I am viscerally skeptical about expanding state power but recognize that technological advances do often require new rules: Automobiles required brake inspections and traffic police for instance. Similarly, I argue ...

This article in many ways, is the “debt” counterpart to my 1993 Journal of Financial Economics piece and offers an even broader critique of the reflexive belief that more complete financial markets are ...

Fair-lending laws turned consumers into anonymous credit scores—and a target for identity thieves. (Appeared in the September 14, 2017, print edition. ) In a longer working paper I further argue that reducing ...