From a historical perspective, as moral hazard was mounting, the Fed deployed a new doctrine, de-regulating to surmount the so-called challenges of globalization, while financial innovation was on the rise. This paper focuses on another aspect of the crisis: moral hazard. If a firm or even a...

In the wake of the worst financial crisis since 1929, economists are revisiting the received understanding of how financial markets and institutions actually operate. This paper aims to contribute to this reexamination. It builds upon the traditional and widely-accepted mean-variance approach to...

Since the 1970s, corporate governance in the United States has become increasingly beholden to Wall Street. This trend is so prominent that the resulting formation is increasingly known as <i>money manager capitalism.</i> This article explores some of the reasons behind this change, and its...

Beginning in 1912, a number of states passed minimum wage legislation that applied exclusively to women and minors. These tentative experiments in economic legislation ended in 1923 when the Supreme Court overturned the District of Columbia's minimum wage law. Remarkably, at this time virtually...

It is argued that when the world’s economic and military hegemon pursues a foreign economic policy of liberalism, there are tendencies for that nation to acquire an empire. These arguments are illustrated with examples from the British Empire of the nineteenth century. The article...