As the stock market continues its unprecedented boom, Nobel laureate and Hoover fellow Gary S. Becker suggests that we all recall an economic truism: The greater the returns, the greater the risk.

Beneath the budget surplus lies a grabby tax collector—and federal spending that is still going up. By Hoover media fellow Peter Brimelow.

In an earlier life, Hoover fellow John E. Robson helped to deregulate the American airline industry. The industry has flourished ever since. Yet the industry’s very success has prompted calls for reregulation, to Robson’s considerable chagrin. How deregulation worked—and why reregulation wouldn’t.

The best way to protect the environment? Consult common sense—and common law. By legal scholar Richard A. Epstein.