By simply reallocating the way we use the radio spectrum now devoted to over-the-air television broadcasting, we can create a bonanza for the government, stimulate the economy and advance all of the other goals listed above. Really.

Today governments may be tempted to protect newspapers and public TV on the pretext of “saving democracy as we know it.” But efforts to block technological change have been futile in the past, and they would be unwise today. Instead, the political system (and the media) must adapt to the new reality.

Budget crises have made states dependent on federal largess, and the flow of money from Washington has given the feds more control over local spending. I’m not sure this shift of responsibility from state capitals to Washington is a good thing.

In a world where the staff claims ownership rights, but where legally the operation is non-profit in nature and owned by a distant group of university trustees, key university officials gain little in the way of wealth, income or prestige by reducing costs or even improving the quality of the product. That is particularly true since third parties, especially government, pay many of the bills, and the public knows little about... More

There is a mix between good and bad financial innovations, although on balance I find more good ones than bad ones.  Individually and collectively, these innovations have improved access to credit, made life more convenient, and in some cases probably allowed the economy to grow faster. But some innovations (notably, CDOs and Structured Investment Vehicles, or SIVs) were poorly designed, while others were misused (CDS,... More

A law hailed as the most sweeping piece of consumer legislation in decades has helped make it more difficult for millions of Americans to get credit, and made that credit more expensive.

Hayek, who died in 1992, is reemerging as a bestselling author. A new edition of Hayek's seminal book, "The Road to Serfdom," was published in March 2007 by the University of Chicago Press as part of a series called "The Collected Works of F. A. Hayek," for which I serve as editor. For over a year-and-a-half, the book sold respectably, at a clip of about 600 copies a month.But then, in November 2008, sales more than quadrupled,... More

The Greek crisis shows that Europe is still only halfway toward creating a viable monetary union. If it stays put, the next crisis will make this one look like a walk in the park.

What should the budget numbers look like before one gives them the Good Economist’s Seal of Approval?

“Very thoughtful” was Obama’s verdict on FedEx CEO Fred Smith. “He’s an example of somebody who is thinking long term. His industry is deeply sensitive to energy prices, and he’s the first one to say that if we don’t start getting an energy policy that’s smart, we’re going to lose. He’s also very thoughtful about trade and talks about the difficulties they’ve had... More

A total of $1.4 trillion in commercial real estate loans will require refinancing in the next four years, the Congressional Oversight Panel said in a report. More than half of those loans are underwater, written for properties whose value has dropped like a rock.

Companies in at least 35 states will have to fork over more in unemployment insurance taxes this year, according to the National Association of State Workforce Agencies. The median increase will be 27.5%. And employers in places such as Hawaii and Florida could see levies skyrocket more than ten-fold.

The U.S. leads the world in creating state-of-the-art diagnostic and therapeutic treatments with the potential to work miracles in millions of patients. But the miracles come at a stiff price. Unlike other industries where technology has helped lower costs by eliminating waste and increasing productivity, technology has become a major factor in increasing health care costs.

Why did economists have so little that was meaningful to say about the 2008 crisis?

It’s been the political equivalent of an intervention: in recent weeks, Democrats have been bombarded with advice about how they should reinvent their economic agenda. Whereas the economic populism of the eighteen-nineties and the right-wing cultural populism of recent years represented reasonably coherent ideologies, this new populism has stitched together incompatible concerns and goals into one “I’m mad as... More

New York’s top earners will soon be paying more in state taxes than ever.

It's certainly true that the past two years have been tough for many middle-class Americans. Many of them have lost jobs and homes, seen their investments decline and, more broadly, faced new uncertainties about incomes. Families are suffering in every community – but the entire middle class under assault? Don't believe it. No hard evidence points to a general decline in living standards for the average American... More

How could we make a real dent in the deficit? We should subject tax expenditures to budget discipline.