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...

Smart “Problems”

During my first semester of teaching, many years ago, I was surprised to encounter the philosophy that the brightest students did not need much help from the teacher because “they can get it anyway” and that my efforts should be directed toward the slower...