Notes on finance, taxation, and quantitative methods.
Five new papers complete the design half of the wealth-tax research programme: why a tax that distorts nothing redistributes nothing, what careful tax design actually looks like — and why the popular proposal to swap the wealth tax for profit taxes fails at the Norwegian top.
Half a century of returns, taken apart direction by direction: the market misses the coin-flip benchmark by a factor of fifty, remembers its own turbulence for years, and changed how it remembers somewhere in the late 1980s.
Norway’s tax commission proposed something close to a neutral wealth tax. The reactions show each camp grasping a different part of the elephant — and one camp clutching a part that isn’t there.
The wealth tax debate is shaped more by moral intuition than by evidence. A new paper on the Norwegian emigration wave suggests both sides are wrong about what they think they know.
The equation that governs wealth distributions is not a metaphor borrowed from physics — it is the same equation, derived from the same mathematics. And modern machine learning knows how to estimate it.
A wealth tax punishes smart investors — or does it? The answer depends on where high returns actually come from.
The surprising mathematics of proportional wealth taxation — and why your optimal portfolio doesn’t change.
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