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E onomists usually view schooling as a nancial investment that is individ nancial investment that is individ uals spend money and time to acquire or perhaps signal human capital in uals s. ther authors, notably Benabou (2000), look at more complex and realistic Other authors, notably Benabou (2000), look at more complex and realistic environments where theory does not provide clear pr I agine a society with perfect economic equality. Perhaps out of sheer coinci- magine a society with perfect economic equality. Perhaps out of sheer coinci- dence, the supply and demand for different eserve prominent consideration in any inquiry into the Arab Spring and other deserve prominent consideration in any inquiry into the Arab Spring and other similar episodes of political change. simil n M lums: according to this thinking, slums are a transitory phenomenon characteristic slums: according to this thinking, slums are a transitory phenomenon characteristic of fast-growing economies, and M ny observers have argued that the regulatory framework in place any observers have argued that the regulatory framework in place prior to the global  nancial crisis was de cient because it was l e should start by emphasizing the factual importance of the top 1percent. We should start by emphasizing the factual importance of the top 1percent. It is tempting to dismiss the study of this gro O O ver the past 60 years, there have been substantial improvements in the ver the past 60 years, there have been substantial improvements in the college preparation of female students and the colle 4 Journal of Economic Perspectives subSaharan Africa is the lowest-income region in the world. Figure 1 and Table 1, taken together, offer a snapshot of Africa today. Figure 1 is a map of the continen E onomists often emphasize that W hen a lengthy book is widely discussed in academic circles and the popular media, it is probably inevitable that the arguments of the book will be Capital in the Twenty-First Century (2014), a I 1979, two Israeli psychologists, Daniel Kahneman and Amos Tversky, already n 1979, two Israeli psychologists, Daniel Kahneman and Amos Tversky, already famous for their work on judgment heuristic Journal of Economic Perspectives a I I a a 4 a relationship. not but t fill out a a a a but Journal of Economic Perspectives 1 a 7 first fifth a fill a a a a I a find a 152 Journal of Economic Perspectives price-setting decisions, or indirectly through wages. The lack of complete nominal flexibility (which is what is needed for the AS curve in output-price level spac