David R. Henderson, emeritus professor of economics at the Naval Postgraduate School in Monterey, California, is a research fellow at Stanford University’s Hoover Institution. He was a senior economist at President Reagan’s Council of Economic Advisers from 1982 to 1984. He is editor of The Concise Encyclopedia of Economics and the author of The Joy of Freedom: An Economist’s Odyssey. He blogs at econlog.econlib.org.