…the time for its crisis-management policies and its advocacy of deregulating capital flows. In retrospect, Fischer’s arguments in favor of capital account liberalization appear overly zealous, and he has drawn…

…Stockholders are Fungible, Employees are Not This has been on my mind after reading some review’s of Piketty’s “Capital in the 21st Century” (which I really need to make time…

…but the basic point is that modern businesses exist today only as a result of a large supply of social and institutional capital. Without this capital many would still exist…

…come back to earth. So he protects his clients by keeping their capital safe, out of the market. He holds some 40% to 50% of his capital in cash. I…

…still do not see it rising. Even if labor share does rise, you have to watch consumption by capital income to see if labor income will rise faster than capital…