The fact that cognitive diversity matters does not mean that if you assemble a group of diverse but thoroughly uninformed people, their collective wisdom will be smarter than an expert's. But if you can assemble a diverse group of people who possess varying degrees of knowledge and insight, you're better off entrusting it with major decisions rather than leaving them in the hands of one or two people, no matter how smart those people are.

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

If you work for Google or Apple, stock options give you a chance to share in the increasing value of the company. In the N.F.L., nothing like this happens; the players, though rich, are just working stiffs like the rest of us.

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

The fact that industries wax and wane is a reality of any economic system that wants to remain dynamic and responsive to people's changing tastes.

The autocracies of the Arab world have been as economically destructive as they've been politically repressive.

Now, modern economies have a very effective mechanism for deciding if salaries are really too high: it's called the free market. That's how most people's salaries are set, after all, including those of major-league baseball players and European soccer players.