In recent years, an area of study called neurofinance has tried to use brain science to explain how our primal circuits can, and often do, override our reason when it comes to investing.

There’s a shortage today of low-priced, life-saving drugs for cancer patients. And the cause – surprise, surprise – is the Medicare Prescription Drug, Improvement and Modernization Act of 2003.

It is now time for the FDIC to admit it made a mistake. It is time for the Federal Reserve to say to the FDIC, we think you made a mistake; you interfered with Fed policy, and it can be corrected immediately with a rule change.

The “problem” with manufacturing is mainly productivity growth that permits fewer workers to produce more goods. As workers are freed from having to produce common goods and services, total output expands greatly. For example, in 1947, food and clothing were 43 percent of what we consumed; the comparable figure in 2007 was 16 percent. The productive gains were distributed into other industries, notably health care, education, business services and recreation. This is a win for the consumer and for the economy.