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Robert Hughes

Falling Housing Permits Suggests a Cautious Outlook for Housing

The housing market appears to be struggling with a combination of elevated home prices and rising interest rates. With interest rates likely to drift even higher over coming months and quarters, the outlook for housing is cautious. 


Michael Munger

The Lighthouse Myth

It is quite true that a standard bilateral fee-for-service arrangement would fail to provide enough lighthouses — at first. But that failure would have consequences.


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