In both Europe and the United States, interest rates have been declining for more than fifteen years. For much of this period, real interest rates have been negative and they are expected to remain negative for at least another decade. The literature associates this decline in interest rates...

The factors that led to the 2008 financial collapse, the terms of America's postcrisis recovery, the forces expanding corporate and private wealth, and the growing influence of money in politics--many of Wall Street's contemporary trends can be traced back to the work of fourteen critical...

Gentlemen Bankers investigates the social and economic circles of one of America’s most renowned and influential financiers to uncover how the Morgan family’s power and prestige stemmed from its unique position within a network of local and international relationships. At the turn of the...

Immigration Economics synthesizes the theories, models, and econometric methods used to identify the causes and consequences of international labor flows. Economist George Borjas lays out with clarity and rigor a full spectrum of topics, including migrant worker selection and assimilation, the...

Climate change threatens the economy of the United States through increased flooding and storm damage, climate-driven changes in crop yields, disruptions in labor productivity, crime, and public health and heat-related strains on energy systems. Combining current data with state-of-the-art...

In its decades-long effort to assure the safety, efficacy, and security of medicines and other products, the Food and Drug Administration has struggled with issues of funding, proper associations with industry, and the balance between consumer choice and consumer protection. Today, these...

Charlie Munger, Berkshire Hathaway's visionary vice chairman and Warren Buffett's indispensable financial partner, has outperformed market indexes again and again, and he believes any investor can do the same. His notion of "elementary, worldly wisdom"--a set of interdisciplinary mental models...

Biographical note: DuménilGérard: Gérard Duménil is a Director of Research at the Centre National de la Recherche Scientifique, Paris.LévyDominique: Dominique Lévy is a Director of Research at the Centre National de la Recherche Scientifique, Paris.

Until the early nineteenth century, "risk" was a specialized term: it was the commodity exchanged in a marine insurance contract. Freaks of Fortune tells the story of how the modern concept of risk emerged in the United States. Born on the high seas, risk migrated inland and became essential to...