Once upon a time, our economy seemed to obey some rules, passed down from Adam Smith, taught in all universities, assumed by everyone who thought about the economy. We called these laws Economics-101, and we ignored them at our peril.
But lately, the economy is behaving in such strange ways that we wonder whether the laws of economics have been repealed. Is Econ-101 out of date? The answer probably is no. Some laws still stand. But the economy itself has changed, from an industrial economy to a global one, and that changes everything, including the way these laws work, especially here in the Midwest.