Governor Romney's defenders have argued that critics of his role at Bain Capital are really attacking capitalism itself. Given the academic evidence, we would have to agree.

From humble beginnings twenty-five years ago on Wall Street, the leveraged buyout boom has developed into a veritable industry; today, 30 percent of all corporate merger and acquisition activity in the United States is driven by buyout firms, and the sector commands over $2 trillion in leveraged assets. Along with...

From humble beginnings twenty-five years ago on Wall Street, the leveraged buyout boom has developed into a veritable industry; today, 30 percent of all corporate merger and acquisition activity in the United States is driven by buyout firms, and the sector commands over $2 trillion in leveraged assets. Along with...

From humble beginnings twenty-five years ago on Wall Street, the leveraged buyout boom has developed into a veritable industry; today, 30 percent of all corporate merger and acquisition activity in the United States is driven by buyout firms, and the sector commands over $2 trillion in leveraged assets. Along with...

The results of a recent study suggest that private equity buyouts raise overall productivity and accelerate the reallocation of capital and labor to more productive uses, but have a negligible effect on net employment.

The crisis in financing is having a chilling effect on biomedical innovation. As discussed in my last column, the main problem in our industry is that the sheer cost of drug development has become almost prohibitively expensive, effectively pricing almost everyone but the largest companies out of the market.

President Obama's charge for NASA to tell Muslims how good they are at math is representative of the catch-22 facing liberalism, as the reality of hyper-mission creep undoes the dream of a nimble, focused, problem-solving government.

How to think about America's private equity industry--and about entrepreneurship and taxes.