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How do landowners protect their interests in contemporary democracies? Classic social science studies have argued that landowners’ economic interests are incompatible with democracy, as democratization should lead to the increasing taxation or even expropriation of their assets in response to redistributive demands from the poor. However, agrarian elites and democracy have coexisted in Latin America […]
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Zvi Bodie, Robert C. Merton, & Richard T. Thakor Publishing 12 February 2025 | Paperback / $74.99 / £54.99 / 9781108987165 Order an examination copy About the Book Written for the MBA or undergraduate first course in finance, as well as follow-on courses, Principles of Finance provides a clear, accessible, and thorough explanation of the […]
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In the history of economics, the contributions of early Indian economists remain largely overlooked despite their profound impact. My work centers on the pioneering voices of these economists, particularly during the late nineteenth century, as they began to forge a distinct narrative on economic development rooted in the realities of India. This blog explores the […]
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Contemporary Artificial Intelligence (AI) is a learning technology that has come into prominence at the same time that humans are learning more about the nature of intelligence. These learning processes mean that what AI will eventually evolve into—and when—is unknown. This uncertainty is one reason why there is much hype and hysteria surrounding the technology. […]
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Politicians frequently derail peace efforts by prioritizing short-term political gains over long-term stability. Take the example of Nicaragua, where during the Cold War the United States propped up the infamous Contra rebel organization that fought the Soviet-backed Sandinista government. The ensuing war lasted nine long years, and led to a large death toll. My new […]
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A foundational objective of the Constitution of the United States is to “promote the general Welfare.” However, the Constitution does not define “general Welfare.” The Constitutional premise that the United States should promote the general welfare exemplifies frequent broad assertions that entities making societal decisions should aim to maximize social welfare. Such assertions may have […]
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Entrepreneurship has been the theme of my research for four decades. My first article on entrepreneurship was published in 1984. I must confess, however, that I had not truly understood the nature of entrepreneurship until a few years ago. The reason is that I was trapped in mainstream (neoclassical) economics. I had always been a […]
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Econometricians develop and use methods and techniques to model economic behavior, create forecasts, to do policy evaluation, and to develop scenarios. Often, this ends up in some advice. This advice can be a prediction for the future or for another sector or country, it can be a judgment on whether a policy measure was successful […]
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