INEFFICIENCY: Buchwald's Law

To Gresham's law, Walras' law, Parkinson's law and Mrs. Parkinson's law, students of the human condition can now add Buchwald's law: As the economy gets better, everything else gets worse.

Columnist Art Buchwald hit upon his formulation after noticing that most economic indicators are pointing up. "More people are starting to travel on the airlines, which is a very good thing." he wrote last week. "But if things keep getting better, the airports won't be able to handle the traffic, the planes will be overbooked, luggage will be lost and the airlines will have a very good economic year."

The price...