The argument that money cannot buy happiness is old and broadly accepted. Economists assume people make decisions so as to get the greatest possible satisfaction of their needs and wants. Moreover, they assume that — all other things being equal…
How cost-efficient is NATO?
Collective-security agreements like NATO can foster efficient use of resources for national defense. However, member nations of such organizations may be tempted to free-ride on the expenditures of others. President Jimmy Carter struggled with this problem 27 years ago, and…
Treasury cashes in on collected coins
The U.S. Treasury has discovered that “seignorage” works. Building on the free money the public forked over after the Treasury issued quarters in honor of each state, the Treasury is starting a series of dollar coins featuring each U.S. president.…
Time to give thanks for immigrants
Thanksgiving is a good time to reflect on international migration. After all, the holiday began with immigrants giving thanks for what was then a pretty bleak survival. That early migration to Plymouth Rock was one of many migrations that built…