The Future of Work Arrived Way Too Early
For many American workers, the pandemic has been a disaster. For public policy, it has been attention-focusing.
The Capital Note: Individual Investors, Inflation & the Invisible Hand
The Role of Robinhood, Inflation-Adjusted Capital-Gains Taxes, Shakespeare's Influence on Adam Smith, and more.
Hanke’s World Inflation Update
Purchasing power parity provides a more accurate measure of inflation than other widely used estimates.
The Latest
‘Stakeholder Capitalism’: Roundtable for One
The Business Roundtable's ‘Statement on the Purpose of a Corporation’ basically rejected the quaint idea that a company’s primary duty was to its owners (the shareholders) and replaced it with ...
Fiddling with the Fed
Narayana Kocherlakota argues that Fed policy would have been better for everyone over the last few decades, and especially the last decade, if it had put weight on reducing the ...
Does Reopening Change Behavior More Than Locking Down Does?
Lockdowns had little impact right when they went into effect, the data suggests they did have an impact later.
The Capital Note: Kodak’s Slide & Adam Smith’s Kidnapping
Higher home ownership rates, unpacking Kodak's mismanagement of government funds, and the (likely apocryphal) kidnapping of Adam Smith.
What’s an ‘American’ Car?
In what sense should a Jeep Compass manufactured in Mexico be thought of as American while a Mercedes GLE made in Alabama is not?
Regulatory Overreach Ahead?
In moments of peak distress, we will see what we saw in March again, no matter what any regulator says or does.
COVID-Relief Talks March On, Slowly
Yikes. I wasn't expecting things to drag on this long with key aid provisions expired.
The Capital Letter: Week of August 3
Efforts to protect companies from abusive coronavirus litigation, Susan Berfield’s new book, the next stimulus package, wage inequality, and more.
Is the U.S. Following the Japanese Death Spiral?
With ballooning federal deficits and slowing growth, the U.S. looks more and more like Japan.
Today’s Capital Note
Prospects for employment (not good), trouble at CalPERS, and trouble in Weimar Germany.
Stimulus: The Next Moves?
I feel confident that the $600 weekly extension of federal unemployment benefit support is coming.
A New Approach from the Fed?
If you read about the Fed announcing results of an extensive policy review soon, please note that this was a project that long pre-dates COVID.
The Capital Note: COVID’s Casualties
A darker side to today's encouraging jobs numbers, Ben Meng resigns as CalPERs CIO, and more.
Ron Swanson Is Smiling
With confidence in government low, goldbugs are enjoying their day in the sun.