Economics

The Rich Never Actually Paid 70 Percent 0
- Economics
- January 7, 2019
Several Washington commentators kicked off the 116th Congress by rallying behind a newly proposed 70 percent top marginal income tax rate on the wealthiest earners. The 70 percent tax rate figures prominently in the financial equation behind the “Green New Deal” proposal championed by Rep. Alexandria Ocasio-Cortez. While a tax hike of this level is
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The Nash Equilibrium Minimum Wage Is Zero 0
- Economics
- January 3, 2019
As the New Jersey legislature and governor debate the details of a hike in the state’s minimum wage to $15 an hour, it is worth taking a step back and contemplating one of the greatest thinkers in New Jersey history, Nobel Laureate John Nash. (Nash was the subject of the 2001 film A Beautiful Mind,
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Castro’s Revolution on Its 60th Anniversary 0
- Economics
- December 31, 2018
January 1 will mark 60 years since Fidel Castro’s seizure of power. How are we to assess this long period, especially from the perspective of the average Cuban citizen? The fact that Cuba used to be one of the richest countries of Latin America at the time of Castro’s revolution and is now one of its poorestought to
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15 Things You Should Know about the 2018 Partial Government Shutdown 0
- Economics
- December 27, 2018
1. What just happened? On Friday, the federal government entered a partial shutdown after the Senate failed to pass a spending bill that includes border wall funding. President Trump refuses to sign any additional funding that does not include $5.1 billion in additional money to pay for an extension of the border wall, allowing him
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Three Times Keynes Was Not a Keynesian 0
- Economics
- December 20, 2018
John Maynard Keynes is, together with Milton Friedman, the most influential economist of the 20th century. His most acclaimed work, The General Theory of Employment, Interest and Money, contributed to the paradigm shift that took place in the economics profession in the mid-1930s. He’s also the most quoted economist among non-economists, who more often than
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Watch the Growth of the World’s 10 Largest Economies over the Last 60 Years 0
- Economics
- December 17, 2018
In economics, GDP (gross domestic product) is defined as “the total value of goods produced and services provided” in a nation in a given year. If you’re not a student or teacher of economics, you probably don’t hear a lot about GDP unless it happens to be trending the wrong way and a nation finds
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