Readers of this blog know that I am in finance, specifically global fixed income. This blog post covers wealth effects in the financial industry, which is a relatively dominant share of total US compensation, 7.3% in 2009 and likely higher now (data are truncated at 2009). My view is that economists underestimate the wealth effects […]

Continuing from my last posting, I stated the World Bank has seen the light. It has put out a report: Where is the Wealth of Nations? Reason Online has an interview with the prime author Kirk Hamilton. Oil, soil, copper, and forests are forms of wealth. So are factories, houses, and roads. But according to […]