Rebuilding New Orleans

Hurricane Katrina was a disaster, not only for the obvious reasons but for the less obvious reasons: the aftermath. By aftermath, am I referring to the alleged ineptitude of the federal government? No way. By aftermath, I mean the spectacle of political and...

The Role of Prices

The fallout from Hurricane Katrina has featured a lot of ignorance and demagoguery about prices. Let’s look at some of it. One undeniable fact is that the hurricane disaster changed scarcity conditions. There are fewer stores, fewer units of housing, less...