Timothy Taylor

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Articles

My Weekly Reading for March 9, 2025

2 months ago | econlib.org | David Henderson |Jack Nicastro |Liz Wolfe |Timothy Taylor

by Jack Nicastro, Reason, March 4, 2025. Excerpt:Empower, a ride reservation service, has been hounded by Washington, D.C., regulatorssince it began its operations in 2020. CEO Joshua Sear will be arrested on Wednesday for violating the Department of For-Hire Vehicles’ (DFHV) cease and desist order if the app doesn’t shut down by then. Mayor Muriel Bowser has the power to direct the DFHV to rescind its order, which would allow Empower to continue operating in the city.
China’s Economic Situation: Interview with Barry Naughton

Jan 5, 2025 | bbntimes.com | Timothy Taylor

Andrew Peaple interviews “Barry Naughton on the State of the Xi Jinping Economy” at The Wire China website (January 5, 2025). The interview is subtitled: “The economist discusses Beijing’s recent stimulus efforts, and the long-term problems building up as China’s leader implements his model for the country.” The interview is packed with insights.
Interview with Myron Scholes: On Academic Finance and the Black-Scholes Option Pricing Formula

Jan 5, 2025 | bbntimes.com | Timothy Taylor

Jon Hartley interviews Myron Scholes (Nobel ’97) on “Academic Finance, Black-Scholes Options Pricing, and Regulation“(“Capitalism and Freedom in the 21st Century” podcast, January 5, 2025). The interview includes insights about what was happening in economic finance in the 1960s and 1970s after the “big bang” represented by the work of Harry Markowitz.
Interview with Eugene Fama: For Whom are Financial Markets Efficient?

Dec 31, 2024 | bbntimes.com | Timothy Taylor

Joe Walker interviews Eugene Fama (Nobel ’13) with the title “For Whom is the Market Efficient?” (The Joe Walker podcast, December 31, 2024). Here are some bits and pieces of their exchange that caught my eye. Are financial markets efficient? WALKER: Gene, I was talking with a few friends who work in high finance in preparation for this conversation. And one of my impressions is that a lot of people think of you as holding this extreme position that markets are perfectly rational.
Will AI Bring an “Intention Economy”?

Dec 30, 2024 | bbntimes.com | Timothy Taylor

Back in the 1971, Herbert Simon (Nobel ’78) published an essay on the “attention economy.” It famously noted that “a wealth of information creates a poverty of attention.” He offered insights about how economic organizations (and people) needed mechanisms to receive and process large amounts of information, and then pass only the relevant portion of that information.
Some Patterns of Long-Run Asset Returns

Dec 10, 2024 | bbntimes.com | Timothy Taylor

In classes about personal finance, one of the best-known lessons is that investing in US stocks can have considerable short-term risk, but that over an extended period of time, a patient investor has been rewarded for that short-term risk with higher long-run returns. David Chambers, Elroy Dimson, Antti Ilmanen, and Paul Rintamäki discuss this pattern and others in “Long-Run Asset Returns” (Annual Review of Financial Economics, 2024, volume 16).
Designing an Industry Subsidy: Repayable Advances?

Dec 3, 2024 | bbntimes.com | Timothy Taylor

If the US government is considering an industrial policy to subsidize a certain industry (for example, as the US is subsidizing domestic semiconductor manufacturing), what’s the best way to do it?
Interview with Laura Alfaro: Globalization and the Great Reallocation

Nov 19, 2024 | bbntimes.com | Timothy Taylor

David A. Price of the Richmond Fed serves as interlocutor in an interview with “Laura Alfaro: On global supply chains, sentiment about trade, and what to learn from Latin America” (Econ Focus, Fourth Quarter 2024, pp. 22-25). Here are a couple of comments from Alfaro that stuck with me: On lessons for the United States from Latin America, Alfaro comments:On the negative side, I don’t see the United States paying attention to unsustainable fiscal debt.
Argentina’s Economic Challenge in Context

Nov 13, 2024 | bbntimes.com | Timothy Taylor

When those outside Argentina discuss Javier Milei, who took office as President of Argentina in December 2023, I sometimes feel as if they are actually saying how they would feel if Milei was elected in their own country. For example, Milei has in a year cut Argentina’s government spending by 30% in real terms. So US-based commenters have a tendency to evaluate him by whether they would favor a 30% cut in US government spending.
How Much Money from a Confiscatory Tax on the Uber-Wealthy?

Nov 5, 2024 | bbntimes.com | Timothy Taylor

The concept of a confiscatory tax on the ultra-rich has been floated to fund government projects or tackle inequality. Every now and then, I hear proposals to fund some programs by taxing the wealthy–or even just confiscating wealth above a certain level. For the purposes of this post, I’m not interested in the question of whether this tax would be a good idea. (Shocking disclosure: I don’t think it’s a good idea.) I just want to know how money is out there at the top of the US wealth distribution.