One common way of judging whether housing's price is in line with its fundamental value is to consider the ratio of housing prices to rents. This is analogous to the ratio of prices to dividends for stocks.

Listening to others, especially those with whom we disagree, tests our own ideas and beliefs. It forces us to recognize, with humility, that we don't have a monopoly on the truth.

After adjusting for inflation, the average income of the top 5% of households grew by 38% from 1989 to 2013. …By comparison, the average real income of the other 95% of households grew less than 10%.

By some estimates, income and wealth inequality are near their highest levels in the past hundred years, much higher than the average during that time span and probably higher than for much of American history before then.

It slightly worries me that when people find a problem, they rush to judgment of what to do.

Productivity growth, however it occurs, has a disruptive side to it. In the short term, most things that contribute to productivity growth are very painful.

We do not interpret bitcoin's popularity as having a relationship with the public's view of the Federal Reserve's conduct of monetary policy