Blog Profile / EconLog

Filed Under:Business & Finance / Economics
Posts on Regator:5186
Posts / Week:12.5
Archived Since:March 2, 2008

Blog Post Archive

Tim Besley on the Importance of Political Economy for Economic Development

(February 13, 2016 09:02 AM, by Emily Skarbek) Tim Besley's inaugural lecture as the W. Arthur Lewis Professor of Development Economics at LSE can best be summed up as drawing attention to the rise and importance of political economy for understanding questions of economic development. A brief... (0 COMMENTS)

Play the Hand You're Dealt

(February 12, 2016 06:56 PM, by David Henderson) I have a few mottos in life. The title of this post is one of them, and it has served me well. It sounds obvious. What other kind of hand could you play? None. But what you can do... (0 COMMENTS)

Putterman-Weil Data

(February 12, 2016 01:33 PM, by Bryan Caplan) With the authors' kind permission, here is Putterman and Weil's data in Excel format.... (0 COMMENTS)

Correlation and causation

(February 12, 2016 10:31 AM, by Scott Sumner) On January 23rd, I made the following claims: Consider the following two paradoxes: 1. Falling wages are associated with falling RGDP. Falling wages cause higher RGDP. 2. Falling interest rates are associated with falling NGDP growth. Falling interest rates cause... (0 COMMENTS)

Two Fun Facts from Putterman-Weil

(February 12, 2016 12:00 AM, by Bryan Caplan) Putterman and Weil generously shared their whole data set with me - including a lot of info not available online. I soon discovered two fun facts about ancestry-adjusted state and agricultural history. Remember that state history is bounded from 0-1,... (0 COMMENTS)

It takes a regime change

(February 11, 2016 11:12 AM, by Scott Sumner) In the 1970s, the Fed kept tinkering with interest rates, not understanding that high rates don't mean tight money. Inflation and NGDP growth kept soaring higher and higher. Eventually economists came to believe that (old) Keynesian economics was bankrupt. A... (0 COMMENTS)

End Draft Registration

(February 11, 2016 01:58 AM, by David Henderson) Many women's rights advocates hail the Department's decision as a step toward equality. In light of the policy change, many have also called for ending the exclusion of women from the selective service. In 1981, the Supreme Court ruled that... (0 COMMENTS)

Betting Rules

(February 11, 2016 01:00 AM, by Bryan Caplan) Tyler on the meta-lesson of our unemployment bet: Normal 0 false false false EN-US X-NONE X-NONE / Style Definitions / table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0;...Show More Summary

Does Paul Krugman believe that markets are bilingual?

(February 10, 2016 03:46 PM, by Scott Sumner) In my previous post I criticized Paul Krugman's claim that monetary policy could not have been tightening significantly during the summer of 2008, as real bond yields remained low. In other words, Krugman claimed that low bond yields were telling... (0 COMMENTS)

Beckworth and Ponnuru on 2008

(February 10, 2016 09:48 AM, by Scott Sumner) David Beckworth and Ramesh Ponnuru have produced some excellent pieces on the mistakes made by the Fed in 2008. Here's an excerpt from their latest: Krugman thinks the behavior of long-term real interest rates contradicts our thesis. They rose in... (0 COMMENTS)

Ancestry and Long-Run Growth Reading Club: Spolaore and Wacziarg

(February 10, 2016 12:21 AM, by Bryan Caplan) Welcome to the third installment of the EconLog Reading Club on Ancestry and Long-Run Growth. This week's paper: Spolaore, Enrico, and Roman Wacziarg. "How Deep Are the Roots of Economic Development?" Journal of Economic Literature 51 (2): 325-369. The authors'... (0 COMMENTS)

Foglia on Piketty and inequalities

(February 9, 2016 10:02 AM, by Alberto Mingardi) Thomas Piketty's "Capital in the 21st Century" has been widely debated. So, one wonders if there is anything new that could actually be added at this point. I found this article by Antonio Foglia quite intriguing. I shall disclose that... (0 COMMENTS)

A Simple Proof Not All Markets Work Well

(February 9, 2016 12:16 AM, by Bryan Caplan) Twenty five years ago, I interned at the Cato Institute and met Jerry Taylor. Now he runs the Niskanen Center. Here's what Jerry says about the movement we've both inhabited for decades:Libertarians love to preach the virtues of markets. Yet... (0 COMMENTS)

Larry Summers's Perspective and Mine

(February 8, 2016 11:59 AM, by David Henderson) I'm presently working my way through, and enjoying, Robert J. Gordon's magnum opus, The Rise and Fall of American Growth. I'm reviewing it for Regulation and already, just 30 pages in, I'm seeing some problems. Arnold Kling highlighted a paragraph... (0 COMMENTS)

My Talk at the University of Toronto

(February 8, 2016 12:35 AM, by David Henderson) On Monday, February 8, I will be giving a talk at the University of Toronto. Topic: An Economist's Case for a Non-Interventionist Foreign Policy Time: 3:00 p.m. to 5:00 p.m. Location: Croft Chapter House The public is welcome, but you... (0 COMMENTS)

I Win My Long-Term Unemployment Bet with Tyler

(February 8, 2016 12:04 AM, by Bryan Caplan) Barely two years ago, Tyler Cowen and I agreed to the following bet:...U.S. unemployment will never fall below 5% during the next twenty years. If the rate falls below 5% before September 1, 2033, he immediately owes me $10. Otherwise,... (0 COMMENTS)

Altruism, No Regard for Some Others, or Belief in the Tooth Fairy

(February 7, 2016 05:55 PM, by David Henderson) I gave a talk yesterday at a Fraser Institute event in Toronto. The luncheon speaker, neuro-economist Paul Zak, did a great job talking about oxytocin and its role in our systems. He started out beautifully, contrasting Thomas Hobbes's view of... (2 COMMENTS)


(February 7, 2016 01:05 PM, by Scott Sumner) People like to think in terms of stories: It's a movie classic. The lovers are out for a walk when a villain dashes out of his house and starts fighting the man. The woman takes refuge in the house; having... (1 COMMENTS)

Venezuela's Tiger

(February 7, 2016 06:37 AM, by Emily Skarbek) Often economists want to isolate questions of public debt and analyse these issues as if public choice considerations weren't at play. Perhaps less studied are the ways in which debt practices can systematically exert pressure on formal political institutions. But... (0 COMMENTS)

Making capitalism more attractive

(February 6, 2016 07:25 AM, by Alberto Mingardi) A well-known economic journalist, Hugo Dixon, published an op-ed in the New York Times on "How to make capitalism more appealing". I wholeheartedly agree with one of his points: "The classic left-wing response to the perceived unfairness of capitalism has... (0 COMMENTS)

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