One way that patients and providers traditionally manage drug pricesis by prescribing generic drugs whenever possible.

One reason why liberalization has screeched to a halt is that it was based on a misunderstanding that could justify protectionism as well as free trade: that the benefits of trade come from exports and that imports are the cost to pay for these benefits.

This past August the Fed announced that it would begin taking steps to offer a real-time clearing service of its own, FedNow.

All-powerful governments would tolerate no opposition while attempting to create perfect humans for the perfect state.

Many progressives believe that the Federal Reserve was too accommodating to the wishes of financial institutions in providing easy money and massive, opaque bailouts.

It’s easy to get conned by romantic visions of socialist paradise. Socialist reality is different.

In his 30 years of leading The Economist, Bagehot felt strongly about many issues beyond financial panics.

The turmoil from the Young Plan facilitated Hitler’s coming to power.

In the standard story, subprime mortgages were granted to relatively low-income families that were unwise to buy houses but were able to do so because of lax lending standards.

Paraphrasing psychologist Jerome Brunner, Shiller writes that “we should not assume that human actions are driven in response to purely objective facts.”

A summary of recent papers that may be of interest to Regulation’s readers.

For much of their existence, state lotteries have enjoyed something close to a monopoly on licit gambling.