Guess. Go ahead, guess.
Yet another tremendously unfortunate federal government decision.
Folks, economics can explain almost anything.
I also recently became aware of this. Some bits are funny and all of it is close to the truth.
Charles C. W. Cooke amusingly makes quick work of the dopey but still popular idea of evaluating presidents by GDP growth.
Research paper finds that very sophisticated investors know a lot about when to buy, but don't know anywhere near as much about when to sell.
One way to deal with that is Buffett's: pick a stock good enough that you expect never to sell it.
Alan Reynolds asks a good question: exactly what markets do Amazon, Google, Facebook, et al. monopolize?
"Government Failure Versus Market Failure: Microeconomics Policy Research and Government Performance"
Fifteen-year-old book by Clifford Winston. It's a terrific book. I recommend it highly. Available free from Brookings. From the Forward:
How can economists help improve public policy? One way is by taking a serious look at the effectiveness of different kinds of policy interventions. That is exactly what Clifford Winston does in this important book assessing market failure and government failure. Winston’s careful and comprehensive analysis of the empirical evidence on the economic impact of government policies to correct market failures leads to some troubling insights. He finds that government interventions frequently occur when no significant market failure exists. In addition, many policies aimed at addressing market failures that do exist could have corrected them at significantly lower cost. Winston covers a number of policy areas in this book, including regulation and antitrust, information and externalities, and public production.
It goes back to W. Wilson and Rousseau.
P. J. O'Rourke suggests teaching young people using Free to Choose and Capitalism and Freedom as texts.