Prescriptive regulations, such as telling electric utilities what kinds of coal to burn or what kinds of scrubbers to install on their smokestacks, were not only intrusive, they were also grossly inefficient.

The upshot is that to send its children to a school of even average quality, a family must outbid half of other similar families who are pursuing the same goal. And that's become dramatically more expensive because of the growth in median house size, which was in turn caused by higher spending at the top.

In the long run, greater investment would mean greater productivity and income growth.

Every group spends more when its income grows.

Ever since the Great Depression, economists have known that demand shortages tend to persist in the wake of severe financial crises like the ones that happened in 1929 and 2008.

In almost every instance, air and water quality goals were met more cheaply and quickly when we taxed pollution than when we tried to regulate it directly.

A flat tax is roughly the same as a sales tax.