The increasing financialization of America's large public companies has profoundly affected labor markets. Wages are stagnant, income inequality has grown, and corporate America is no longer a provider of stable employment for middle-class workers. Common explanations include globalization, the...

Countries in which billionaire heirs' wealth is large relative to G.D.P. grow more slowly, show signs of more political rent-seeking, and spend less on innovation than do other countries at similar levels of development. In contrast, countries in which self-made entrepreneur billionaire wealth...

Countries in which billionaire heirs' wealth is large relative to G.D.P. grow more slowly, show signs of more political rent-seeking, and spend less on innovation than do other countries at similar levels of development. In contrast, countries in which self-made entrepreneur billionaire wealth...