Skip to content

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…

Read More

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…

Read More

Hamilton’s Revolutionary Financial System

At George Washington’s invitation, Hamilton eagerly accepted office as the nation’s first treasury secretary. Though only 34 years old, he had long considered the severe economic and financial problems facing the country…

Read More

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…

Read More

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…

Read More

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…

Read More

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…

Read More

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…

Read More

Revitalizing the Rust Belt

Large swaths of Pennsylvania, New York, and the Midwest have stagnated for decades, resulting in unrecovered job losses nearing 60 percent in some parts of the region since the 1950s. Meanwhile, the languishing U.S. Rust Belt serves as an instrument of blame in a divisive political climate. While solutions remain elusive, the region continues to…

Read More

Two Cheers for Tax Reform

The recently announced tax reform package is one of the few serious and intelligent proposals offered by House Republicans in years. Not surprisingly, however, everyone seems to hate it. Defenders no less than critics of the plan seem incapable of thinking about tax policy outside of the simplistic framework of Reaganomics. As a result, most…

Read More

Sorry, PDF downloads are available to subscribers only.
Subscribe Now
Already a subscriber? Log In