Is the US stock market overvalued? I use Shiller's CAPE to predict the return of investing in the S&P500 index. Siegel argues that the recent fall in the share of earnings that are paid out as dividends has biased downwards predictions from the CAPE. I offer a solution to the problem of reduced...

This paper explores the relationship between manufacturing and growth rate in recent years. We undertake a simple cross-country analysis using UN data. When controlling for variables relevant to growth, we find no significant relationship between the two variables. We argue that manufacturing...

Previous articles on the transfer problem pay scant attention to the problems caused by the distortionary taxation that extracts the gift from the donor nation or the cut in distortionary taxation that bestows the gift to the recipient nation. When combined with inflexibility in the real wage...