Fines are preferable to imprisonment and other types of punishment because they are more efficient. With a fine, the punishment to offenders is also revenue to the State.

Still, intuitive assumptions about behavior is only the starting point of systematic analysis, for alone they do not yield many interesting implications.

Different constraints are decisive for different situations, but the most fundamental constraint is limited time.

Why in almost all societies have married women specialized in bearing and rearing children and in certain agricultural activities, whereas married men have done most of the fighting and market work?

Even a wizard would have a great deal of difficulty repealing the economic law that higher minimum wages reduce employment. Since politicians are not wizards, they should not try.

A stronger yuan could lead to greater Chinese asset accumulation in the U.S. and elsewhere.

Economy is the art of making the most of life.