Lukas Rieppel shows how dinosaurs gripped the popular imagination and became emblems of America’s industrial power and economic prosperity during the Gilded Age. Spectacular fossils were displayed in museums financed by North America’s wealthiest tycoons, to cement their reputation as both benefactors of science and fierce capitalists.
This report summarizes analysis in which the COMPARE microsimulation model was used to estimate how several potential changes to the Affordable Care Act, including eliminating the individual mandate and eliminating the law’s tax-credit subsidies, might affect 2015 individual market premiums and overall insurance coverage. The report also presents estimate how changes in young adult enrollment might affect 2015 individual market premiums.
In this work James Tobin discusses two major issues of macroeconomics: the strength of automatic market forces in maintaining full employment equilibrium and the efficacy of government fiscal and monetary policies in stabilizing the economy.
Economic growth, low inflation, and financial stability are among the most important goals of policy makers, and central banks such as the Federal Reserve are key institutions for achieving these goals. In Asset Prices and Monetary Policy, leading scholars and practitioners probe the interaction of central banks, asset markets, and the general economy to forge a new understanding of the challenges facing policy makers as they manage an increasingly complex economic system.
The contributors examine how central bankers determine their policy prescriptions with reference to the fluctuating housing market, the balance of debt and credit, changing beliefs of investors, the level of commodity prices, and other factors. At a time when the public has never been more involved in stocks, retirement funds, and real estate investment, this insightful book will be useful to all those concerned with the current state of the economy.
Over the past three decades, average household wealth in the United States has declined among all but the richest families, with a near 80 percent drop among the nation's poorest families. Although the national debate about inequality has focused on income, it is wealth—the private assets amassed and passed on within families—that provides the extra economic cushion needed to move beyond mere day-to-day survival. Assets for the Poor is the first full-scale investigation into the importance of family wealth and the need for policies to encourage asset-building among the poor. Assets for the Poor shows how institutional mechanisms designed to encourage acquisition of capital and property favor middle-class and high-income families. For example, the aggregate value of home mortgage tax deductions far outweighs the dollar amount of the subsidies provided by Section 8 rental vouchers and public housing. Banking definitions of creditworthiness largely exclude minorities, and welfare rules have made it nearly impossible for single mothers to accumulate savings, let alone stocks or real estate. Due to persistent residential segregation, even those minority families who do own homes are often denied equal access to better schools and public services. The research in this volume shows that the poor do make use of the assets they have. Cash gifts—although small in size—are frequent within families and often lead to such positive results as homebuying and debt reduction, while tangible assets such as tools and cars help increase employment prospects. Assets for the Poor examines policies such as Individual Development Account tax subsidies to reward financial savings among the poor, and more liberal credit rules to make borrowing easier and less costly. The contributors also offer thoughtful advice for bringing the poor into mainstream savings institutions and warn against developing asset building policies at the expense of existing safety net programs. Asset-building for low-income families is a powerful idea that offers hope to families searching for a way out of poverty. Assets for the Poor challenges current thinking regarding poverty reduction policies and proposes a major shift in the way we think about families and how they make a better life. A Volume in the Ford Foundation Series on Asset Building
Economists make confident assertions in op-ed columns and on cable news—so why are their explanations at odds with equally confident assertions from other economists? And why are all economic predictions so rarely borne out? Harnessing his frustration with this contradiction, Schlefer set out to investigate how economists arrive at their opinions.
In this volume, specialists from traditionally separate areas in economics and finance investigate issues at the conjunction of their fields. They argue that financial decisions of the firm can affect real economic activity—and this is true for enough firms and consumers to have significant aggregate economic effects. They demonstrate that important differences—asymmetries—in access to information between "borrowers" and "lenders" ("insiders" and "outsiders") in financial transactions affect investment decisions of firms and the organization of financial markets. The original research emphasizes the role of information problems in explaining empirically important links between internal finance and investment, as well as their role in accounting for observed variations in mechanisms for corporate control.
