Christina Romer

A successful argument for a government manufacturing policy has to go beyond the feeling that it's better to produce 'real things' than services. American consumers value health care and haircuts as much as washing machines and hair dryers.

There's a joke in economics about the drunk who loses his keys in the street but only looks for them under the lightposts. When asked why, he says, 'because that's where the light is.' That's the problem with the deficit.

Well, there's no question that the law passed in 1996 was flawed. It deregulated the wholesale market, meaning the price that the utilities had to pay energy companies for power, but not the retail market.

Ireland, in breadth, and for wholesomeness and serenity of climate, far surpasses Britain; for the snow scarcely ever lies there above three days: no man makes hay in the summer for winter's provision, or builds stables for his beasts of burden... the island abounds in milk and honey.