The Economics of Misery

Economics has real, unpleasant, even destructive consequences for the people of the world. Over the last three decades, economists played an important role in creating the conditions of the 2008 crisis (and dozens of smaller financial crises that came before it since the early 1980s, such as the 1982 Third…

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Inequality and Immobility: The Gateway to Feudalism

A lot has been written recently about the growth of income inequality in America.  A CBO report and even a cover story on Foreign Affairs entitled The Broken Contract explore the extent to which income inequality has grown over the last 30 years.  But now comes a study from the Federal…

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