Round-up: Why did the industrial revolution occur in Europe?

The most interesting articles that came to our attention this week

The decline in reading for pleasure over 20 years of the American Time Use Survey. Jessica Bone and colleagues examine over-time trends in reading for pleasure in the US. Analysing data from the American Time Use Survey from 2003 to 2023, they find that the percentage of Americans who read for pleasure declined substantially—from about 27% to about 17%. By contrast, the percentage of Americans who read with children did not change.

How Much Tax Do US Billionaires Pay? Evidence from Administrative Data. Akcan Balkir and colleagues examine how much tax US billionaires pay by matching data from the Forbes 400 to tax records. They find that the Forbes 400’s effective tax rate is around 24%, compared to 30% for all earners and 45% for top earners. The Forbes 400’s low effective tax rate is driven by low taxable income relative to total income (including unrealised gains).