In the mid-nineteenth century, the French economist Frederic Bastiat distinguished between good and bad economists by focusing on whether they thought through the long-run consequences of their arguments. According to Bastiat, a good economist was not blinded by the possible short-run gains to be attained by pursuing a certain course of action, but asked the question, “What will be the long-run consequences of doing that?” Bastiat was saying that the good economist worries about what we today call unintended consequences, whereas the bad economist considers only the immediate and visible consequences.

While Bastiat’s point was couched in terms of economists, his analysis could be applied just as well to anyone in position to make public policy decisions, including judges who can make law through their decisions in cases. (Judges often say that they are simply “interpreting” the law when they’re actually creating it.) A classic case of this phenomenon was the Supreme Court’s 1971 decision in Griggs v. Duke Power Company (401 U.S. 424).

Increasing faculty salaries was the second-highest budget priority out of 11 presented to the Board of Governors’ Committee on Budget and Finance October 12. The administration plans to seek funds from the 2007 legislature to boost faculty salaries, on average, to the 80th percentile of their peers. This would mean adding $43.9 million in 2007-08 and the same amount for 2008-09. The $87.8 total would be in addition to 4 per cent merit-based increases, which will add up to $136 million for the two-year period, plus a proposed $2 million for distinguished professorships.

These numbers come from a “draft for discussion purposes only” list of priorities presented at the meeting and could change. The top priority is need-based financial aid, with a total proposed request for such aid $53.6 million. Other high priorities include $1.75 million for the “Academic Summer Bridge” program for students not ready to enter as freshmen, funds for University of North Carolina Online ($10 million over two years), and a variety of research projects totaling $59 million for 2007-8 and $29.6 million for 2008-09.

BOONE — Two Appalachian State University professors recently received a grant from a joint program between the United States and the European Union to create a degree track in wine science. Four institutions will be involved in the program.

The grant program is a venture between the U.S. Department of Education’s Fund for the Improvement of Postsecondary Education and the European Union’s Directorate General for Education and Culture. It attempts to create dual degree programs among universities in the United States and Europe.

Grant Holder and Lucian Georgescu of Appalachian State were awarded a $65,000 grant from the European Union-United States Atlantic Program. Holder and Georgescu are professors in Appalachian State’s viticulture and enology program. Once the program is fully implemented it would create transatlantic degrees and dual recognition of degrees and credits. There also could be exchanges among students and professors.