A growing body of work--both theoretical and empirical--has emphasized thatunionization may be better understood as a tax on capital rather than a tax on labor. Underthis "new" view, unionization unambiguously lowers investment. Using data on unioncertification elections, we estimate the impact of unionization on firms' investment behavior.

To create private-sector jobs and raise wages for those now working, we must make America a magnet for investment from abroad. A trade agenda to promote exports is one piece of competing in a global economy, but without an aggressive campaign to draw in foreign investors’ resources, the United States will miss key employment and economic growth opportunities.

Obama and his team seem sharply opposed to the view that creative destruction is a valuable economic force.

Unless unions change their approach, they will continue to dwindle--and their demise will have been self-inflicted.

While recent research has emphasized how changes in tax rates would affect broadly defined measures of income, there has been comparatively little analysis of the effects of tax rate changes on entrepreneurial entry. In this seminar, Professors William Gentry and R. Glenn Hubbard of Columbia University present a paper...