Weekly Roundup: From Vodka to Tax Dodgers

Our weekly roundup includes stories from everyday economics that relate to creative destruction, taxation, price floors, labor markets and entitlements.

A Big VAT

Dating back to the 18th century, the Chinese vase that a brother and sister found “in a dusty attic” sold for $69.5 million at a London auction. The NY Times called it a “treasure-in-the-attic” story. For us economists, it is…

A VAT For Pretzels?

The Senate just said “No” to a VAT. Disagreeing, Paul Volcker sort of said “Yes” when he observed that a VAT is “not as toxic an idea” as we once believed. Suddenly everyone seems to be talking about a VAT. Here are…