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The Illiberal Arts

For thousands of years, the liberal arts were not liberal, and that is why they are increasingly unwelcome in our time. An honest study of the past is unsettling in a liberal age, because a person who learns to venerate earlier cultural traditions, from Homer to the baroque, may come to venerate the values to…

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How the Financial Crisis Did Not Change the World

The tenth anniversary of the 2008 financial crisis came and went with surprisingly little reflection. Adam Tooze’s Crashed: How a Decade of Financial Crises Changed the World was perhaps the most celebrated attempt to analyze the crisis with the benefit of hindsight. Unfortunately, much of the book offers little more than a chronology of newspaper headlines, displaying superficial…

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What Another Irish Housing Bubble Says about the EU Technocracy

On January 20, the Financial Times reported that the European Central Bank (ECB) would start the process of hiring its new chief economist. At the top of the list, the article said, was Irish central bank governor Philip Lane. The article noted that Lane is popular among European diplomats and is a key ally of…

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Share Buybacks and the Contradictions of “Shareholder Capitalism”

In the jargon of finance, America is suffering from a capital allocation problem. The country seems incapable of making the necessary investments to fuel future productivity and growth, or to ensure widespread prosperity. At the government level, public spending on basic research and development as well as infrastructure investment has declined significantly over the past…

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Principles for Dummies

On the first page of his best-selling memoir, Ray Dalio unburdens himself of the opinion that he is “a dumb shit.” Nothing in the ensuing six hundred or so pages convinced me that I should dissent from this verdict. I can say honestly, in keeping with the book’s own serial inducements to “radical transparency,” that my endorsement of Dalio’s conclusion about his own intelligence was arrived at without prejudice…

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The Past and Future of Political Economy

In this remarkable work, Robert Skidelsky—historian, biographer, and tribune of Keynesian ideas in the House of Lords—unites his experience, knowledge, and talents in a sweeping account of money and power. His topic is not money and power…

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Radical Markets versus Sensible Politics

Market-based reforms were used in the 1980s—really invented as a concept in the run-up to the 1980s—to counteract the excesses and failures of post–World War II social policy. At the time, marginal income tax rates in excess of 70 percent had shifteind income into unproductive tax-optimization vehicles instead of savings and investment. Excessive urban rent controls were a disincentive…

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The Rise of the Financial Economy

Remember auction rate securities? For decades, financial institutions hosted “auctions” of these fixed-rate instruments for buyers and sellers. They were considered so safe, and the auctions (where the interest rate would be “reset” depending on the level of interest in the securities, among other factors) so routine, that auction rate securities became an alternative to money…

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Financing Long-Term Care

Long-term care involves services that meet a person’s health and personal care needs when they are no longer able to perform these tasks safely on their own. Nearly eleven million people in the United States use some form of long-term care, and that number is projected to double…

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Postal Banking’s Public Benefits

The financial crisis of 2008 made clear to the public, in a way that had not been apparent for some time, that banks depend for their existence and operation on a structural framework created by the federal government. But policymakers as well as the public at large do not have a clear view of the…

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