The national-income accounts double-count investment, which enters once when it occurs and again in present value as rental income on added capital. The double-counting implies over-statement of levels of GDP and national income. Across countries, those with higher propensities to invest...

A key issue for the ongoing COVID-19 pandemic is whether non-pharmaceutical public-health interventions (NPIs) retard death rates. Good information about these effects comes from flu-related excess deaths in large U.S. cities during the second wave of the Great Influenza Pandemic, September...

Long-term data show that the dynamic efficiency condition <i>rg</i> holds when <i>g</i> is represented by the average growth rate of real GDP if <i>r</i> is the average real rate of return on equity, <i>E(r^e)</i>, but not if <i>r</i> is the risk-free rate, <i>r^f</i>. This pattern accords with a simple disaster-risk model calibrated to...

The Hotelling locational model and its adaptations to a circular city provide a core framework for research in industrial organization. The present paper expands the explanatory power of this model by incorporating a continuum of consumers with constant-elasticity demand functions along with...

Rates of COVID deaths and cases differ markedly across U.S. states, as do rates of vaccination. This study uses cross-state regressions to assess impacts of vaccinations on COVID outcomes. A number of familiar issues concerning cross-sectional regressions arise, including omitted variables,...

Articles from the 1970s applied a general-disequilibrium framework to the determination of output and employment with sticky nominal prices and wages. Quantities are determined on the short sides of the goods and labor market and involve non-price rationing. With general excess supply, where...

The fiscal theory of the price level (FTPL) has been active for 30 years, and the interest in this theory grew with the recent global surges in inflation and government spending. This study applies the FTPL to 37 OECD countries for 2020-2022. The theory's centerpiece is the government's...

For 188 independent countries in 2000, 72 had no state religion in the years 2000, 1970, and 1900; 58 had a state religion at all three dates; and 58 had some kind of transition. Among the 58 transitional countries, 12 had two transitions, 4 of which (former Soviet Republics in Asia) involved two...

Corporate versus pass-through status trades off benefits (perpetual identity, limited liability, public trading, earnings retention) against tax wedges, estimated from U.S. taxes on corporate profits, dividends, and partnership income. In regressions, C-corporate economic shares decline with the...

Mortality and economic contraction during the 1918-1920 Great Influenza Pandemic provide plausible upper bounds for outcomes under the coronavirus (COVID-19). Data for 48 countries imply flu-related deaths in 1918-1920 of 40 million, 2.1 percent of world population, implying 150 million deaths...