The Internet has radically transformed the way we live our lives. The net changes in consumer surplus and economic activity, however, are difficult to measure because some online activities, such as obtaining news, are new ways of doing old activities while new activities, like social media,...

Scott Wallsten of the American Enterprise Institute estimates that the true economic costs of the war in Iraq could reach one trillion dollars in the long run, five to ten times the original estimates of President Bush’s advisor Lawrence Lindsey.