Economics, Applied: A Global Commonwealth, If You Can Keep It, Part 4

Many people have appropriately criticized President Trump’s promise to give $5,000 to every American adult if the voters elect enough Senators and House members to keep Republican control of each chamber.

Six winners of the Nobel Prize in economics recently signed a statement in favor of California’s Proposition 40, the measure that would impose a one-time 5 percent tax on California billionaires.

Research into sanctions shows the power of substitution goes both ways—but not always equally.