Peter Thiel spoke about the basic principles that underlie innovative products and startup firms, using examples from his own experience starting up firms such as Paypal and Palantir. He emphasized the importance of creating a firm or product with characteristics of monopoly, and contrasted that idea with the distinction between monopoly and competition taught in economics.
Economics Working Paper WP17104
Analyzing the future of democracy with former prime ministers and presidents. Featuring Nick Clegg, Felipe Calderón, Toomas Henrik Ilves, and Anders Fogh Rasmussen.
Severe stress in the financial markets has given rise to a host of unprecedented actions by the Federal Reserve, including the Bear Stearns intervention, new lending facilities for primary dealers, and a decision to authorize the Fed to lend to Fannie Mae and Freddie Mac should such lending become necessary.
A steady and predictable policy will greatly contribute to the performance of the economy.
In Across the Great Divide: New Perspectives on the Financial Crisis, Taylor and Baily Bring Forth Differing Viewpoints to Examine the Financial Crisis of 2008 and How to Avoid Future Crises
The Hoover Institution Press and Brookings Institution today released Across the Great Divide: New Perspectives on the Financial Crisis, edited by Hoover Institution Senior Fellow John Taylor and Brookings Institution Senior Fellow Martin Neil Baily.
The financial crisis has given rise to numerous, large, and unprecedented actions by the Federal Reserve. At the time of our previous workshop on this topic last July, these actions included the Bear Stearns intervention, the new lending facilities for banks and primary dealers, and a decision to authorize the Fed to lend to Fannie Mae and Freddie Mac. Since then the list has expanded enormously to include the AIG intervention, the creation of a commercial paper funding facility, large loans to foreign central banks, and the purchase of assets backed by mortgages, credit card debt, and student loans. Recently the Treasury has proposed a large expansion of these purchases.
These developments raise important policy questions about the future of central banking policy. Many of the questions are best considered as part of a longer term overhaul of the financial regulatory structure including ways to reduce “the too big or too interconnected to fail” problem by creating new market mechanisms or alternative resolution systems. But there are also urgent policy issues to be addressed in the weeks and months ahead.
Guest Speaker: Troy Paredes (Commissioner of the U.S. Securities and Exchange Commission)
Despite changing demographics and a sharp veer to the ideological left, is it possible that California could take a political trip back to the future as two staples resurface that drove the state’s politics in the more conservative 1980s and 1990s? Look around and you’ll see indications that even in this liberal bastion on the left coast, the issues of taxes and crime are stirring again.
When auditors review governance structures and books, and are encouraged to consult with their clients about problems in the incentive structures, we will have come a long way toward eliminating fraud.
During the past year, severe stress in the financial markets has given rise to a host of new Federal Reserve actions. The Fed has created a trio of new facilities designed to alleviate the credit crunch and support vulnerable financial firms.
The space program used to mean one thing: the effort to put American astronauts on the moon. That effort is becoming ancient history. We haven't sent anyone to the moon in thirty years. So what is NASA's mission today? What sort of space exploration is worth pursuing today and tomorrow? And is NASA the right institution for the job?
The Justice Department’s attempt to break up Microsoft is not only misguided on economic grounds—it could actually put our national security at risk. By Hoover fellow Bruce Berkowitz.
California Dreamin’: Of Bolder Leaders Unafraid To Challenge The Vested Interests Running The Golden State—And Ruining Its Future
Californians long led an idyllic version of the American Dream: lots of sunshine, jobs, upward mobility, home and automobile ownership, inviting ample space and tremendous mobility. Long a harbinger of national trends and an incubator of innovation, the Golden State used to be home to steadily rising standards of living, outstanding public schools and universities, and enviable infrastructure.
Author of Life After Google: The Fall of Big Data and the Rise of the Blockchain Economy, George Gilder on the future of technology.
For some six decades, the continent of Europe has enjoyed remarkable peace and prosperity. What role has the European Union played in this success? And what role should the European Union play in the future? According to some European leaders, the purpose of the European Union is to create a superpower capable of counterbalancing the United States. Is the goal of a superpower Europe a good idea? Is it even possible? Peter Robinson speaks with John O'Sullivan and Adrian Wooldridge.
For forty-five years, the threat of conflict with the Soviet Union brought the United States and Western Europe into a tight partnership, most notably represented by the NATO military alliance. But with the Soviet Union gone and the European Union on the road to possible superpower status in its own right, does the transatlantic alliance have a future? Peter Robinson speaks with Niall Ferguson, Josef Joffe, and Coit Blacker.
The modern California was built on an expansive and well-thought-out infrastructure plan. Today, however, that system is crumbling beneath our feet and the bill just repair it – let alone modernize it for the next generation of Californians – is steadily growing: some estimate it to be around $500 billion or roughly 3 times the proposed 2016-2017 total state expenditure budget.
Presidents George Bush and Vladimir Putin will hold a summit at the end of September that will focus on economic and other ties between the United States and Russia. The two presidents have long recognized the central position of energy in our bilateral relations, and in that sphere, nothing is as critical as oil. Today Russia may again be the largest oil exporter in the world, but very little yet comes to the United States. Russia’s oil industry is dominated by rich and aggressive young private companies. Generally, they are eager to deal with foreigners, but despite significant state reforms they often are still inhibited by a dilapidated, state-controlled delivery system and a residue of traditional thinking and institutions. Many of Russia’s as-yet-unresolved post-Soviet prob-lems exploded in mid-2003 when the prosecutor general’s office attacked Yukos, the country’s most modernized, productive and pro-American private oil company. Thus even as Washington and American oil industry leaders actively sought alternatives to unstable sources in the Middle East, Africa and Latin America, basic questions re-emerged in Russia about the privatizations of the 1990s, the security of private property, the mixing of law and politics, and the exercise of power in the Kremlin. Today Russians, with the support of American and European allies, must create conditions that will welcome the foreign funds, technology, and expertise needed to develop the critical oil industry but also to lay foundations of law and infrastructure that will help make Russia a stable member of the world community. Americans must decide how much involvement Russia can constructively absorb to promote not only short-term oil supplies but also long-term Russian development and broader U.S. foreign policy goals. Finally, the critical long-term lesson of 9/11 and other recent experiences for Americans is that even as we cultivate Russia as an ally and major source of oil, we must actively develop alternative sources of energy. In an unstable world, the United States must not forever be held hostage by other nations with their often very different cultures, institutions and interests.