In order to work well, markets need a basic level of trust.

Standards wars involve lots of variables, and understanding them often seems more an art than a science. They generally involve just two big players, and end in a winner-take-all situation.

Academics, who work for long periods in a self-directed fashion, may be especially prone to putting things off: surveys suggest that the vast majority of college students procrastinate, and articles in the literature of procrastination often allude to the author's own problems with finishing the piece.

In the auto industry, there's one thing you can always count on: if a new environmental or safety rule is proposed, executives will prophesy disaster.

The problem with venality in business is that getting outraged about it makes it easy to miss the systemic problems that venality often disguises.

Linux is a complex example of the wisdom of crowds. It's a good example in the sense that it shows you can set people to work in a decentralized way - that is, without anyone really directing their efforts in a particular direction - and still trust that they're going to come up with good answers.

Discussions of health care in the U.S. usually focus on insurance companies, but, whatever their problems, they're not the main driver of health-care inflation: providers are.

If being the biggest company was a guarantee of success, we'd all be using IBM computers and driving GM cars.

Downsizing itself is an inevitable part of any creatively destructive economy.

The challenge for capitalism is that the things that breed trust also breed the environment for fraud.

Of course, politicians always say they're just describing their opponents' positions, even if they are in fact offering absurd caricatures, if not outright lies.

Critics of consumer capitalism like to think that consumers are manipulated and controlled by those who seek to sell them things, but for the most part it's the other way around: companies must make what consumers want and deliver it at the lowest possible price.

Pop music thrives on repetition. You know a song's a hit when you've heard it so often that you'll be happy never to hear it again.

Nike used to be known as Blue Ribbon Sports. What's now Sara Lee used to be Consolidated Foods. And Exxon was once Standard Oil Company of New Jersey. These were name changes that worked. But for all the ones that do, there are 10 or 20 that don't.

You might say that economic history is the history of people learning to manage risk.

For a crowd to be smart, the people in it need to be not only diverse in their perspectives but also, relatively speaking, independent of each other. In other words, you need people to be thinking for themselves, rather than following the lead of those around them.

The fundamental problem with banks is what it's always been: they're in the business of banking, and banking, whether plain vanilla or incredibly sophisticated, is inherently risky.

A general principle of good taxation is that similar jobs, and similar kinds of compensation, should be taxed the same way: otherwise, the government is effectively subsidizing some jobs over others.

We assume that good-looking people are smarter and more effective than they really are, and that homely people are the reverse.

In some respects, the video-game business is a lot like the razor business, which follows a simple model: Give away the razor, gouge 'em on the price of the blades.

Congressional Republicans themselves have vehemently defended the idea that preexisting conditions should not be used to deny people insurance.

On Wall Street, fraudulent schemes tend to thrive during economic booms, and to blow up when times turn tough.

Steve Jobs was rare: a C.E.O. who actually had a huge impact on his company's fortunes. Contrary to corporate mythology, most C.E.O.s could be easily replaced, if not by your average Joe, then by your average executive vice-president. But Jobs genuinely earned the label of superstar.

Campaigns fail if they waste resources courting voters who are unpersuadable or already persuaded. Their most urgent task is to find and persuade the few voters who are genuinely undecided and the larger number who are favorably disposed but need a push to actually vote.

The paradox of Steve Jobs's career is that he had no interest in listening to consumers - he was famously dismissive of market research - yet nonetheless had an amazing sense of what consumers actually wanted.

Workers who come to the U.S. see their wages and their standard of living boosted sharply simply by crossing the border. That's a good thing, and one of the best arguments for immigration reform, even if you'll rarely hear a politician make it.

The U.S. is excellent at importing cheap products from the rest of the world. Let's try importing some human capital instead.

The essence of procrastination lies in not doing what you think you should be doing, a mental contortion that surely accounts for the great psychic toll the habit takes on people. This is the perplexing thing about procrastination: although it seems to involve avoiding unpleasant tasks, indulging in it generally doesn't make people happy.

Corporate welfare isn't necessarily a bad thing.

Since the Protestant majority in Northern Ireland wants to remain a part of Great Britain, and since Ireland itself has shown little interest in reunification, the IRA's prospects for success through political channels have always been limited.

Tough times have always lent themselves to nativist sentiments and closed-door policies. But in the case of highly skilled immigrants, these policies are a recipe for stagnation.