Economics is all about consumption. People either spend money now or they use financial instruments - like bonds, stocks and savings accounts - so they can spend more later.
To put it simply and a bit crudely: Our economy is demanding more well-educated workers than our schools are providing. To attract this scarce resource, communities have to offer more than just jobs.
Whenever you hear news about jobless claims or the unemployment rate, you should translate that in your mind to one simple phrase: Stay in school.
We can fight over what the taxation levels should be, but the tax system should be very, very simple and not distortionary.
Happiness statistics may be most valuable in smaller, local discussions. Understanding how different sorts of programs affect the well-being of citizens would be enormously helpful to a mayor choosing between building a new bridge or offering a tax cut.
The America that I think most Americans would want, most economists on the right or left would want, is one in which a smart, ambitious, hardworking person without a huge amount of resources has a pretty good shot, in the end, of beating out a less smart, less ambitious, less hardworking rich person.
