American critics of welfare statism are often surprised to learn that countries like West Germany, with a much more comprehensive welfare state and a statistically larger public sector, have fewer government employees per capita than the United States does.

What do you call an economist with a prediction? Wrong.

American critics of welfare statism are often surprised to learn that countries like West Germany, with a much more comprehensive welfare state and a statistically larger public sector, have fewer government employees per capita than the United States does.

When laissez-faire creates instability, the move to a freer market can be something less than pure gain.

It is more than a little ironic that "capital accumulation" once a rather tendentious Marxian view of a supposed capitalist obsession, should have become - of all things - Wall Street's own slogan.

If social security depresses savings rates, it is only because it is unfunded.

But of course you can have your cake and eat it, too - if you decide to to bake a second cake. And you may well find that baking two cakes does not take twice the work of baking one.