Punk rock has never really had much patience with musical virtuosity. Actually, it'd be more accurate to say that for most of its history, punk has been actively hostile to virtuosity.

The problem is that groups are only smart when the people in them are as independent as possible. This is the paradox of the wisdom of crowds.

When Americans think of college these days, the first word that often comes to mind is 'debt.' And from 'debt' it's just a short hop to other unpleasant words, like 'payola,' 'kickback,' and 'bribery.'

Intellectual-property rules are clearly necessary to spur innovation: if every invention could be stolen, or every new drug immediately copied, few people would invest in innovation. But too much protection can strangle competition and can limit what economists call 'incremental innovation' - innovations that build, in some way, on others.

The ban on sports betting does exactly what Prohibition did. It makes criminals rich.

You might think of consumption as a fairly passive activity, but buying new products and services is actually pretty risky, at least if you value your time and money.

Patrimonial capitalism's legacy is that many people see reform as a euphemism for corruption and self-dealing.