Ethics and the Foundation of Global Justice. Amartya Sen, September 8, 2017, Paper, “Reverend Dr. Martin Luther King, Jr., wrote in his Letter from Birmingham Jail: “Injustice anywhere is a threat to justice everywhere.” That was in April 1963, more than a half-century ago. He had been jailed for his agitation to end injustice against non-white people in his own country, and he would be killed soon after by an assassin who hated him and his vision.Link

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We’re Richer Than We Realize. Martin Feldstein, September 8, 2017, Opinion, “Government statistics paint an excessively grim picture of what is happening to real wages and the growth of real national income. Although most households’ take-home cash has been rising very slowly for decades, their standard of living is increasing more..Link

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Macron’s Labor Gambit. Dani Rodrik, September 7, 2017, Opinion, “French President Emmanuel Macron’s entourage has been wisely telling anyone who will listen not to expect too much from the proposed new labor code. Indeed, the economics of the reforms suggest that they are unlikely to make a big difference on their own.Link

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What Are the Limits of CEO Activism? James Heskett, September 6, 2017, “Should CEOs actively speak out when they encounter social injustice—even if their beliefs may not shared by employees, board members, or many shareholders? James Heskett asks, what are the limits to a chief executive’s soapbox?Link

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Cohn is Getting it all Wrong on Taxes. Lawrence Summers, September 5, 2017, Opinion, “Given recent controversies, I was interested to read National Economic Council Director Gary Cohn’s answer to a “why are you staying?” question put by Stuart Varney of the Fox Business Network last week. To his credit Cohn did not back away from his reservations about the president’s response to the Charlottesville violence. He said “Look, tax cuts are really important to me. I think it’s a once-in-a-lifetime opportunity. We haven’t done tax cuts in 31 years. So, to be a part of an administration that gets something done that hasn’t been done for 31 years is enormously challenging, enormously interesting to me.” Link

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It’s Time to Balance the Power between Workers and Employers. Lawrence Summers, September 3, 2017, Opinion, “The central issue in American politics is the economic security of the middle class and their sense of opportunity for their children. As long as a substantial majority of American adults believe that their children will not live as well as they did, our politics will remain bitter and divisive.Link

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Managing Our Hub Economy. Marco Iansiti, Karim Lakhani, September/October 2017, Opinion, “The global economy is coalescing around a few digital superpowers. We see unmistakable evidence that a winner-take-all world is emerging in which a small number of “hub firms”—including Alibaba, Alphabet/Google, Amazon, Apple, Baidu, Facebook, Microsoft, and Tencent—occupy central positions. While creating real value for users, these companies are also capturing a disproportionate and expanding share of the value, and that’s shaping our collective economic future. The very same technologies that promised to democratize business are now threatening to make it more monopolistic.Link

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An Empirical Analysis of Investment Return Dispersion in Emerging Market Private Equity. Josh Lerner, Fall 2017, Paper, “The authors use transaction-level data to compare the dispersion of private equity (PE) returns in emerging markets (EMs) to the same in developed markets (DMs). They regress within-market absolute deviation from the mean on an EM indicator and controls. They find evidence suggesting that the distribution of transaction-level TVPI has lower variance within EMs than within DMs, although with some caveats. The results suggest opportunities for further research exploring the relative riskiness of EM PE.Link

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Corporate Social Responsibility and the Global Compact. John Ruggie, 2017, Book Chapter, “Under the leadership of Secretary-General Kofi Annan, the United Nations has played an active role in promoting corporate social responsibility as one means to respond to the challenges of globalisation.’You do not need to wait for governments to pass…Link

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The Slow Recovery in Output after 2009. James Stock, 2017, Paper, “The U.S. economy has been expanding slowly since the recession trough in 2009. Though unemployment has declined at about the same rate as in previous recoveries, output has grown much more slowly than in the past. We explore explanations for the shortfall in output growth, using a quantitative decomposition based on growth economics. Two components of the decomposition stand out: slow growth in productivity, and a growing shortfall of labor-force participation relative to its demographic determinants. The slow growth in both components predated the recession. Our analysis gives a full treatment to cyclical effects.Link

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