This paper examines the migration response to a millionaire tax in New Jersey, which raised its income tax rate on top earners by 2.6 percentage points to 8.97 percent, one of the highest tax rates in the country. Drawing on unique state tax micro-data, we estimate the migration response of millionaires to the rate increase, using a difference-in-differences estimation strategy. The results ind...

Economists have observed a shift in productivity growth from IT-producing to IT-using industries after the dot-com bust, but the causes of this shift remain unexplained. This paper uses fine-grained data on IT labor movements from online resume databases to track the flow of skills out of IT producing firms after the dot-com bust, and to test the hypothesis that a reallocation of these technica...

The social brain hypothesis assumes the evolution of social behaviour changes animals' ecological environments, and predicts evolutionary shifts in social structure will be associated with changes in brain investment. Most social brain models to date assume social behaviour imposes additional cognitive challenges to animals, favouring the evolution of increased brain investment. Here, we presen...

This paper studies environments where individuals allocate resources across relationships with others, creating a weighted, directed network. Value is achieved both through an exogenous factor and maintaining close connections to high-value individuals. We consider two cases corresponding to the direction benefits flow along links. In Model A (for “asking”) agents receive benefits through the l...

The concept of the 'social investment state' refocuses attention on the productive function of social policy eclipsed for some time by the emphasis on its social protection or compensation roles. Here we distinguish between different social investment strategies, the Nordic 'heavy' and the Liberal 'light', with particular reference to the inclusive growth approach adopted in Australia. In 2007,...

China’s pension system is facing a large gap of more than one trillion RMB. The investment efficiency of the social security fund therefore receives widespread attention in academic circles. We collected data of stocks held by the Chinese National Council for Social Security Fund (CNCSSF) from 2004 to 2012 to research the stocks’ investment efficiency, distinguishing between direct investment b...

The purpose of the present study is to investigate the relationship between corporate social responsibility and investment efficiency with particular emphasis on the mediating role of agency cost and information asymmetry in a sample of 121 firms listed on the Tehran Stock Exchange during the time period from 2012 to 2017. The research hypotheses are tested using multivariate regression analysi...

This article outlines social investment and the wellbeing approach. It discusses how these frameworks have evolved argues for a hybrid approach, one drawing on insights of both broad spectrum indicators detailed distributional evidence.