Too Strong for Its Own Good

The surprisingly robust dollar is a source of pride and problems

When University of Chicago Professor George Stigler travels to Stockholm next month to accept the Nobel Prize, he will experience firsthand a bittersweet phenomenon of the U.S economy. Stigler's Nobel Prize carries a cash award of 1.15 million Swedish kroner, which until only a few weeks ago was the equivalent of $182,000. Since then the Swedish government, pressed by the rising value of the U.S. dollar as well as its own economic problems, has devalued the krona. When Stigler finally receives his award,...

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