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.

The Treatise tries to analyze not only modern Western families, but also those in other cultures and the changes in family structure during the past several centuries.

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.

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.

I argued last year on my shared blog that selling the right to immigrate would be the best approach to legal immigration. Among other benefits, the revenue from immigrants' payments could reduce taxes. Paying for the right to immigrate would also negate the argument that immigrants get a free ride when they gain health care and other benefits. Moreover, making immigrants pay would attract the type of immigrants who came much earlier in American history: young men and women who are reasonably skilled and want to make a long-term commitment to the United States.

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