Arnold Kling is an independent scholar who writes about a wide variety of economic issues. He was an economist on the staff of the Board of Governors of the Federal Reserve System from 1980 – 1986, and served as a senior economist at Freddie Mac from 1986 – 1994. In 1994, he started Homefair.com, one of the first commercial sites on the World Wide Web. (Homefair was sold in 1999 to Homestore.com.) Kling is the author of several books, most recently From Poverty to Prosperity: Intangible Assets, Hidden Liabilities and The Lasting Triumph over Scarcity and Crisis of Abundance: Rethinking How We Pay for Health Care, published by the Cato Institute. He also co‐edits EconLog, a weblog devoted to economic issues. Kling received his Ph.D. in economics from the Massachusetts Institute of Technology in 1980.