wn, socialism would have worked. I have spent my whole economics career on the two great mysteries: why do stock markets crash, and why are there recessions? At the end, I can only report that I still don't know, but I do know with great precision that nobody else knows either.

ssigns zero weight to high school class standing. This is already a corrupt measure, because being #1 at Stuyvesant is rather different than being #1 at Ballou. Still, a corrupt measure of merit is better than no measure of merit at all.