Some parting thoughts on markets, free and fettered, and the economist’s essential job.

Gilead Science’s executive chairman talks about the new era of biomedicine and why drugs cost so much, as Donald Trump has noticed.

Tyler Cowen wrote an extended blog post on bank leverage, regulation and economic growth on Marginal Revolution. Tyler thinks the "liquidity transformation" of banks is essential, and that we will not be able to avoid a highly levered banking system, despite the regulatory bloat this requires, and the occasional financial crisis. As blog readers may know, I disagree.

The president should pick someone who understands that the economy can grow more than 2% a year.