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An index measuring the ratio of house price to rent has risen to its highest level since 1975. The previous peak occurred during the housing bubble. ....
Garrett Watson, Alex Durante, Alex Muresianu In December, scholars David Hope and Julian Limberg released a study with the London School of Economics (LSE) examining the economic effects of reducing tax rates for high-income individuals and corporations. The paper illustrates how overlooking an important element of the tax system the structure of the tax base can lead to an incomplete understanding of how tax reform impacts the economy. The paper uses data from 18 countries in the Organisation for Economic Co-operation and Development (OECD) to measure how reducing taxes on higher-income earners would affect economic growth, income inequality, and unemployment. The authors found that the tax changes led to increased income inequality, but no significant effects on either economic growth or unemployment. ....
The Rule of 70, sometimes also referred to as the Rule of 72 or Rule of 69.3, is a method for approximating the number of years it will take for a number to double, given its annual growth rate. As mentioned in the book Summa de Arithmetica , by the father of accounting and bookkeeping Luca Pacioli, in 1494, it is a simple calculation in which the rule number is divided by the annual growth rate to obtain the approximate number of years required for doubling. Using this rule for per capita Gross Domestic Product (GDP), it can be shown that if per capita GDP grows at 1 percent per year, then it will take roughly 70 years for the average person in a country to become twice as rich as they are today. On the other hand, if per capita GDP grows at 3 percent per year, it will take only a little more than 23 years for the average person in a country to become twice as rich as they are today. ....