The Milken Institute Review is published quarterly by the Milken Institute to encourage discussion of current issues of public policy relating to economic growth, job creation and capital formation. Topics and authors are selected to represent a diversity of views. The opinions expressed are solely those of the authors and do not necessarily represent the views of the Institute.

The Milken Institute's mission is to improve lives around the world by advancing innovative economic and policy solutions that create jobs, widen access to capital and enhance health.

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The Milken Institute
The Milken Institute Review
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milken institute
Michael Milken, Chairman
Michael L. Klowden, CEO

Conrad Kiechel

editor in chief
Peter Passell

art director
Joannah Ralston, Insight Design

managing editor
Larry Yu

the milken institute review advisory board

Robert J. Barro
Jagdish Bhagwati
George J. Borjas
Daniel J. Dudek
Georges de Menil
Claudia D. Goldin
Robert Hahn
Robert E. Litan

Burton G. Malkiel
Van Doorn Ooms
Paul R. Portney
Richard Sandor
Isabel Sawhill
Morton O. Schapiro
John B. Shoven
Robert Solow