It is a singular advantage of taxes on articles of consumption that they contain in their own nature a security against excess. They prescribe their own limit, which cannot be exceeded without defeating the end purposed - that is, an extension of the revenue.

Economists argue about the relative impact of immigrants versus robots on wage stagnation - voters don't care much. They blame immigrants. It's easier to get mad at a person from Macedonia or Mexico, taking your job than it is to get mad at a piece of technology from Silicon Valley.

In our high-tech, high-skilled economy where low-skilled work is being scaled back, phased out, exported, or severely under-compensated, all the right behavior in the world won't create better jobs with more pay.

I think economics - and this is what I've tried to impart - has a tremendous amount of human interest in it.

When you have a tax system in which most of the exemptions and the lowest rates benefit the richest, all in the name of job creation, all that happens is that the rich get richer.

Over the years, the U.S. economy has shown a remarkable ability to absorb shocks of all kinds, to recover, and to continue to grow. Flexible and efficient markets for labor and capital, an entrepreneurial tradition, and a general willingness to tolerate and even embrace technological and economic change all contribute to this resiliency.