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Robert P. Murphy

Accounting for Capital and Income

Robert P. Murphy
July 7, 2014

Although the concepts of capital and income are fairly well established in economic theory, they are not easy to measure. One reason, says economist Robert P. Murphy, is the differential tax treatment of income to individuals and income to corporations. One major change in the tax code, in 1986, dramatically increased high-income people's incentive to take income as individual income that they normally would have taken as corporate income. That one change might account for much of the apparent increase in income, in the late 1980s, of the top one percent. Read more at:
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Arnold Kling

Do We Need ESSP?

Arnold Kling
July 7, 2014
Can we be duped by common sense? Yes, says Kling this month in his look at Duncan Watts' Everything is Obvious Once You Know the Answer. Instead, Kling wishes more people possessed ESSP--Epistemological Skepticism about Social Phenomena.
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FEATURED COLUMNS

REFLECTIONS FROM EUROPE

"Some good ideas are very simple but not all very simple ideas are good. The driving idea behind Thomas Piketty's amazingly successful Capital in the Twenty First Century is very simple, but not good." Read more in Anthony de Jasay's essay this month at:
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AN ECONOMIST LOOKS AT EUROPE

Pedro Schwartz

Piketty Fever

Pedro Schwartz
June 5, 2014
This month in "An Economist Looks at Europe," Pedro Schwartz looks at Thomas Piketty's controversial new book.
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