Capital Gains logo
Capital Gains
Subscribe
  • Capital Gains
  • Authors
  • Byrne Hobart
Byrne Hobart

Byrne Hobart

Paying for Performance
Dec 10, 2025

Paying for Performance

On monster grants, $1/year salaries, performance hurdles, and more

Byrne Hobart
Byrne Hobart
Can Markets be Too Efficient?
Dec 03, 2025

Can Markets be Too Efficient?

Bond vigilantes, corners, and bearers of bad news

Byrne Hobart
Byrne Hobart
The Poverty Line Trap
Nov 26, 2025

The Poverty Line Trap

It's useful to measure poverty, but its connotation is more stable than its denotation

Byrne Hobart
Byrne Hobart
Why Economists Love the Taxes Voters Hate
Nov 19, 2025

Why Economists Love the Taxes Voters Hate

People don't just happen to hate economically efficient taxes: they hate them for the reasons they're efficient

Byrne Hobart
Byrne Hobart
Dividing Up the Pie
Nov 12, 2025

Dividing Up the Pie

How do two companies work together when neither has a meaningful second-best option

Byrne Hobart
Byrne Hobart
Why Does Volatility Matter?
Nov 05, 2025

Why Does Volatility Matter?

It isn't quite the same thing as risk, but only in an inefficient market

Byrne Hobart
Byrne Hobart
Does Information Want to be Free?
Oct 29, 2025

Does Information Want to be Free?

A low cost to copy and arbitrary price discrimination makes it a tricky quasi-commodity

Byrne Hobart
Byrne Hobart
Rational Expectations, Eventually
Oct 22, 2025

Rational Expectations, Eventually

Policy can't trick, but it can persuade

Byrne Hobart
Byrne Hobart
Thoughts on Frauds
Oct 15, 2025

Thoughts on Frauds

Outright grifters are less risky than well-meaning people

Byrne Hobart
Byrne Hobart
When Does Industrial Policy Work?
Oct 08, 2025

When Does Industrial Policy Work?

Sometimes you want a plan, sometimes a plan is a tax on responding to new information

Byrne Hobart
Byrne Hobart
Learn how to think about finance, economics, and corporate strategy.

Capital Gains

Learn how to think about finance, economics, and corporate strategy.

Home

Posts

Authors

© 2025 The Diff.

Privacy policy

Terms of use

Powered by beehiiv