Once firms had to pay to pollute, they became incredibly inventive at figuring out cheaper ways to eliminate their SO2 emissions..

Virtually all families in the middle of the earnings distribution aspire to send their children to a school of at least average quality. (We'd think ….

A flat tax is roughly the same as a sales tax..

There's no indication that middle-income families feel resentful about the bigger mansions and yachts. But the near-rich, whose social circles inters….

The upshot is that to send its children to a school of even average quality, a family must outbid half of other similar families who are pursuing the….

As the great naturalist Charles Darwin saw clearly, individual and collective interests often coincide, as in the invisible hand narrative. But he al….

Every group spends more when its income grows..

Ever since the Great Depression, economists have known that demand shortages tend to persist in the wake of severe financial crises like the ones tha….

Prescriptive regulations, such as telling electric utilities what kinds of coal to burn or what kinds of scrubbers to install on their smokestacks, w….

In the long run, greater investment would mean greater productivity and income growth..

Commercial roadways in communities that lack zoning laws, for example, are often an aesthetic nightmare not because of insufficient competition, and ….

In almost every instance, air and water quality goals were met more cheaply and quickly when we taxed pollution than when we tried to regulate it dir….