As the stock market continues its unprecedented boom, Nobel laureate and Hoover fellow Gary S. Becker suggests that we all recall an economic truism: The greater the returns, the greater the risk.
When the Pilgrims landed in 1620, they established a system of communal property. Within three years they had scrapped it, instituting private property instead. Hoover media fellow Tom Bethell tells the story.
The recent wave of mergers has stifled competition—or so conventional wisdom would suggest. Hoover media fellow Peter Brimelow argues that the mergers may have fueled economic growth instead.
Plant, equipment, inventory—traditional accounting methods can cope with these. But intellectual capital? That poses a problem. Michael S. Malone explains the need for accounting techniques as new as the information age itself.
Economists used to believe that economic growth arose from sudden, dramatic breakthroughs—the steam engine in the eighteenth century, the transistor in our own. Yet according to Hoover fellow Paul M. Romer, “this account gets things exactly backward.” The founder of New Growth Theory explains himself.
The profit motive is good—for more reasons than you might think. By Hoover fellow David R. Henderson.
Milton and Rose D. Friedman recall what it was like when Milton received the Nobel Prize in 1976: The Nobel Committee was gracious enough, but the demonstrators in Stockholm were another matter. An excerpt from the Friedmans’ new memoir, Two Lucky People.
Milton and Rose D. Friedman recently published their memoirs, Two Lucky People. Herewith tributes paid to the Friedmans at the dinner the Hoover Institution hosted in their honor on the Stanford Quad.
Is the average American worker better off today than thirty years ago? Yes—and no. By Hoover media fellow Peter Brimelow.
Ever since Joseph Schumpeter’s work at the turn of the century, economists have understood that entrepreneurial activity—what Schumpeter called creative destruction—creates economic growth. Nobel laureate and Hoover fellow Gary S. Becker just wishes a few of the world’s finance ministers understood it too.