Sendhil Mullainathan, 19 October 2018

Sendhil Mullainathan of the University of Chicago Booth School of Business discusses the psychology of scarcity and how it applies to the poor. The interview was recorded at the RES conference in 2014.

Volker Grossmann, Thomas Steger, 09 May 2016

The ratio of wealth to income has increased substantially since WWII. Despite the key role of housing wealth in this process, an appropriate macroeconomic model that can explain recent history and assess the future is still lacking. This column presents a novel macroeconomic model designed to investigate the evolution of housing wealth in a growing economy with a fixed overall land supply. A key implication is that rising house and land prices are natural phenomena in a growing economy. Further, rising wealth-to-income ratios appear to be an important trigger for the long-term growth of the finance industry.

Andrew Berg, Andrea Presbitero, Luis-Felipe Zanna, 05 January 2016

Recent policy recommendations suggest that the output growth ‘bang’ for each additional ‘buck’ of public investment depends on the efficiency of public investment spending. This column argues that high-efficiency and low-efficiency countries may have similar growth impacts from additional public investment spending. This is because efficiency and scarcity of public capital are likely to be inversely related across countries. Efficiency and the rate of return need to be considered together in assessing the impact of increases in investment.

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