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The great Bruce Yandle explains Rahm’s Rule of crisis management.  Here’s Bruce’s conclusion:

In today’s economy, regulation is found at every meaningful margin. Politicians set and rearrange prices for important services and products for consumers nationwide. They open and close market entry and give advantage to favored groups by altering taxes, depreciation schedules, and other regulatory schemes. Doing all this in the full light of day and with full and open debate would be a challenge. But then there are crises to serve the politicians’ interests. Some arise spontaneously and some are created or magnified consciously by the politicians themselves. The sequestration element in the fiscal cliff story is an example. The shouts of crisis and the end of western civilization that preceded TARP are another. In all cases, Rahm’s Rule applies: “You never want a serious crisis to go to waste.”

Tyler Cowen challenges Paul Krugman’s claim that corporate profits are today serving as a sinkhole for purchasing power.

Steve Landsburg explains why Mr. Krugman hopes that you’re stupid.  (And be sure not to miss the comment by ThomasBayes.)

Earlier today I spent a few minutes on CNBC discussing, with Rick Santelli, the myth of middle-class stagnation.  (I’m delighted that Mr. Santelli’s likes my and Mark Perry’s recent Wall Street Journal essay on this topic.)

Congratulations to philosopher Alvin Plantinga for winning the prestigious Rescher Prize.

My colleague Dan Klein discusses academic pyramids.

My colleague Larry White, writing over at Reason.com, offers a very good review of what appears to be a very bad book on money.  (HT W.E. Heasley)

The NCPA wisely draws our attention to a recent article in the Wall Street Journal, by Sally Pipes, on misleading world health rankings.