In the grand tradition of “pulled from comments,” I’m pulling this one—from Brad DeLong’s blog, in response to this post: …Manzi does not seem to have a consistent view of the concavity of instantaneous indirect utility functions. He argues that it would be absurd to consume the proceeds of the IPO of a successful startup […]

Will post-autistic economics review (who have, sadly imnvho, renamed themselves “real-world economic review) or The Economists’ [sic] Voice be the first to publish Robert Waldmann’s paper (a readable version of this blog post, which now also links to the paper)? Only Brad DeLong may know for certain. But you should read it now.

We keep hearing from the conservatives-libertarian that we need lower taxes on capital gains and dividends to encourage capital spending or investments. But when I look at the record of the impact of lower taxes on capital on investment I am hard pressed to see the benefits such lower taxes are suppose to deliver. The […]