This assumption was proposed by Sharpe in his timeless 1991 article, The Arithmetic of Active Management.

FORBES: A Sharpe Assault on Mutual Fund Fees

Maurizio Sacconi, a junior welfare minister, one of the architects of the proposed changes to Article 18, reckons this should be only a first step to fight the black economy and make the labour market more flexible.

ECONOMIST: Italian labour law and politics

Regular readers, and offended Europhiles, will recall that when the first draft of this proposed constitution was unveiled in June last year, we recommended (see article) that governments should throw it in the wastepaper bin and start again.

ECONOMIST: European Union