In the 1950s, Hannah Arendt wrote that the modern world faced a crisis of authority because authority had 'vanished … from the modern world' (Hannah Arendt. 'What Is Authority?' Between Past and Future. Penguin: New York,1968. P. 91). Most … scholars take Arendt to be lamenting the loss of a republican and conservative notion of authority. In this essay, I agree that …

effect of wealth shocks on household consumption and individual expectations of the future. Many household experienced a … significant wealth shocks, but these shocks led to modest spending effects and small revisions to expectations regarding future … bequests. Expectations of bequests seem particularly tied to housing wealth. …

How do sudden, large wealth losses affect mental health? Most prior studies of the causal effects of material well … market accumulations may not inform this question if the effect of wealth on health is asymmetric. We use exogenous variation … in the interview dates of the 2008 Health and Retirement Study to assess the impact of large wealth losses on mental …