Verizon’s purchase of Yahoo! for $4.83 billion, while an interesting exercise in combining content, networks and mobile services, highlights the broken norms for paying executives of U.S. corporations. The short version is that issuing and repricing of stock options compensates executives for bull markets rather than their own performance is absurd. When the deal is complete, Yahoo Chief Executive …

  Noah Smith One of the core pieces of modern macroeconomic theory, handed down to us by the great Milton Friedman, probably missed the mark. And now it might be on the way out. And this shift has big implications for how we think about economic policy and finance. The idea is called the permanent income hypothesis (PIH). Friedman first …

  London / AFP European and Japanese shares rallied on Wednesday after Tokyo launched a massive stimulus package, with sentiment buoyed also by accelerating British economic growth and upbeat company results. Traders were meanwhile awaiting the US Federal Reserve’s latest interest rate decision and accompanying statement. London stocks rose 0.5 percent as data showed the British economy grew by 0.6 …