Throughout the latter part of the 20th century, the U.S. labor market performed differently than the labor markets of the world's other advanced industrialized societies. In the early 1970s, the United States had higher unemployment rates than its Western European counterparts. But after two oil crises, rapid technological change, and globalization rocked the world's economies, unemployment fell in the United States, while increasing dramatically in other nations. At the same time, wage inequality widened more in the United States than in Europe. In At Home and Abroad, Cornell University economists Francine D. Blau and Lawrence M. Kahn examine the reasons for these striking dissimilarities between the United States and its economic allies. Comparing countries, the authors find that governments and unions play a far greater role in the labor market in Europe than they do in the United States. It is much more difficult to lay off workers in Europe than in the United States, unemployment insurance is more generous in Europe, and many fewer Americans than Europeans are covered by collective bargaining agreements. Interventionist labor market institutions in Europe compress wages, thus contributing to the lower levels of wage inequality in the European Union than in the United States. Using a unique blend of microeconomic and microeconomic analyses, the authors assess how these differences affect wage and unemployment levels. In a lucid narrative, they present ample evidence that, as upheavals shook the global economy, the flexible U.S. market let wages adjust so that jobs could be maintained, while more rigid European economies maintained wages at the cost of losing jobs. By helping readers understand the relationship between different economic responses and outcomes, At Home and Abroad makes an invaluable contribution to the continuing debate about the role institutions can and should play in creating jobs and maintaining living standards.
At Road's End is a timely guide to a new era of holistic transportation. It presents new models for transportation planning, describes effective strategies for resolving community disputes, and offers inspiration by clearly demonstrating that new ways of planning and implementing transportation systems can work.
Robert Mulcahy’s chronicle of his decade leading Rutgers University athletics is an intriguing story about fulfilling a vision. The goal was to expand pride in intercollegiate athletics. Redirecting a program with clearer direction and strategic purpose brought encouraging results. Advocating for finer coaching and improved facilities, he and Rutgers achieved national honors in Division I sports. Unprecedented alumni interest and support for athletics swelled across the Rutgers community.
His words and actions were prominent during a nationally-reported incident involving student athletes. When the Rutgers Women’s Basketball team players were slandered by racist remarks from a popular radio talk show host, Mulcahy met it head on. With the coach and players, he set an inspiring example for defending character and values.
Though Mr. Mulcahy left Rutgers in 2009, his memoir reflects continued devotion to intercollegiate athletics and student athletes. His insights for addressing several leading issues confronting Division I sports today offer guidelines for present and future athletic directors to follow.
The story of Atlanta Life Insurance Company, with its humble beginning as a small mutual aid association, depicts the inspiring efforts of black Americans to build and sustain economic organizations and enterprises. Its study also fits in to the mosaic of activities, extending back to the pre-Civil War era, that were aimed at developing an economic base within the black community.
These efforts gained new meaning in the post-Reconstruction period as blacks strove to survive in an America that was increasingly characterized by rampant racism and a host of economic and social restrictions based on race. In this environment, a significant number of black leaders urged business development and the amassing of wealth among black Americans as the primary means by which the reace could end its disadvantage in American society and achieve respect and citizenship.
In Atlanta, shortly after the turn of the century, Alonzo Franklin Herndon, a former slave, joined a long line of promoters of black enterprise by creating Atlanta Life Insurance Company. More than three-quarters of a century later, it is an important enterprise that is the nation’s largest black-controlled shareholder insurance company. With more than $108.7 million in assets, the firm is today a significant example of the efforts of black Americans to achieve economic dignity in America.
Henderson focuses on the historic roots of Atlanta Life, its economic growth and development as a black-owned institution, and its social and economic involvement with the problems and progress of black America. Depicting circumstances that varied from race riots and hostility to investigations by stave regulatory boards to depression to efforts at acquiring special Congressional legislation protecting stock ownership, Henderson relates important details of the Atlanta Life story and its identity with the society it served.
Although some statesmen and historians have pinned Austria’s—and the world’s—interwar economic implosion on financial colonialism, in this corrective history Nathan Marcus deemphasizes the negative role of external players and points to the greater impact of domestic malfeasance and predatory speculation on Austrian political and financial decline.