In one way we think a great deal too much of the atomic bomb. “How are we to live in an atomic age?” I am tempted to reply: “Why, as you would have lived in the sixteenth century when the plague visited London almost every year, or as you would have lived in a Viking […]Read more "On Living in an Atomic Age"
Capital gains are 15-25% of household income, but: [I]n economics […] capital gains aren’t counted as income. And they don’t contribute to “saving.” Those gains are completely invisible to a huge bulk of the economics work (both empirical and theoretical) that is built on income and saving concepts and measures. One reason capital gains are not […]Read more "Why Economists Ignore Much of Rich People’s Income"