Measuring Wealth

Recently, I discussed new IRS data showing that the share of total income going to the richest 400 individuals has increased. However, income is an imprecise measure of well-being. That is better measured by wealth. A new study by the Federal Reserve sheds important...

Global Anti-Tobacco Treaty

When I served in the Army, the sergeant would say, “Smoke’m if you have’m.” Most of us would, too. I am still a cigar smoker. The question is—how long before some storm trooper busts in the front door to tell me I can’t smoke any...

Weapons of Political Destruction

The Vietnam War showed how dangerous it is to allow a President of the United States to lie us into armed conflict, as Lyndon Johnson did by inflating a minor incident in the Gulf of Tonkin into a means of stampeding Congress into authorizing an escalation of military...

Bush Drug Program = Republican Left

In the old days, miners brought canaries down into the tunnels to detect methane. The birds were more sensitive to the deadly gas and worked as an early warning system. When they died, it was time to get out. For conservatives, Sen. Edward Kennedy, Massachusetts...

Economics Lesson in a Kit

Who’d have thought an inanimate object could teach a lesson in economics? Yet that’s exactly what a first-aid kit did. Several kits, actually, wall-mounted cabinets in the buildings where I work. Now we’re not just talking Band-Aids and iodine here....