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A Public Comment on the SEC Pay Ratio Disclosure Rule

In this comment, we explain our objections to the SEC’s current formulation of the Pay Ratio Disclosure Rule on each of three grounds: the erroneous estimation of CEO pay; the unclear specification of the “median” worker; and the risk of normalizing a pay ratio that is far too high. Then we present the latest data on the remuneration of the 500 highest-paid CEOs in the United States, demonstrating the way in which the SEC’s measure of CEO pay that enters into the CEO-to-median-worker pay ratio tends to systematically underestimate actual executive pay. Read more

Can “It” Happen Again? Defining the Battlefield for a Theoretical Revolution in Economics

As part of our “Experts on Trial Series”, Antonella Palumbo argues for stripping away ‘scientific’ shibboleths that mask social and political choices Read more

China’s Weapons of Trade War

A trade war would undoubtedly hurt both sides. But there is reason to believe that the US has more to lose. If nothing else, the Chinese seem to know precisely which weapons they have available to them. China could stop purchasing US aircraft, impose an embargo. Read more