Economy

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Dec 30

A new working paper from the National Bureau of Economic Research remodels the relationship between oil prices and production, suggesting that the actual pressure inside the wells dictates the pace of extraction more than price swings.

Those gifts you opened this morning -- they're worth less to you than the gift-giver paid for them, no doubt. That's the deadweight loss of Christmas for you. But plenty of economists are saying "bah, humbug" to economic rationality and…