthusiasm is infectious.  You can’t help but pull for these people, and also support them with your wallets.  We bought some colorful artwork and some tasty baked goods from some very appreciative sellers.

Capitalism has its good points and its bad points, and some of the good points were on display last night on Gay Street.  Dozens of people were out in their tents on a very warm Saturday evening hoping to sell their handmade or hand-raised goods — even crocheted scarves and clothing that wasn’t exactly suited to the weather.  They all have stories to tell, like the young woman nicknamed Suga Pie who has a talent for cupcakes and has been working on selling them for eight years.  She’s recently created her own website and is working on her brand.  Her pineapple upside-down cupcakes are delicious, by the way.

Go get ’em, Suga Pie, and the rest of the Moonlight Market crew!  You are what makes our economy tick.  And if you want to see a little small business entrepreneurialism in the flesh, you can catch the next Moonlight Market on August 10.

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The New Space Race

The old Space Race, between the United States and the Soviet Union during the height of the Cold War, is on full display in the excellent film First Man.  The new space race doesn’t have the same ideological, future of civilization elements as the old one, and is a lot more multi-faceted, but it’s just as important to our long-term future in space.

And right now, the United States is winning.

wvws_falcon-heavy-demo-2310The new space race focuses on commercial spaceflight and launching vehicles into space.  For years, the United States was playing catch-up to the Europeans, and trailing badly.  The Euros were launching the majority of satellites and vehicles into space, using their Ariane rocket, while the United States was retiring its primary launch vehicle, the space shuttle, without having any back-up in place.  In 2011, when the shuttle was retired, there were no commercial satellite launches from any American spaceports, and for the next few years the launch industry was dominated by the Europeans, the Russians, and the Chinese, launching from government-backed providers.

But now the tide has turned.  America led the way in commercial launches in 2016 and 2017, and 2018 is shaping up to be even better.  The trend is so pronounced that European advocates are afraid that they are falling behind and won’t catch up.

The reason for trend is that the United States has made room for commercial entities, like SpaceX, to enter the launching game.  While the United States government still is a major player in space, SpaceX’s focus on innovation and cost control, through use of reusable rockets, have made it extremely competitive in bidding for launch jobs, whether it is commercial satellites being placed into orbit or missions to the international space station.  And new entrants to the competition, like Blue Origin, are set to participate — which is likely to make the American lead even more pronounced.  The article linked above notes:  “the uniquely American approach of government support and investment in private space is paying dividends, creating an industry that could swallow the comparatively moribund European effort.”

It’s nice to know that American capitalism, and good old-fashioned competition, can still produce innovation and leadership — and now in space.

Not Exactly Cutthroat Capitalism

There’s a deliberate pace to life on Deer Isle that’s just different from what you see in cities. This disclosure of hours of operation on the door of a shop in the Village of Deer Isle — a shop that happened to be closed, by the way — captured the prevailing spirit perfectly.

Not open today? No problem! Just drop by tomorrow. We’ll probably be here.

At one store we visited, the proprietor was perched behind the cash register working on some acoustic guitar riffs. Chords took priority over capitalism.

Profiting From Others’ Misfortune

I’m a big fan of capitalism.  it’s by far the best, fairest, most rational, most efficient economic system — in normal times.  But when disaster strikes, and the “Invisible Hand” and the law of supply and demand entice some businesses to engage in rampant price-gouging, it makes capitalism look bad.

price-gouging-2That’s what’s happening in Texas right now.  Hurricane Harvey has proven so devastating, and the likelihood of continuing devastation and economic disruption is so great, that supply and demand, which together are supposed to regulate pricing, are completely out of whack.  As a result, some people in Texas are charging the people trapped in the hurricane zone outrageous, grossly inflated prices — like $99 for a case of bottled water, gas for sale at $10 per gallon, which is about three times as much as it sold for prior to the hurricane, and marginal hotel rooms rented at Ritz-quality rates.

Texas, like other states, has laws against price-gouging in times of emergency or natural disaster, but it’s hard for the price police to keep up with the businessmen who see a catastrophe as a way to make an easy buck and pad their profits.  For every gouger who is caught, there undoubtedly are many others who make a lot of money selling at exorbitant prices to people who don’t know enough to raise an issue about it.  It’s an old, time-honored story, because price-gouging is as old as economic activity itself.

