Courts frequently say that wilfulness matters when awarding damages for breach of contract. Such thinking is, however, at odds with the basic expectation damages principle: if we are trying to put the injured promisee in the position she would have been in but-for the breach, the promisor's...

Market provision of radio programming is beset by possible inefficient underprovision of formats that appeal to small audiences, for which the social benefits of programming — but not advertising revenue — exceed their costs. Larger markets have more programming, so their listeners derive...