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The High Cost of Just Cause
This month, amid World Cup fever, New York City implemented a new job-protection law. This law forbids app-based rideshare platforms from removing drivers unless they can show they have “just cause” or a “bona fide economic reason.” The new law follows a pattern set by a similar pandemic-era law, also from New York City, which…
Why the winners in AI won’t be the AI companies
Tthe market’s view of artificial intelligence is that one of the big winners will be the model-makers,. after all those are the people who invented it. Markets — at least private markets — have assigned huge valuations to the companies building the models, predominantly OpenAI and Anthropic. The history of great invesntions suggests investors should…
Supply and Demand with Market Heterogeneity
Margaret Chen, Utkarsh Dandanayak, and Arnstein Vestre provided outstanding research assistance. An early draft of this paper was circulated under the title “Linear Supply and Demand in Heterogeneous Markets,” dated November 15, 2024. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic…
USDCHF trades to highest level going back to June 2025
The USDCHF has been grinding steadily higher throughout July, adding another modest gain today. The pair is up about 0.21% after recovering from an early European-session dip, with the rebound lifting the price to fresh 2026 highs and its highest level since June 2025. The session high reached 0.8184 so far. That advance has carried…
Gold Purchases Accelerate as Dollar Confidence Wanes
Central banks are scaling back on the dollar as institutional bullion buying climbs to record highs. In the World Gold Council’s (WGC) latest annual survey of central banks, 83% of respondents expect to increase their gold holdings over the next year. That’s up from 76% in 2025. This surge in demand is due to the…
AI Will Supercharge Surveillance Capitalism by Courtney C. Radsch
Innovation Jul 20, 2026 Courtney C. Radsch For too long, governments have stood by and allowed the creation of business models built on the commercial exploitation of users’ personal data and that reward social and psychological manipulation. With the AI industry poised…