Income Per Natural

A recent paper by Michael Clemens and Lant Pritchett analyses if people matter more than places. It is easy to learn the average income of a resident of El Salvador or Albania. But there is no systematic source of information on the average income of a Salvadoran or Albanian. In this new working paper, research [...]

Asset Bubble Anecdote

Here’s a very interesting anecdote that describes how an “asset bubble” builds up and what are its consequences. Read it even if it confuses you a bit…things will be clear as you reach the end…. ANECDOTE Once there was a little island country. The land of this country was the tiny island itself. The total [...]