Economic Policy
AI-Driven Productivity and the Invest America Act
AI is set to deliver unprecedented productivity gains, potentially exceeding those from PCs and the Internet, driving economic growth and efficiency across industries. Concurrently, the Invest America Act aims to address wealth inequality by providing every child with a seeded investment account, fo…
Challenging the Narrative of Scientific Progress and Economic Growth
The conventional wisdom that scientific progress and economic productivity are consistently accelerating is challenged by evidence suggesting a decline in per-person scientific productivity and Total Factor Productivity (TFP) growth. While resources and personnel in science have increased dramatical…
US Economic Outperformance Driven by Unique Market Dynamics and Policy Choices
The U.S. economy has demonstrated superior performance in labor productivity and inequality reduction compared to other developed nations since the Global Financial Crisis. This divergence is attributed to distinct features like a more flexible financial system dominated by non-bank lending, a large…
Declining Top Marginal Tax Rates Undermine Public Programs
Historical data indicates a significant reduction in the top marginal tax rate in the US since the mid-20th century. This decline is presented as a causal factor for the degradation of government functions and public programs, necessitating tax system reform to address these issues.