Natural disasters like hurricanes often bring out the best in people.  We’re seeing a lot of that in Texas, with people selflessly heading out to try to rescue those who are stranded, or opening their homes and their wallets to help those who have suffered terrible losses.  It just makes you sick to your stomach that, mixed in with the many Good Samaritans, are greedy people who take advantage of the unfortunate and put money ahead of simple human kindness and decency.  How do the gougers sleep at night, knowing that they are profiting from the misery of others?

On The Squirrel Superhighway


The bird feeder in our backyard broke, sending birdseed falling to the ground — and in the process turning our back fence into the German Village Squirrel Superhighway.  As I write this, no fewer than four squirrels are racing over the fence lines, romping through the backyard, twitching their tails, eating as much birdseed as they can stuff into their gluttonous buck-toothed mouths, and then skittering back up the trees that serve as the squirrel superhighway on and off ramps.

Squirrels are basically rats with tails, but they are industrious little buggers and fun to watch.  Hard-working and personally greedy, they are the prototypical capitalists of the animal kingdom.  When an opportunity presents itself, they are highly motivated to get their share and will do what they can to maximize their personal gain.

Now that I think of it, I’m surprised somebody hasn’t tried to tax them.

Fast Failure

Richard had a story recently about the unexpectedly rapid demise of a Jacksonville-based company called Body Central, which sold clothing to teenage girls and 20-somethings in the “fast fashion” industry segment.  After years of strong growth and expansion of its outlets into new malls, Body Central suddenly hit the wall and closed its doors.  Richard’s story is an interesting treatment of the arc of a company’s existence in modern America.

What happened?  Basically, capitalism.  Body Central, and other stores catering to the same market segment, kept expanding to new locations and storefronts and expected the demand for clothing from teenage girls and young women prowling the malls to continue to grow indefinitely.  But the tastes and buying habits of Body Central’s target audience changed.  They decided that going to malls wasn’t necessarily the bees’ knees and started looking for more clothing on-line.  In the meantime, Body Central had growth-related problems, like managing distribution centers.  Revenues shrank, efforts to redesign stores to reattract customers failed, and ultimately the enterprise crashed.

Capitalism has a long and proven track record for incentivizing production, creating wealth, and enhancing efficiencies — but it’s a messy process.  Businesses begin, occasionally thrive, and often fail.  Sometimes the failures are of mom-and-pop shops, but sometimes they are of companies that experienced some success but just couldn’t move to the next level, and sometimes the failures are of mega-corporations like Blockbuster that are killed by new technologies, changing consumer tastes and buying habits, and competitors who develop a better product or service.  It happens, but it doesn’t make the situation any more enjoyable for employees who are out of a job when the company hits the wall.

Goodbye, Body Central!  You’re just the latest in a long line — and you won’t be the last.

Off To Big D

This morning it’s off to Dallas for the National Championship Game.  For me, and for many others, it will be a circuitous journey.

IMG_4548Not surprisingly, flights from Columbus, Ohio to Dallas, Texas became a hot commodity as of about 1 a.m. on January 2, 2015.  By the time I secured a ticket to the National Championship Game to root on the Buckeyes, reservations for flights to Dallas prior to the game fell into two categories:  already sold out or outrageously overpriced.  As is their right in a capitalistic economy, airlines followed the law of supply and demand and jacked up their prices for flights.  As is our right, prudent members of Buckeye Nation explored their ability to secure other, more reasonably priced methods of getting to the game.

So, today I’m flying to Oklahoma City via Atlanta. Then I will rent a car and then drive about 200 miles south to Dallas.  This is similar to the fun trip Russell and I had to the Ohio State-Miami National Championship Game, when we flew to San Diego and then drove through the desert to Tempe, Arizona.  And I’m not alone in choosing an indirect route.  Others are flying to Houston and then taking to the highways, and still others are already on a 1,000-mile road trip to Dallas, hoping that they don’t get sidetracked by a winter storm.

The main thing is to get there and cheer on the Buckeyes.  If the journey becomes an adventure, so much the better.  Go Bucks!