Profiles

James Sheehan writes that randomness influences all types of human action and helpfully exposes the futility of macroeconomics and econometrics, to say nothing of the attempt by government to plan.

Social planners, writes James Sheehan, believe business schools are ideal places to indoctrinate future managers and executives.

You buy a stock and the price goes down. Who accepts the liability for losses? The purchaser of stock, of course, who must always bear in mind that stocks are never foreordained to go up or down. As painful as they are, investment losses are necessary to work off the excesses of a bubble, and to re...

We should not expect new hedge fund regulation to correct the flaws of existing regulation. If the feds get their way, we might wind up with a kind of derivatives cartel. Hedge funds and their clients may face additional restrictions, justified as measures to prevent market manipulation. The coming...

The Spitzer settlement is a travesty of justice. If it is true that individuals in the securities industry perpetrated fraud in order to garner investment banking fees, they should be criminally prosecuted and punished. Only a corrupt politician would ignore possible crimes in return for an...