Quotes of the day

China's average annual growth of roughly 9% over the past 20 years has led to an absolute tenfold increase in per-capita GNP and 21-fold increase in purchasing-power-parity military expenditure. Though it could do more, it prudently limits defense spending, with an eye to both social stability – the compass of the Chinese leadership – and assimilable military modernization.--Mark Helprin

Supply and demand is not too "complex." It is just not very emotionally satisfying.--Thomas Sowell, via Greg Mankiw

But here's a data point: New Orleans smashes it's teachers union; test scores rise dramatically, even though it's still ministering to poor kids testing substantially below grade level.--Megan McArdle

Viewed purely in terms of economics, Harvard is really a $40 billion tax-free hedge fund with a very large marketing and PR arm called Harvard University that has the job of raising the investment capital and protecting the fund’s preferential tax treatment.--Jim Manzi