We are very pleased to have Eric Helland guest blogging with us. Eric has just finished a year as a senior economist with the President’s Council of Economic Advisers. So now instead of writing pithy statements of economic wisdom for the President he will be writing them for you. A tradeoff perhaps of power for attention. Eric is now back at Claremont-Mckenna College in California. He is the co-author of many brilliant papers (see here) as well as the co-author of many other very good papers (see here). We are delighted to have him with us.