In early May 2019, the United States announced it would deploy an aircraft carrier, B-52 strategic bombers, and a Patriot missile battery to the Gulf region, declaring it had received information that Iran intended to strike US targets or those of its allies, directly or through a proxy. The United States followed with a new round of sanctions targeting Iran’s oil industry.
The John F. Kennedy School of Government at Harvard University
This paper investigates the formation of production and trading networks in an economy with general interdependencies and complex property rights. The right to exclude,a core tenet of property, grants asset owners a form of monopoly power that influences granular economic interactions. Equilibrium networks reflect the distribution of these ownership claims. Inefficient production networks may endure in equilibrium as firms multi-source to mitigate hold-up risk. Short supply chains also reduce this risk, but may preclude the production of complex goods. A generalized Top Trading Cycles algorithm, applicable to a production economy, identifies equilibrium outcomes in the model. Such outcomes can be decentralized via a price system.
International Trade and Finance, International Affairs, Intellectual Property/Copyright, and National & provincial initiatives
Let us stipulate at the outset that President Trump is a vulgar and dishonest fraud without a principled bone in his body.
Yet history is nothing if not a tale overflowing with irony. Despite his massive shortcomings, President Trump appears intent on recalibrating America’s role in the world. Initiating a long-overdue process of aligning U.S. policy with actually existing global conditions just may prove to be his providentially anointed function.
We examine the distribution of student loan balances and repayment rates in the United States using administrative student loan data. We show that increases in credit limits and expansions in credit availability resulted in rising borrowing amounts, and that the share of borrowers holding very large balances has surged. For instance, the share of borrowers leaving school with more than $50,000 of federal student debt increased from 2 percent in 1992 to 17 percent in 2014. Consequently, a small share of borrowers now owes the majority of loan dollars in the United States. Although these large-balance borrowers have historically strong labor market outcomes and low rates of default, repayment rates have slowed significantly between 1990 and 2014 reflecting, in part, changes in the characteristics of students, the schools they attended, and the rising amounts borrowed. A decomposition analysis indicates that changes in the types of institutions attended, student demographics, default rates, and increased participation of alternative repayment plans and forbearance largely explain the decrease in student loan repayment.
Until recently, we were operating under the assumption that the liberal world order would prove sufficiently inclusive, productive and resilient to serve as a stable framework for international cooperation. But such optimism seems increasingly unwarranted as a wide host of existential challenges have materialized, including the return of geopolitics, the resurgence of autocratic leadership, the revival of economic protectionism and the rising tide of populism and nationalism.
International Political Economy and International Affairs
Democrats accuse President Trump of abuse of executive power and “thinking he is a dictator.” But then, Republicans made similar charges about President Obama. They all have a point.
At least since the administration of Franklin D. Roosevelt, there has been a flow of power from civil society to government, from the states to the federal government, and from Congress to the executive branch. But a recent newspaper headline reminded me of some other headlines that tell a story.
For the past 17 years, presidents have used the 2001 Authorization for the Use of Military Force (AUMF) as a blank check to wage war whenever and wherever they please. Congress is now debating several replacement AUMFs—but these, too, pose the danger of granting the president far broader war powers than the Constitution envisioned. At a Capitol Hill Briefing, Cato’s GENE HEALY and JOHNGLASER made the case for repealing, rather than replacing, the AUMF.
Why do we pay $600 for EpiPens, a long-existing piece of technology
that contains just a dollar’s worth of medicine? Why
do hospitalized patients so frequently receive bills laden with
inflated charges that come out of the blue from out-ofnetwork
providers or that demand payment for services that weren’t delivered?