public policy

Borrowers, lenders, and others--beware trusting the government

Having a prosperous country (as opposed to having merely a prosperous elite) depends fundamentally on the rule of law. The system can work adequately well with various sets of rule

How low interest rates might save the world

Low interest rates generally lead to inflation, which is bad for everybody. But if inflation were really low, then low interest rates would tend to follow, and in that situation,