Why do rising incomes not make people happier? Some argue that it is because we quickly become accustomed to our new acquisitions. Others would say that it is because relative status is the goal, not the material acquisitions themselves. But Avner Offer opines it is because we have a difficult...

Among the challenges to the working of free markets is our inability to deal rationally with the future. Instead of calculating the future risks and rewards, and what they mean to us today, we fall back on social conventions, norms, and institutions. But when it comes to potential climate...