We explore the effects of the tax structure in our version of the labor-turnover model of unemployment. We show that for a closed economy, a shift to increased payroll taxation offset by a lighter VAT rate raises the natural rate of unemployment. However, for a small open economy whose interest...

This paper, adapted from a presentation at the Center on Capitalism and Society in November 2021, is in three parts. The first notes the demands being made by various groups of actors in the economy. The second, recalling the principles of Frank Ramsey on the optimum national saving and John...

1. Introduction -- 2. The slowdown and real interest rates -- 3. The slowdown and asset prices -- 4. The slowdown and the share of profits -- 5. The slowdown in the data -- 6. Losing ground to China and other countries -- 7. The pandemic and its aftermath -- 8. Growth to the Rescue.

Although much attention in America and many other countries is devoted—and rightly so—to gaps between demographic groups resulting in part from discrimination, one of the most striking gaps is that between the incomes of low-wage earners and the incomes of high earners

Note: Jean-Paul Fitoussi, the distinguished French economist, was a member and great friend of the Center on Capitalism and Society. He died on April 15, 2022, at age 79. In this issue of the journal, we present a selection of tributes that were delivered on September 30, 2022, at the center’s...