Technological innovation has dramatically lowered the cost of computing, making it possible for large numbers of consumers to own powerful new technologies at reasonably low prices.

In industries where a lot of competitors are selling the same product - mangoes, gasoline, DVD players - price is the easiest way to distinguish yourself. The hope is that if you cut prices enough you can increase your market share, and even your profits. But this works only if your competitors won't, or can't, follow suit.

If private-equity firms are as good at remaking companies as they claim, they don't need tax loopholes to make money.

I do think to some extent multitasking is a way of fooling ourselves that we're being exceptionally efficient.

Besides great climates and lovely beaches, California and Greece share a fondness for dysfunctional politics and feckless budgeting.

In the business world, bad news is usually good news - for somebody else.

A general principle of good taxation is that similar jobs, and similar kinds of compensation, should be taxed the same way: otherwise, the government is effectively subsidizing some jobs over others.