A recent front-page article in the Wall Street Journal documented an increasing tendency among economists to move away from theories of efficient stock market valuation in favor of "behavioral" models that emphasize the role of irrational investors (see Hilsenrath 2004). The long-run rate of...

An examination of the empirical evidence regarding the productive effects of public capital on the U.S. economy, concluding that although boosting infrastructure investment might have a positive impact on private output, the magnitude of the effect is unclear.