In his book Narrative Economics, Yale economist Robert Shiller argues that storytelling has more of an impact on economic events than we might assume. In a domain that seems like it ought to be driven by facts and data, stories often take on a life of their own. Many stock market bubbles—and [...]
Dogma
In 1954, Harry Markowitz was a graduate student in economics at the University of Chicago and had just finished defending his thesis. Most of the committee accepted his work. But Milton Friedman, an economist with a national reputation, and easily the most influential member of the economics [...]
Social Security’s spousal benefit
On the surface, Social Security is straightforward: During our working years, we pay into the system. Then when we’re older, the government sends a monthly check for life. But scratch the surface, and you’ll find that Social Security offers a number of additional benefits. Among them: a benefit for [...]
Better than you might guess
In my work as a financial planner, there's one topic that always seems to raise an eyebrow: Social Security. When people see projections of future retirement benefits, oftentimes they respond with skepticism. My sense is that media reports questioning the solvency of the system have led people to [...]
A single-digit tax rate
“In this world,” Ben Franklin famously once wrote, “nothing can be said to be certain, except death and taxes.” While that's true, I also would argue that neither is completely out of your hands. There are ways to make each less bad. When it comes to your health, we all know that we should exercise, [...]
