I'm a pessimist about the euro, but not about Europe. So the southern periphery, Spain, Italy, Greece, leave - Italy might be the first to go - and the rest stay. That will work just fine. But unless they want to give up democracy, I don't see greater fiscal union as the answer.

Economists love to talk about incentives, but the bottom line is that people hate being controlled or manipulated, even when done through voluntary institutions. This is one of the most important tensions in capitalism.

Economics is everywhere, and understanding economics can help you make better decisions and lead a happier life.

Tyler Cowen Quotes