Articles, Working Papers & Book Chapters

“Entrepreneurial Specialization: How Subjective (“Knightian) Uncertainty Matters” Working paper, December 2021

The Selective Sovietization of American CapitalismProject Syndicate December 31, 2021

“Renewing Knightian Uncertainty: A Pragmatic Prospectus and Demonstration.” Harvard Business School Working Paper, No. 21-129, June 2021

“Capitalism Won’t Thrive on Value Investing Alone.” Harvard Business Review Digital Articles (June 1, 2021).

“Making Economics More Useful: How Technological Eclecticism Could Help.”  Journal of Applied Corporate Finance 33, no. 1 (Winter 2021): 122–133. (Adapted from Applied Economics article below).

Symmetric Ignorance: The Cost of Anonymous LemonsEuropean Financial Management. 2021; vol 27. Iss. 3: 414– 425. Also available at SSRN:

“Making Economics More Useful: How Technological Eclecticism Could Help.” Applied Economics, 52:26,2862-2881, DOI: 10.1080/00036846.2019.1696939.  Available at SSRN:

“Note on Productive Knowledge.”  Harvard Business School Working Paper, No. 21-010, July 2020. (Revised April 2021.) 

With Leif Pagrosky, 2020, “Separated By A Common InfectionThink Global Health (published by the Council on Foreign Relations) May 6, 2020

Murky Data Calls Into Question Quarantine Strategy” Financial Times March 25, 2020

To Make Banks Stable, End, Don’t Mend, the Repo Market” 2019. Wall Street Journal. October 2, 2019

“Congress Should Set the Fed’s Inflation Target—Ideally at Zero.” 2018. Wall Street Journal. November 7, 2018

Skepticism Beats Snopes as an Antidote to Fake News.” 2018. Wall Street Journal. June 8, 2018

Corralling the Info-MonopolistsProject Syndicate May 14, 2018

Why We Need Traditional BankingNational Affairs Winter 2018 pp. 78-92

“Formulaic Transparency: The Hidden Enabler of Exceptional U.S. Securitization”(2017) Journal of Applied Corporate Finance Vol 29. No. 4 pp.96-111

Constraining Knowledge: Traditions and Rules that Limit Medical Innovation,” 2017. Critical Review Vol. 29 Iss. 1 no.1 pp 1-33 edited from (How) Can We Do Better? Lessons from HIV-AIDS

“On the futility and hazards of monetary heroics.” Published (after translation) in Ekonomisk Debatt Issue 4/2017 by the Swedish Economic Association

Equifax Critics Are Missing the Bigger Point. 2017. Wall Street Journal. September 13, 2017

Easy money is a dangerous cure for a debt hangover.” 2016. Financial Times August 17, 2016

“When it comes to ISIL Europe is repeating the sins of its fathers”  Quartz January 7, 2016

With Anders Barsk “Brexiters are making a dangerous mistake in their argument for leaving the EUQuartz June 21 2016

Third World in the First World Politico – Europe online July 3, 2015

On the Increasing Centralization of US Money and Credit. June 2015. Center on Capitalism and Society Working Paper No. 86.

The Demise of US Dynamism is Vastly Exaggerated – But Not All is Well” 2015 in Understanding the Growth Slowdown, ed. Brink Lindsey Washington D.C.: Cato

Support for Free Speech Is Not Support for More Surveillance, 2015. January 22, 2015, Washington Monthly on-line

“Profits Don’t Create Inequality” 2014 Barron’s November 22, 2014

With Pankaj Ghemawat, “Clay Christensen’s theories are great for entrepreneurs, but not executives” Quartz  October 9, 2014

“Don’t believe brokers, the government, or Piketty” Quartz May 31, 2014

“A Law Unto Themselves” City Journal January 30, 2014

“Re-Decentralizing the Fed” Project Syndicate October 9, 2013

“Wanted: A Boring Leader for the Fed” New York Times August 21, 2013 p A23

With Edmund Phelps, “Central Banking Needs Rethinking” Wall Street Journal July 16, 2013, page A15

“Skinned in the Game” Barrons June 23, 2012

With Christopher Papagianis “To Save Money-Market Mutual Funds, Scrap Them” June 13, 2012

“In Praise of the Beleaguered Euro” (2012) Wall Street Journal May 8, 2012 A13

“Debt Reckoning for Europe” Project Syndicate April 2012

“Bring Back Boring Banks” (2012) New York Times January 4, 2012 p. A23

“Messy Government is a must for modern America” (2011) Financial Times October 6, 2011 p.9

The Indeterminate Goodness of the Economy (and Life)” Comments at The Center on Capitalism and Society’s 9th Annual Conference on: “Philosophical Foundations of Economics and the Good Economy: Individual Values, Human Pursuits, Self-Realization and Becoming.”

