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When advocates of secession in the United States bring up “national divorce,” a common objection we hear is that secession can’t be allowed because it would make some people worse off. For example, we’re told that if, say, a majority of Floridians voted to secede, that still can’t be allowed because there would still be a minority that opposes secession. We especially hear this in the context of so-called red states—where, presumably, a majority of...

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A student goes into a bank. He tells the personal loan banker, “I want to borrow $7,500 per year for the next four or five years.” “That’s at least $30,000 over time,” the banker says. “Personal loans have a 10 percent interest factor.” “For my loan,” says the student, “I need an interest rate close to a home mortgage, like 6 percent. Also, I don’t want to be charged interest for the first four or five years of the loan.” The banker asks, “How long...

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