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

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

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.

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.

Economy is the art of making the most of life.

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

Along with others, I have tried to pry economists away from narrow assumptions about self interest. Behavior is driven by a much richer set of values and preferences.