Bicycles were invented in the nineteenth century—the same century that gave us the typewriter, the telegraph, and the landline telephone. Unlike those inventions that fell by the wayside when more modern devices came along, the bicycle has stayed with us, essentially unchanged, for over 200 years. In fact, it has continued to win new fans, […]
Recent frequent economic headwinds facing countries, from the global financial crisis to the pandemic, supply chain problems, and geopolitical tensions, have increased economic policy uncertainty. In the absence of macroeconomic stability, misallocation of resources leads to lower aggregate productivity and investments, which are leading explanations for economic disparities across countries (Hsieh and Klenow 2009). The […]
For over four decades, owners of a diversified pension fund have been used to an annual real return of 5-6%. But it hasn’t always been like that. If you invested one dollar in the post-war years in a diversified portfolio of all publicly traded firms, in 1980 you would still only have had one dollar, […]