1+ hour, 13+ min ago  (158+ words) Not all trillions — debts, valuations, investments — are created equal. Huge nominal numbers often obscure the institutions and incentives that produced them. Billionistan opened its gates in 1901, when JP Morgan assembled US Steel into the world’s first billion-dollar corporation. Perhaps it…...

1+ mon, 1+ day ago  (23+ words) Economic liberalization has often been assumed to have environmental tradeoffs. But decades of data show the incentives of prosperity and preservation are a......

1+ mon, 5+ day ago  (904+ words) World’s First Net-Worth Trillionaire Shows Us How Markets Price the Future The Daily Economy World’s First Net-Worth Trillionaire Shows Us How Markets Price the Future Behind the headline figure lies a deeper economic story: financial markets assigning enormous value to…...

3+ mon, 1+ week ago  (197+ words) Internal combustion engines empowered millions to participate in the modern economy. Restrictions on their use hit the poor hardest. Unlike the early days of the automobile, where owning a vehicle was a source of status, leisure, and thrills, it has…...

5+ mon, 2+ week ago  (228+ words) The Model T brought mobility within reach of ordinary workers. Despite huge improvements, affordability has eroded as real costs climb. While most of my fellow Michiganders like to think of Detroit as the birthplace of the automobile, we have to…...

11+ mon, 4+ week ago  (703+ words) Before Amazon.com existed, you had to buy books — and any number of other things — at physical stores. If you wanted a new washer or refrigerator, you had to go to a Sears store. Now imagine if, even worse, there…...