One of the best economic journalists in the United States is Megan McArdle of the Washington Post. That makes her error in a recent WaPo article all the more striking. Don Boudreaux at Cafe Hayek has pointed out the error. But I want to do my own analysis because it’s a more general error that I see people make and the first time I saw a friend make was when I was 20 and really starting to “get” economics. 

Journalist and author David Epstein talks about his book Range with EconTalk host Russ Roberts. Epstein explores the costs of specialization and the value of breadth in helping to create mastery in our careers and in life. What are the best backgrounds for solving problems?

America Off Balance allows visitors to explore the current federal debt crisis and the complex reforms necessary to fix it.

The last time Japan began a new era, then-President George H.W. Bush had the manners to keep trade issues on the back-burner on a ceremonial visit to Japan. Over 25 years later, as the Reiwa Era begins, President Donald Trump will visit Tokyo as Emperor Naruhito’s first foreign head of state visitor. He arrives with unfinished business around reducing the U.S. trade deficit with Japan – and with far less concern for dignity and ceremony than his predecessors. Even commentators usually sympathetic with Japan have called for Tokyo to accede to a quick deal to avoid Trump ruining the party.