The mills of our nation’s legal system grind slowly indeed, but they often sprint ahead of economic theory. The Commodity Futures Trading Commission last week charged a set of hedge funds with illegally manipulating oil prices in 2008. A story…
Pawlenty’s promise a challenge for him – and voters
In proclaiming himself as the candidate who is “going to tell the truth,” Tim Pawlenty on Monday laid down a gauntlet to Iowa Republicans. Pawlenty is right. Many politicians, even ones who trumpet their willingness to make hard choices, dance…
Rules or discretion? Debate will never end
Does giving broad discretion to allow reaction to complex challenges result in better outcomes for society? Or does discretion inevitably motivate popular short-term actions that cause harm in the long run? This argument, initiated by University of Chicago Nobelist Milton…
Oil subsidies don’t affect prices much in the U.S.
I believe we need more bipartisanship in Congress, so in principle, I was pleased that Democrats Tim Walz and Colin Peterson joined Republican John Kline in supporting measures that would promote offshore drilling for oil. History shows we can get…