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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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Does America Need Global Savings to Finance Its Fiscal and Trade Deficits?

It is frequently argued that America’s twin deficits—the government budget deficit and the trade deficit—result from profligate spending by the government and private sectors. This excess domestic spending, moreover, must be financed by global savings, putting America on an unsustainable debt path. Problems are compounded as the U.S. demand for savings can push up interest…

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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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The Economics—and Politics—of Broadband

Today it is hardly possible to imagine an internet without its biggest players. Google’s market share in search is somewhere between 70 percent and 90 percent (depending on whether services like YouTube and Google Maps are included). Facebook has more than two billion active users. Netflix alone is responsible for more than a third of…

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Evaluating Increases in Think-Tank Executive Compensation

Shortly before announcing his plans to resign from the presidency of the American Enterprise Institute (AEI), Arthur Brooks outlined a framework for evaluating the “impact” of think tanks such as his own in the Harvard Business Review.1 In his article, Brooks identified several metrics for assessing impact, such as the number of op-eds placed in leading newspapers…

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Cryptocurrencies: Commodity Dynamics and Cartelization

Bitcoin and the other altcoins now have more “experts” than perhaps any other market. I am no such “expert”: I am neither a cryptographer nor a computer programmer. I am a currency and commodity trader of thirty-plus years, and I approach the cryptocurrency market from that perspective. The cryptocurrency market cannot easily be dismissed, despite…

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A Long-Term Perspective on the Gig Economy

In July 2017, Don Lane, a courier working in southern England for the German logistics firm DPD, attended a hospital medical appointment regarding his deteriorating diabetes condition. The firm fined him £150 because as a result he failed to deliver his allocation of parcels for the day. In the following months his diabetes worsened; he…

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Debt and Taxes

The tax bill signed into law by President Trump in December 2017 brought to light a number of long-running debates in fiscal policy. Most of these debates are familiar to those who follow politics: Republicans expect the tax reforms to incentivize productive behavior, such as investment, that boosts economic growth, while Democrats see it as…

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Henry George’s Land Value Tax: An Idea Whose Time Has Come?

A city is an agrarian-urban unit that exists to promote the well-being of individual persons over the course of a whole life and the city itself across multiple generations. Extended human well-being in any city requires that city to occupy its own land well, to protect its adjacent landscape, and to afford citizens opportunities to…

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