With Edmund S. Phelps, “The Root of All Sovereign-Debt Crises” Project Syndicate August 2011

With Edmund S. Phelps, “More Harm Than Good” Newsweek July 11, 2011

“Bank Regulation’s Capital Mistake” Project Syndicate July 2011

“The Upside of Spending” New York Times Opinion February 8, 2011

“Venturesome Consumption, Innovation and Globalization” (2011) in Perspectives on the Performance of the Continent’s Economies,
(eds.) Phelps, Edmund S. and Hans-Werner Sinn, Cambridge, MIT Press.

To fix our banks we must go back to the 70s” (2011) Financial Times January 10, 2011 p.9

Venturesome Consumption, Innovation and Globalization” (2011) in Perspectives on the Performance of the Continent’s Economies, (eds.) Phelps, Edmund S. and Hans-Werner Sinn, Cambridge, MIT Press.

“Financing the venturesome economy” 2011. in Innovation: How Europe Can Take Off  (eds.) Philip Whyte and Simon Tilford, London: Center for European Reform

“The Trouble with Robo-Lending” (2010) Wall Street Journal November 13, 2010 A11

“Don’t Expect Much From the R&D Tax Credit” (2010) Wall Street Journal September 11, 2010, A15

“The Judgment Deficit” (2010) Harvard Business Review Vol. 88 No. 9 p.44-53

With Carl Schramm, “What’s Still Exceptional About America” The International Economy Fall 2009 p.44-45

Let Bankers Be September 25, 2009

Let’s Break up the Fed” (2009)Wall Street Journal July 29, 2009 p. A15

An Accident Waiting to Happen” (2009) Critical Review 21(:2-3) 211-247

“The Elusive Underpinnings of U.S. Venturesomeness (if Not Prosperity)” (2009) Journal of Applied Corporate Finance Vol 21. No2 pp. 8-23

In Praise of More Primitive Finance” (2009)The Economists’ Voice: Vol. 6: Iss. 3, Article 8.

The Venturesome Economy” (2009) Journal of Applied Corporate Finance Vol 21. No1 pp. 8-23

You Can’t Rush a Recovery” (2009) Wall Street Journal, April 9, 2009 p. A15

“The Upside of the Worst of Times” New York Times Opinion March 18, 2009

Consumers Can Still Spot Value in a Crisis” (2009) Wall Street Journal March 12, 2009 p. A15

Don’t Believe the Stimulus Scaremongers” (2009) Wall Street Journal February 17, 2009 p. A15

How Banking Diversification Steered us WrongBusinessWeek February 9, 2009, p. 30-31

Insiders and September 25, 2008

With Edmund S. Phelps, “A Dynamic Theory of China-US Trade: Making Sense of the ImbalancesWorld Economics Vol. 8 No. 3 July-September 2007.

What holds back Bangalore Businesses?” (2008) Asian Economic Papers, Vol 7, No. 1, pp. 10-153 Based on December 2004 working paper

“Offshoring: Why Venture Capital-Backed Businesses Stay at Home”(2009) in Audretsch, D. B., R. Litan and R. Strom, Entrepreneurship and Openness, Cheltenham, UK and Northampton, MA, USA: Edward Elgar. (Based on July 20, 2007 working paper.)

With Carl Schramm, “Phelps’s Prize” Jan 29, 2007. The Wall Street Journal p. A16

With Edmund S. Phelps, “Merkantilismus im Reich der MitteFrankfurter Allgemeine Zeitung 22 July 2006, Nr. 168 p. 13

“How Novelty Aversion Affects Financing Options”(2006). Capitalism and Society: Vol. 1 No. 1, Article 1. (Accompanying discussion by Robert Solow.)

With Edmund S. Phelps, “Classical Theory versus the Real World” July 25, 2005. The Wall Street Journal p. A14

“Non-destructive creation: How entrepreneurship sustains development” in The Emergence of Entrepreneurial Economics, G.T. Vinig, R. van der Voort eds., Elsevier Science: Amsterdam (based on a lecture given at the Royal Society of Arts, London on the 17th of November 2004)

“What Role for Entrepreneurship in India?” November 2004. mimeo

“Tax and Spend, Please” Project Syndicate, November 2004 (Unabridged version)

Entrepreneurship and Venture Capital: Topics in Corporate Finance. (9) 2004. Amsterdam, Netherlands: Amsterdam Center
for Corporate Finance.

