The Financial System Red in Tooth and Claw: 75 Years of Co-Evolving Markets and Technology: A Correction

by Bruce I. Jacobs and Kenneth N. Levy, Financial Analysts Journal, Fourth Quarter 2025: In their Letter to the Editor, Bruce Jacobs and Ken Levy discuss the methodological problems of Andrew Lo’s 2021 Financial Analysts Journal (FAJ) article, “The Financial System Red in Tooth and Claw: 75 Years of Co-Evolving Markets and Technology,”... as well as flaws in the database upon which Lo’s article was based. Jacobs and Levy detail their efforts to create a comprehensive database of FAJ contributions and describe the rigorous methodology that guided the ranking of the top contributors and most frequent words in FAJ titles over its first 80 years.

The First 80 Years of the Financial Analysts Journal: Prolific Contributors and Major Ideas and Innovations

by Bruce I. Jacobs and Kenneth N. Levy, Financial Analysts Journal, Fourth Quarter 2025: Since its inception in 1945, the Financial Analysts Journal (FAJ) has advanced some of the investment profession’s most influential ideas by providing an outlet for innovative thinkers. Bruce Jacobs and Ken Levy trace the FAJ’s history by... identifying the most prolific contributors and innovations featured over its first 80 years and in each of nine financial eras. Using the comprehensive database and rigorous methodology developed by Jacobs and Levy, the article provides rankings of the top authors and the most frequent words in titles and examines the context in which these words were used to identify seminal ideas and the authors behind them.

Nobel Economics Prize Goes to 3 Scholars Studying Innovation, Stagnation

by Palash Ghosh, Pensions & Investments, October 13, 2025: Joel Mokyr, Philippe Aghion, and Peter Howitt were awarded the Nobel Prize in Economic Sciences for their work explaining the process of innovation-driven economic growth. Mokyr was cited for showing “how innovators at the dawn of the Industrial Revolution... learned how to build upon previous discoveries to create a process of sustained growth,” Bruce Jacobs said. Aghion and Howitt were recognized for “constructing a theoretical framework of creative destruction; a process where new and better products overcome opposition from established companies and interest groups to replace older, obsolete technologies,” Jacobs noted. The new laureates’ findings highlight that “sustained economic growth is, historically, the exception rather than the rule, and cannot be taken for granted,” Jacobs added. “It must continually respond to threats, such as firms that become too dominant in their markets, restrictions on academic freedom, and deglobalization.”