Walter Williams contributes his typically clear and intelligent analysis of the dispute over “windfall profits” taxes here.

On the other hand, in today’s WSJ, Rep. Dennis Kucinich writes in defense of his proposal for such a tax, “A true windfall profits tax raises little revenue because it sends a signal to the industry that price gouging will not be rewarded. Therefore, prices quickly return to a reasonable level.” I can’t think of a better way of contrasting the economic way of thinking, which looks past the immediate and desired consequences of action to contemplate the actual effects, both immediate and long-run, with political thinking, which starts and ends with “what will make me popular?” All this ignorant politician Kucinich can see is his foolish notion about “reasonable prices” and none of the harmful consequences of meddling with the price system.