Woody Brock: Global Growth is Mismeasured and Understated

Laurence Articles

Has productivity growth slowed in the U.S. and around the world, as is the conventional wisdom? Or is that just an illusion, caused by the difficulty of measuring the quality improvements (instead of quantity improvements) that constitute the bulk of productivity growth? In a provocative interview, Horace (“Woody”) Brock, an economist, strategist and consultant to many of the world’s leading …

Fire Marshal in a Nightclub: Richard Bookstaber Explains Financial Risk Management

Laurence Articles

Richard Bookstaber has authored two superbly written and thoughtfully argued books on the flaws of the financial system. His first, A Demon of Our Own Design (2007), was focused on the system’s complexity and foresaw the global financial crisis of 2007-2009. His latest book, The End of Theory, argues that economics as currently understood is poorly designed to understand the …

Index Fund Silliness: Indexing Doesn’t Distort Anything

Laurence Articles

In a burst of silliness, index funds have recently been compared to Communism, called un-American, and regarded as proof of our essentially lazy nature. But those are softballs. In a harder-edged attack, cash flows into index funds have been blamed for pushing the prices of a few favored stocks up to astronomical levels, distorting markets and making indefensible capital allocation …