Name That President

Read the following quote, and try to guess which U.S. president made this statement: “A responsible budget is not our only weapon to control inflation.  We must act now to protect all Americans from healthcare costs that are rising $1 million per hour, 24 hours a day, doubling every 5 years.  We must take control…

When It Came to Medicare Costs LBJ Concluded "What's $400 Million Between Friends!"

Lyndon Johnson’s advisers were worried. They were drafting a Medicare proposal, a major component of Johnson’s war on poverty. But the cost of this program was turning out to be much larger than expected. By their estimates, in the first year alone, they would face $400 million more in expenditures than they had budgeted for….

Ancient Greek Philosopher Anticipates Behavioral Economics Finding

I have conducted a number of studies on a phenomenon sometimes referred to as emotional adaptation. The basic idea behind this phenomenon is that people often respond with strong emotions to significant changes in their circumstances, but these emotions tend to diminish over time. Moreover, people often fail to anticipate this change in emotions, a failure…

The Loneliest Number

If you ever want to know why one is the loneliest number, consider the words of John Tukey, a prominent American mathematician from the 20th century. Not the most socially adept person in the world, he relied heavily on his wife Elizabeth to help them live a normal life. When she died in 1998 Tukey…