Comment on "A 'local observables' method for wave mechanics applied to atomic hydrogen," by Peter Bowman [Am. J. Phys. 76, 1120-1129 (2008)]

This comment identifies a mistake in a paper by P. Bowman that claims that the total angular momentum of the ground state of atomic hydrogen is 1.Comment: 2 pp. To be published in Am. J. Phy

Medimmune, Inc. v. Genentech, Inc.: A Patent Licensee Does Not Need to Terminate or Breach a License Agreement in Order to Challenge its Validity or Enforceability

MedImmune, Inc. v. Genentech, Inc. asks whether Article III\u27s restriction on the jurisdiction of the federal courts only to cases and controversies, as required by the actual controversy limitation of the Declaratory Judgment Act, necessitates that a patent licensee terminate or breach its license agreement before seeking a declaratory judgment to hold the underlying patent invalid, unenforceable, or not infringed. Breaking with the Court of Appeals for the Federal Circuit, the MedImmune majority clearly establishes a patent licensee\u27s legal right to challenge the validity and enforceability of a patent without actually breaching or terminating the underlying licensing agreement for the challenged patent. Thus, a challenge to the validity of a patent is now a justiciable controversy for which a federal court has subject matter jurisdiction

How capital taxes harm economic growth: Britain versus the United States

The different methods used by Great Britain and the United States to finance World War II had a significant impact on postwar economic growth in the two countries. In this article, Lee Ohanian discusses the evolution of war-finance policies in the two countries and examines how the different approaches—taxing capital income versus issuing government debt—led to differences in economic performance after the war.Great Britain ; Income tax ; War - Economic aspects

Back to the future with Keynes

This article analyzes Keynes's "Economic Possibilities for our Grandchildren"- an essay presenting Keynes's views about economic growth into the 21st century - from the perspective of modern growth theory. I find that the implicit theoretical framework used by Keynes to form his expectations about the 21st-century world economy is remarkably close to modern growth models, featuring a stable steady-state growth path driven by technological progress. On the other hand, Keynes's forecast of employment in the 21st century is far off the mark, reflecting a mistaken view that the income elasticity of leisure is much higher than that of consumption.Economic history ; National income

Are Phillips curves useful for forecasting inflation?

This study evaluates the conventional wisdom that modern Phillips curve-based models are useful tools for forecasting inflation. These models are based on the non-accelerating inflation rate of unemployment (the NAIRU). The study compares the accuracy, over the last 15 years, of three sets of inflation forecasts from NAIRU models to the naive forecast that at any date inflation will be the same over the next year as it has been over the last year. The conventional wisdom is wrong; none of the NAIRU forecasts is more accurate than the naive forecast. The likelihood of accurately predicting a change in the inflation rate from these three forecasts is no better than the likelihood of accurately predicting a change based on a coin flip. The forecasts include those from a textbook NAIRU model, those from two models similar to Stock and Watson's, and those produced by the Federal Reserve Board.Inflation (Finance) ; Forecasting ; Phillips curve

Theoretical issues of liquidity effects.

Liquidity (Economics)