Where’s Tobin? Protecting Intergenerational Equity for Endowments – A New Benchmarking Approach

Laurence Articles

with M. Barton Waring Abstract “The trustees of an endowed institution are the guardians of the future against the claims of the present.” –James Tobin, winner of the 1981 Nobel Prize in Economics. Tobin’s thoughtful admonition that endowment trustees should protect the spending power of the endowment for all time can’t be implemented in practice given today’s aggressive investment policies. …

Cloudy with a Chance of Technological Breakthrough

Laurence Articles

Will the cloud drive massive increases in productivity and wealth — as the internet did before it? That is the central question asked by Mark Mills in his stunning new book, The Cloud Revolution. Little changes sometimes morph into very big ones by stealth: you don’t see the big change coming until it has enveloped you. This is how ARPANET, …