Demonstrates how ideas in economics have shaped business decisions and models, as well as government policies. Discusses the pace of future innovation, how economists think about the world, and the role and importance of markets and their limits.

"This paper uses the sequence of government budget constraints to motivate estimates of interest payments on the U.S. Federal government debt. We explain why our estimates differ conceptually and quantitatively from those reported by the U.S. government. We use our estimates to account for...