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When financial crises strike, rescues and bailouts of distressed firms spark a familiar question: who really benefits? That same reservation arose long before the Federal Reserve, our lender of last resort, was founded. In the late 19th and early 20th centuries, when the United States had no central bank, J. P. Morgan—not a public institution—was […]
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In the 1990s I had a “driveway moment.” Public radio had a story about conflict within the Organ Procurement and Transplantation Network (OPTN) over the geographic allocation of livers for transplantation. Congress has delegated responsibility for organ allocation rules to the OPTN, an organization of transplant centers, organ procurement organizations, and histocompatibility laboratories, rather than […]
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Animals are all around us. They give us food, clothing, and companionship. We use them for entertainment and research. And they are countless in the wild. Human activities affect them, often without us realizing it. Most importantly, many animals are sentient: they can feel pain and emotions. In other words, they can experience welfare. Economics […]
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Making housing affordable is now a top priority for countries and subnational governments around the world. While much of the debate appears to be happening in countries like the United States and United Kingdom, low- and middle-income countries have been pursuing policies to make housing accessible for decades. What do these policies look like, what […]
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The first year of Trump’s second term has been a chaotic one for trade, as for so much else. Before inauguration, the President had already threatened tariffs against Denmark to force a “sale” of Greenland. Within days of taking office, he began threatening or imposing illegal tariffs against Colombia, China, Mexico, Canada, all steel and […]
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In 2016, the Harriet Tubman Collective—a group of Black disabled activists and community organizers—released a statement titled “Disability Solidarity: Completing the Vision for Black Lives.” The statement was a clear and uncompromising demand for inclusion: “We are not an afterthought. We are here. We are fighting for all of our lives. We are Black. We […]
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Banks rely on two main sources to fund their lending and investment activities: debt and equity capital. Over the past two centuries, banks have increasingly operated with less equity capital, yet maintaining sufficient capital remains essential for financial stability. The new book Capital in Banking explores a fundamental question: why are modern banks more leveraged […]
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Cartels Diagnosed contains twelve gripping and insightful case studies of collusion from key business sectors – such as airlines, gasoline industry, and big pharma – which span from North America to Europe to beyond. They are written by expert and experienced scholars and practitioners with intimate knowledge of the case. The cases advance our understanding […]
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