Here’s who stands to gain the most from a Jeff Bezos-Liverpool FC deal

Can automation harm workers without replacing them? We study jobs in which workers value both producing useful output and knowing that the output depends on their own contribution. A credible machine alternative can weaken that second source of meaning even when the firm retains the worker. Our model shows that this loss raises compensation when…

Just a few months ago, oil prices were surging and there were forecasts it could get worse. But, defying forecasts of doom, oil prices are crashing to levels seen at the start of the war.  The Economist predicted $150 oil, now they admit they were wrong. Yet, closing Hormuz was a bigger oil supply shock…

Japan is the land of the rising sun, but the Yen has been falling and the only thing going up is Japanese bond yields. But why does this matter for the global economy? Well, the other part of the equation is this Japan’s gross debt at 249% of GDP, the highest in the world. Recently,…

Retail prices make poor targets for excise taxAn excise tax is a tax imposed on a specific good or activity. Excise taxes are commonly levied on cigarettes, alcoholic beverages, soda, gasoline, insurance premiums, amusement activities, and betting, and typically make up a relatively small and volatile portion of state and local and, to a lesser extent, federal…