Obamacare faces two separate court challenges on Tuesday, but only one could deliver a major knockout blow to the law. The case getting the most attention is tomorrow’s Supreme Court challenge to the health care law’s requirement for employers to provide birth control to their workers. At the same time Tuesday morning, the District of […]

[The] conception of corporate personhood has profound and beneficial economic consequences. It means that the obligations the law imposes on the corporation, such as liability for harms caused by the firm’s operations, are not generally extended to the shareholders. Limited liability protects the owners’ personal assets, which ordinarily can’t be taken to pay the debts […]

Thomas Piketty’s Capital in the 21st Century shows us where society is going. Paul Krugman summarizes this future using Piketty’s term, Patrimonial Capitalism, where inherited wealth gains economic power and where hard work returns less money than inheritance. The basic equation underlying patrimonial capitalism is… r – g. r is the investment return to capital. […]

by Joseph Joyce Tapering and the Emerging Markets The response of the exchange rates of emerging markets and their equity markets to the Federal Reserve’s “taper,” i.e., reduction in asset purchases, continues to draw comment (see, for example, here). Most analysts agree that these economies are in better shape to deal with capital outflows than […]

I grab a rare opportunity to criticize Paul Krugman. He is, again, discussing the roll out of Nate Silver’s new fivethirtyeight.com with concern bordering on dismay. Krugman’s concern is that he fears that Silver thinks that data are enough just by themselves without any theory (even the humble kind that calls itself a model). I […]

MIAMI (AP) — Breast cancer survivor Ginny Mason was thrilled to get health coverage under the Affordable Care Act despite her pre-existing condition. But when she realized her arthritis medication fell under a particularly costly tier of her plan, she was forced to switch to another brand. Under the plan, her Celebrex would have cost […]

by David Zetland (is a ‘water’ economist who blogs at Aguanomics) re-posted Self-evident water delusions BB sent this press release from California Congressman McClintock, to which I will give a few reactions… Self-Evident Water Truths (February 27, 2013 to ACWA) Water – particularly in California – has become such a complicated tangle of competing interests […]

Paul Krugman continues his illumination into the significance of a falling labor share, as he reads Thomas Piketty’s Capital in the 21st Century. Mr. Krugman rarely writes about labor share but that looks to be changing. Piketty describes the growing power of capital income as “patrimonial capitalism”, where an elite gain control through inheritance and […]

Via the UN comes a day for us to note the role of potable water and sanitation throughout the world.  We in New England are blessed with an abundance of freshwater, but other parts of the US are beginning to face real shortages where competing interests are clashing. More posts to come on particulars. At […]