Over the past year, the U.S. economy added an average of 213,000 jobs every month, driving unemployment down to 3.6 percent, its lowest point since 1969. The last time this much of the American workforce was on the job, the Beatles were still a band and presidential hopefuls Pete Buttigieg, Cory Booker and Kirsten Gillibrand hadn’t been born yet.

In the economic sphere an act, a habit, an institution, a law produces not only one effect, but a series of effects.

Unexpected inflation devalues nominal government bonds. This change in value must correspond to a change in expected future surpluses, a change in their discount rates, or a contemporaneous change in nominal bond returns.

California has decided sodas are the new tobacco, with five bills introduced in the legislature to limit sales. If they pass, you won’t be able to buy sodas larger than 16 ounces, you won’t find them in check-out lines, and there will be extra fees. New York introduced a bill banning large sodas and it was blocked by a judge. While it was in effect the data showed people actually bought more sodas. And there are very different interpretations of the effects of a soda tax.