Blog Profile / EconLog

Filed Under:Business & Finance / Economics
Posts on Regator:6193
Posts / Week:12.8
Archived Since:March 2, 2008

Blog Post Archive

Saving, cost control, and infrastructure

(May 27, 2017 01:09 PM, by Scott Sumner) There's been a lot of recent talk about increasing federal spending on infrastructure. In my view this misses the point. There are two effective ways to get more infrastructure; cost control and increased saving. Here's Matt Yglesias: Mass transit construction... (0 COMMENTS)

Tabarrok on the Great Depression

(May 25, 2017 07:07 PM, by David Henderson) Alex Tabarrok narrates a very good video on the Great Depression. It's called "Understanding the Great Depression." In it, he applies an aggregate demand/aggregate supply framework and puts most of what happened in that framework. I have two criticisms, but... (1 COMMENTS)

What if we had a financial crisis without tight money?

(May 25, 2017 03:28 PM, by Scott Sumner) In the comment section of a recent post, Thomas Hutcheson and I discussed what would happen if there were a financial crisis without tight money (defined as sharply falling NGDP growth.) It's not easy to find examples, because financial crises... (0 COMMENTS)

Nationalism Is Not News

(May 25, 2017 01:57 PM, by Bryan Caplan) In the last two years, there's been an avalanche of news on the "rise of nationalism." I find this narrative deeply aggravating. My critics - even a colleague or two - say it's because I'm in denial over the painful... (1 COMMENTS)

Does John Cochrane get Italy wrong?

(May 25, 2017 11:22 AM, by Alberto Mingardi) John Cochrane took part in a debate on Italy and the euro, hosted by Il Sole 24 Ore, Italy's premier financial daily. The debate was promoted by Luigi Zingales. Most of my friends thought it was not a great idea,... (2 COMMENTS)

Larry Summers Trumps Trump

(May 24, 2017 04:04 PM, by David Henderson) On agriculture, China reiterated a promise that it has broken in the past to let in more beef. Previously, we, as reciprocity, had been withholding publication of a permissive rule on Chinese poultry, but we have now relented. Advantage... (0 COMMENTS)

Trust Assimilation in the United States

(May 24, 2017 02:46 PM, by Bryan Caplan) I recently spent a month reading through the vast empirical literature on trust. A simple survey question - usually along the lines of "Can most people be trusted?" - seems to predict many good social outcomes. What most interests me,... (0 COMMENTS)

"Public opinion" is not what you think

(May 24, 2017 10:45 AM, by Scott Sumner) Many people anthropomorphize the public, and talk about "the public" having an opinion, just as you or I might have an opinion. I view this as a big mistake. Elsewhere I have argued that polls on policy questions are very... (0 COMMENTS)

The Behavioral Econ of Paperwork

(May 23, 2017 03:02 PM, by Bryan Caplan) Next month, I'll collect my final payment from my Dependent Care Flexible Spending Account - and I couldn't be happier. I hate filling out paperwork. Though it only takes a couple hours to save thousands of dollars, I resent the... (0 COMMENTS)

Prediction markets and loss aversion

(May 23, 2017 02:24 PM, by Scott Sumner) Bob Murphy left a comment after my MoneyIllusion post on the NGDP prediction market (and David Henderson had a similar question): In a traditional financial market, people have skin in the game and that helps to yield the "wisdom of... (1 COMMENTS)

The new Hypermind NGDP futures market

(May 22, 2017 06:15 PM, by Scott Sumner) I am pleased to announce that a new Hypermind NGDP market is up and running. Back in 2015, we ran an annual NGDP prediction market and 4 quarterly markets. Because only the annual forecast has much macroeconomic significance, this time... (0 COMMENTS)

Solar Power: Lots of Jobs per KWH is Bad, not Good

(May 22, 2017 08:50 AM, by David Henderson) Creating jobs is not the same as creating wealth. When I start a class in economics, I start with the Ten Pillars of Economic Wisdom. The pillar above about jobs and wealth is #8. When I teach it, I... (0 COMMENTS)

Wages are the key to the business cycle

(May 21, 2017 02:34 PM, by Scott Sumner) Back in the 1980s and 1990s, I did some research with Steve Silver on sticky wages and the business cycle. Using postwar data, it's very difficult to draw any conclusion, as the economy was hit by both supply and demand... (0 COMMENTS)

Financial crisis or monetary policy failure?

(May 19, 2017 10:52 AM, by Scott Sumner) I often debate the question of whether severe slumps are caused by financial crisis or tight money. In my view it's usually tight money, with financial stress being a symptom of falling NGDP. So how would we test my hypothesis?... (0 COMMENTS)

Nowrasteh on E-Verify

(May 18, 2017 09:31 PM, by David Henderson) I asked Alex Nowrasteh for his input on the E-Verify issue that I posted about yesterday. Here's what he wrote: E-Verify won't work because employers ignore it in states where it is required with virtually zero legal consequences (see blog... (0 COMMENTS)

Me on Anarcho-Capitalism on the Rubin Report

(May 18, 2017 02:02 PM, by Bryan Caplan) Whatever you think about anarcho-capitalism, the production values of my Rubin Report interview on the subject are top notch! Enjoy.In other news, Mike Huemer and I have a fan from the NFL (and GW Law).... (0 COMMENTS)

Echo Chambers and the Prevalence of Motivated Reasoning

(May 18, 2017 09:39 AM, by Contributing Guest) by Nicolás Maloberti When it comes to information, we have growing powers to filter out what we don't like. Suppliers have also growing powers to cater to our demand without us having to make any conscious choices. This is worrisome... (1 COMMENTS)

E-Verify: Let's Make Us More Like Europe

(May 17, 2017 03:56 PM, by David Henderson) One of the main things the United States has going for it is its relatively fluid labor market, relative, at least, to labor markets in much of Europe. I wrote over 20 years ago about the Europeanization of the U.S.... (1 COMMENTS)

The "Real X" Defense

(May 17, 2017 02:34 PM, by Bryan Caplan) Consider these two couplets:Couplet #1: "Socialism has failed." "No, real socialism has never existed."Couplet #2: "Libertarianism has failed." "No, real libertarianism has never existed."In both cases, the point of the first clause is to discredit an economic system. In both... (8 COMMENTS)

Do robots reduce employment?

(May 17, 2017 11:11 AM, by Scott Sumner) A new NBER paper by Daron Acemoglu and Pascual Restrepo finds that "deployment of robots reduces employment and wages, but they caution that it is difficult to measure net labor market effects." Here is a graph that summarizes their results:... (7 COMMENTS)

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