Grotius argued that the sea belongs to no one. Any state has the right to sail across it, and in the 1603 context, the Dutch were not trespassers on a ‘Spanish lake’. (As rebels, they were entitled to the seizure as an act of war). Of course, Grotius’s treatise, especially the...
An obvious alternative way to generate retirement cash flows is to buy a lifetime annuity. However, in practice most retirees are not willing to do this, for a variety of reasons (MacDonald et al., 2013). In the current environment of low real interest rates, annuities provide rather low...