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The changes in women’s and men’s work lives have been considerable in recent decades. Yet much of the recent research on gender differences in employment and earnings has been of a more snapshot nature rather than taking a longer comparative look at evolving patterns. In this paper, we use 50 years (1964–2013) of US Census Annual Demographic Files (March Current Population Survey) to track the changing returns to human capital (measured as both educational attainment and potential work experience), estimating comparable earnings equations by gender at each point in time. We consider the effects of sample selection over time for both women and men and show the rising effect of selection for women in recent years. Returns to education diverge for women and men over this period in the selection-adjusted results but converge in the OLS results, while returns to potential experience converge in both sets of results. We also create annual calculations of synthetic lifetime labor force participation, hours, and earnings that indicate convergence by gender in worklife patterns, but less convergence in recent years in lifetime earnings. Thus, while some convergence has indeed occurred, the underlying mechanisms causing convergence differ for women and men, reflecting continued fundamental differences in women’s and men’s life experiences.

This chapter provides evidence that the Stonewall Inn riots were the foundation for a legacy of empowerment and improvements in the civil and political rights of the Lesbian, Gay, Bisexual, and Transgender (LGBT) community in the United States. Increased protections in the United States and globally are needed to fully integrate LGBT individuals into society. The next phase of this work will examine how the failure to extend equitable civil and political rights to LGBT individuals has led to continued stigma and discrimination which, in turn, is associated with a host of LGBT health disparities ranging from HIV to suicide to substance use. Future research will also identify ways to reduce these inequities.

Population aging in many countries has become a fundamental concern of public policy. One reason is fears that increasing numbers of elderly will place disproportionate burdens on their children in order to fund public pensions and health-related services. This analysis first discusses basic principles for assessing this question of intergenerational fairness. It then applies an empirically-based overlapping cohort dynamic microsimulation model for a quantitative analysis of the flows of taxes and cash and in-kind transfers for successive birth cohorts. The simulations cover both exogenous factors – specifically trends in life expectancy and the strength of the economy, and policy-related factors – specifically raising the age of entitlement to public pensions from age 65 to 70, and price versus relative wage indexing. The analysis concludes, among other points, that intergenerational differences are significantly smaller than intra-generational variations, and that the parents of the baby-boom generation are likely to benefit from the largest lifetime net transfers of any birth cohort from 1890 to 2010.

Freddie Mercury rose to fame as the lead singer of the UK pop group Queen. The group started working on tracks for their fourteenth studio album, Innuendo, in early 1989, and the album was finally released in February 1991. Progress on recording was slow as Mercury, who had been diagnosed with AIDS, was unable to work for more than a few days at a time. Innuendo became the final Queen album to be released during Mercury’s lifetime, and ‘The Show Must Go On’ is its final track. Its placing is arguably significant, given that both Mercury and the remaining band members must have assumed that this would be the last album that they would record together. In this chapter, I present an analysis of the song’s music and lyrics, along with the music video that accompanied the single release, with reference to Mercury’s illness and his wish to contribute vocals for as long as he possibly could, knowing the seriousness of his condition meant that this would be one of his last recordings.

The Bureau of Economics in the Federal Trade Commission has a three-part role in the Agency and the strength of its functions changed over time depending on the preferences and ideology of the FTC’s leaders, developments in the field of economics, and the tenor of the times. The over-riding current role is to provide well considered, unbiased economic advice regarding antitrust and consumer protection law enforcement cases to the legal staff and the Commission. The second role, which long ago was primary, is to provide reports on investigations of various industries to the public and public officials. This role was more recently called research or “policy R&D”. A third role is to advocate for competition and markets both domestically and internationally. As a practical matter, the provision of economic advice to the FTC and to the legal staff has required that the economists wear “two hats,” helping the legal staff investigate cases and provide evidence to support law enforcement cases while also providing advice to the legal bureaus and to the Commission on which cases to pursue (thus providing “a second set of eyes” to evaluate cases). There is sometimes a tension in those functions because building a case is not the same as evaluating a case. Economists and the Bureau of Economics have provided such services to the FTC for over 100 years proving that a sub-organization can survive while playing roles that sometimes conflict. Such a life is not, however, always easy or fun.

The number of African American males entering the legal profession continues to remain stagnate, with only marginal increases during the past 15 years. Even though the intentional exclusion of African Americans from state law schools was declared unconstitutional by the U.S. Supreme Court more than 50 years ago, other “neutral” institutional policies and requirements have stifled the growth and development of African American males attending law school and advancing in the legal profession. Even with a number of legal victories, African American males have lost the battle to end institutional practices, which continue to exclude them from admission to law school.

This paper studies the empirical application of an asset pricing model derived from the irrational individual behavior of loss aversion. Previous research using loss aversion asset pricing finds conclusive evidence that estimations match market equity premium and volatility using simulation data. We find that within its empirical application, the estimated errors are comparable to errors estimated from the capital asset pricing model. This study of the correlations between rational and irrational asset pricing model from the empirical results finds validity for both estimated values. Finally, we see the importance of cultures, economic development and financial development on asset pricing through an empirical examination of five pacific-basin countries in the estimation of asset pricing models.

In the common law of the United ¹Kingdom the objective of any award of damages in personal injuries litigation is to achieve as nearly as possible full compensation for the claimant in respect of the injury sustained.² To achieve that objective the court seeks to award such sum as is notionally required to be laid out in the purchase of an annuity which will provide an annual amount equivalent to the loss for the whole period of the loss.³ The basis of the calculation is an assumed annuity. The court makes an assumption about how the award will be invested.⁴ Lord Fraser of Tullybelton in Cookson v. Knowles ⁵ put it thus:The assumed annuity will be made up partly of income on the principal sum awarded, and partly of capital obtained by gradual encroachment of the principal. The income element will be at its largest at the beginning of the period and will tend to decline, while the capital element will tend to increase until the principal is exhausted.The court is not, in fact, concerned with how the award will be spent:How the Plaintiffs will in fact invest their damages is, of course, irrelevant. That is a question for them. It cannot affect the calculation.⁶