The resurgence of subsidies and industrial policies has raised concerns about their potential inefficiency and alignment with multilateral principles. Critics warn that such policies may divert resources to less efficient firms and provoke retaliatory measures from other countries, leading to a...

The paper presents a theoretical model and its simulation to explore the process of the fall of nations by focusing on moral and cultural decline, as well as military overstretch. In the model, a representative agent divides his time among military spending, material production, the consumption...

We present new facts about the largest American companies over the past century. In manufacturing, top firms in the 1910s, 1950s, and 2010s predominantly date back to around 1900. Even as this special generation persists, turnover among top firms has been substantial. In contrast, in retail and...