Should we be alarmed by the decline of US manufacturing?

By many measures, manufacturing in the United States has been regressing. Certainly along most any relative metric—share of domestic output and employment, share of world manufacturing, trade balances relative to the other large manufacturing countries—the sector has been shrinking for decades.

Why Merton Miller remains misunderstood

Merton H. Miller liked to tell a joke about Yogi Berra, the famous baseball catcher. Berra once told his trainer that he was particularly hungry, and he instructed him to cut his pizza into 12 pieces instead of six.