What Prompts Young People to Invest in Their Human Capital? New Data on DACA and Dreamers Offers Some Stark Evidence

The Deferred Action for Childhood Arrivals program—a deportation deferral initiative for immigrants brought to the United States without documents as children—provided a large shock to returns to education for a substantial population of at-risk youth. A new NBER paper finds an extraordinary impact of DACA on Dreamers’ decisions to finish high school, go to college, or get pregnant as teenagers.  

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Populism and Time Inconsistency

This recent VoxEU.org column analyzes the recent ascendance of populists across the international stage through the lens of the concept of ‘time inconsistency’—that is, the possible mismatch between what might be optimal today and what might be optimal over the longer term. Populist leaders, according to Mario Blejer and Piroska Nagy-Mohacsi, are time consistent in their constant objective of maximizing their own power. The authors propose some commitment devices to guard against populist abuses.  

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“In Just About Every Generation, Many People Thought the American Republic was on the Verge of Collapse”

The second installment of our two-part interview with Harvard Business School professor David Moss about his recent book Democracy: A Case Study. “One of the reasons that the most dire warnings have never come true, except in one case, is precisely because our predecessors worried about them so much.”  

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