“More, bigger faster” Across the Board, September-October 2004 (based on Oct 2003 Working Paper, “Hard-headed optimism about globalization”)

“Missing the true significance of outsourcing” Asian Wall Street Journal, June 23, 2004.

“The global economics of desire” Project Syndicate February 2004

“Taking Care: How Concerns about Prior Knowledge Affect the Financing of Novel Projects” Working paper, November 2000 (rev. Oct. 2003)

“Building the Professional Firm: McKinsey & Co.: 1939-1968.” (2002) International Journal of Entrepreneurship Education (prev. Working
Paper 95-010 Harvard Business School: 1996

“Business as usual after boom and bust.” Financial Times July 9, 2001, Mastering Investment series

“David and Goliath, Reconsidered,” Harvard Business Review, V 78, N 5, pp. 26-27, September-October 2000

“Will the real entrepreneur please stand up?” Wall Street Journal Europe August 7, 2000

“The art of overcoming those first-contract nerves,” Financial Times, April 25, 2000

The Questions Every Entrepreneur Must Answer,” Harvard Business Review, V 73, N 6, pp. 120-130, November-December 1996.

“Fair Stock Markets:  The Hidden Cost,” The New York Times, January 22, 1995.

“High cost of liquidity,” Financial Times, December 13, 1994.

“Efficient Markets, Deficient Governance,” Harvard Business Review, V 72, N 6:  pp. 129-139, November-December 1994.

“The hidden costs of investor protection: lessons from the US,” Royal Society of Arts Journal, V CXLII, N 5452, July 1994: pp. 27-34. (from a lecture delivered to the Royal Society of Arts, London, April 13, 1994)

“How Entrepreneurs Craft Strategies That Work,” Harvard Business Review, V 72, N 2:  pp. 150-161, March-April 1994.

“Return to Judgment,” Journal of Portfolio Management, V 20, N 2:  pp. 19-25, Winter 1994.

“Clinton Business Plan:  Help Unwanted.”  The New York Times, May 9, 1993, p F11.

“The Hidden Costs of Stock Market Liquidity,” Journal of Financial Economics, V 34, 1993: pp. 31-51.

Bootstrap Finance: The Art of Start-ups,” Harvard Business Review, V 70, N 66, November-December 1992: pp. 109-117.

With Howard Stevenson, “Trust, Uncertainty, and Profit,” Journal of Socio-Economics, V 21, N 3: pp. 191-208, Fall 1992.  Won award at the IAREP/SASE (International Association for Research in Economic Psychology/Society for the Advancement of Socio-Economics) Conference, Stockholm, June 1991.

“Reversing Corporate Diversification,” Journal of Applied Corporate Finance, V 3, N 2: pp. 70-81, September 1990.

With Howard Stevenson, “Why Be Honest if Honesty Doesn’t Pay,” Harvard Business Review, V 68, N 5: pp. 121-129, September-October 1990.

“In Praise of Corporate Raiders,” Policy Review, The Heritage Foundation, N 47: pp. 21-23, Winter 1989.

“The Causes and Consequences of Hostile Takeovers,” Journal of Applied Corporate Finance, V 2, N 2: pp. 36-59, Summer 1989.

“Why Not Leverage Your Company to the Hilt?,” Harvard Business Review, V 66, N 3:  pp. 92-98, May-June 1988.

With Howard Stevenson, “Employment versus Sub-Contracting:  The Real Trade-Offs,” Harvard Business School Working Paper 88-046, l988.

“Hustle as Strategy,” Harvard Business Review, V 64, N 5: pp. 59-65, September-October 1986.

“Not Just a Fast-Buck Craving; What’s Driving MBA’s to Wall Street,” New York Times, July 27, 1986.

“Beyond Keynes: Demand Side Economics,” Harvard Business Review, V 6, N 4:  pp. 100-110, July-August 1983.

“Japan’s ‘Liberalized’ Capital Market Is No Boon to Foreign Competitors,” The Los Angeles Times, July 15, 1984.

“Finding Economic Formulas for the Third World,” (book review) The Wall Street Journal, March 22, 1983.

“India’s Conflict Between Dirigisme and Democracy,” The Wall Street Journal, May 17, 1982.

“Looking at how managers work with workers,” (book review) The Wall Street Journal, October 20, 1981.

With Tino Puri “Exchange Rates:  Floating Does It Better,” The Wall Street Journal, September 22, 1981.

With Tino Puri “The Crucial Weaknesses of Japan Inc.,” The Wall Street Journal, June 8, 1981.