By rescuing the financial system without reforming it, Washington has done nothing to protect us from a new crisis, and, in fact, has made another crisis more likely.

If you want a simple model for predicting the unemployment rate in the United States over the next few years, here it is: It will be what Greenspan wants it to be, plus or minus a random error reflecting the fact that he is not quite God.

I've always believed in expansionary monetary policy and if necessary fiscal policy when the economy is depressed.

Governments do not necessarily act in the national interest, especially when making detailed microeconomic interventions. Instead, they are influenced by interest group pressures. The kinds of interventions that new trade theory suggests can raise national income will typically raise the welfare of small, fortunate groups by large amounts, while imposing costs on larger, more diffuse groups.

Coming up with a good idea, with an insight into the way the world works that is really new and that you really believe in, is a deeply satisfying experience.

The real danger with debt is what happens if lots of people decide, or are forced, to pay it off at the same time.

Evidence and expertise have a well-known liberal bias.