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Snapshots of Corporate Bonds in the Long Run
Certain basic investment models are based on just two investment options: a safe asset like US Treasury bonds and a risky asset like a stock-market index fund. The underlying idea is that you can...
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The State of Globalization: Both More and Less Than You May Think
The widespread current belief about globalization, I would say, is that it has been in decline since the Trump presidency, as a result of increased tariffs, a sharpening of global conflicts with China...
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What Are the Objectives of First-Year College Students?
For more than a half-century, a UCLA-based research group has been carrying out surveys of incoming first-year college students. There are lots of questions about the decision process the students went...
View ArticleStatistics is (Literally) Statecraft
Statistics are not reality, but they are a map to reality, and that map is central to the basic knowledge needed for modern government. Or at least so argues Michel Foucault in Security, Territory, and...
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Why So Many Shareholders of US Firms are Untaxed
Over the last half-century or so, the share of corporate stock that is owned by investors with taxable mutual funds or brokerage accounts has fallen dramatically. Steven M. Rosenthal and Livia Mucciolo...
View ArticleInterview with Ulrike Malmendier: Remembrance of Crises Past
David A. Price interviews Ulrike Malmendier, “On law versus economics, the long-term effects of inflation, and the remembrance of crises past” (Econ Focus: Federal Reserve Bank of Richmond,...
View ArticleInterview with David Dunning, of Dunning-Kruger Fame
The Dunning-Kruger effect can be paraphrased in this way: “On any particular topic, people who are not experts lack the very expertise they need in order to know just how much expertise they lack.”...
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The IMF Warns about US Budget Deficits
The IMF publishes a Fiscal Monitor report twice a year about levels of spending and taxes around the world. The April 2024 report, subtitles “Fiscal Policy in the Great Election Year,” contains some...
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Three Options for Taxing Wealth
Extremely high levels of wealth are were not typically generated by people who were saving out of the income that they earned. Instead, high levels of wealth are typically about assets that rose...
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The Jones Act: Consequences of a Destructive Industrial Policy
The United States has had an industrial policy aimed at boosting its domestic shipbuilding industry since the passage of the Merchant Marine Act of 1920, commonly known as the Jones Act. Whatever the...
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