The Capital Note: Google Under Attack, the Fed Frets about Risk

On the menu today: The war on Google, the Fed worries about what ultra-low interest rates might mean, the Biden

The Capital Letter: Week of October 12

The economics and politics of stimulus, taxes everywhere, the tech wars, the deficit, South Sudan, and more.

The Capital Note: ‘Stakeholder Capitalism’ or Democracy: Choose One; Yield or Human Rights: Choose One

On the menu today: ESG (again), Renminbi revival, the economics of vending machines, the economics of the Spanish Flu, and

The Capital Letter: Week of October 5

The politics of stimulus, trade deficits, big government and big tech and more.

The Capital Note: Election Trades & Real Estate Troubles

On the menu today: Wall Street braces itself for November, trouble in commercial real estate, and a look at exponential-growth

The Capital Note: Forward Guidance & the Fate of Cities

On the menu today: the Fed’s forward guidance, the fate of cities, and the use of collateral in emerging markets.

Milton Friedman’s Shareholder Primacy Stands the Test of Time and Helps Many Stakeholders 50 Years Later

Joe Biden and CEOs emphasize helping non-shareholder stakeholders, but they ignore how Friedman’s shareholder primacy theory does exactly that.

The Capital Note: Lockdowns & Lumber

Small business, work from home, how a lumber shortage is increasing the size of one university’s endowment, and more.

The Capital Note: Individual Investors, Inflation & the Invisible Hand

The Role of Robinhood, Inflation-Adjusted Capital-Gains Taxes, Shakespeare’s Influence on Adam Smith, and more.

The Capital Note: Kodak’s Slide & Adam Smith’s Kidnapping

Higher home ownership rates, unpacking Kodak’s mismanagement of government funds, and the (likely apocryphal) kidnapping of Adam Smith.