Abstract The Real Business Cycle (RBC) research program has grown specularly over the
last decade, as its concepts and methods have diffused into mainstream macroeconomics …

WHEN I left graduate school, in 1963, I believed that the single most desirable change in the
US tax structure would be the taxation of capital gains as ordinary income. I now believe that …

Winner of the Nobel Prize in Economics Get ready to change the way you think about
economics. Nobel laureate Richard H. Thaler has spent his career studying the radical …

“Social distinctions can be based only on common utility.”—Declaration of the Rights of Man
and the Citizen, article 1, 1789 The distribution of wealth is one of today's most widely …

Throughout history, rich and poor countries alike have been lending, borrowing, crashing,
and recovering their way through an extraordinary range of financial crises. Each time, the …

The book takes a broad view of the subject matter of acroeconomics. A substantial portion of
the book is devoted to economic growth, and separate chapters are devoted to the natural …

No subject with a foot in both the academic and public domains like macroeconomics
remains unchanged for long. The search for improved explanations, and the challenge of …

Imagine each family as a kind of little factory—a multiperson unit producing meals, health,
skills, children, and self-esteem from market goods and the time, skills, and knowledge of its …

Grossman and Helpman develop a unique approach in which innovation is viewed as a
deliberate outgrowth of investments in industrial research by forward-looking, profit-seeking …

This paper considers the relationship between aggregate productivity and stock and flow
government-spending variables. The empirical results indicate that (i) the nonmilitary public …