John Cochrane writes about this year’s Nobel Prize in economics winners:
The papers were written about 40 years ago. Each was the launching pad for a vast and important investigation. Indeed, Nobel prizes largely recognize that sort of lasting influence on subsequent work. But that subsequent investigation opens new possibilities. Newton is no less profound for having been followed by Einstein. Each also sought to understand the world as it was, which is how one should start. But there are other possibilities for how the world might be — and how it might be better.
Ryan Ellis writes about the return of tax extenders:
It’s been a few years, but Congress is once again about to deal with a “tax extenders” package. Once a common December exercise, tax-extender bills have faded from recent political memory. When Congress gets back from the midterm elections for the lame-duck session, however, it will quickly become the top legislative priority of substance. Many of the elements of the tax-extender package matter a lot to the economy as well as to kitchen-table budgeting, so it’s worth getting up to speed ahead of time.