There is increasing evidence that cities offer externalities that raise labour productivity. This column looks at the contribution of US cities to productivity growth at the turn of last century. The findings show that increased specialisation, promoted by improved transportation, was the key to productivity growth. Today’s policymakers should heed this lesson.
HIV/AIDS is an endemic economic problem for significant parts of Africa. This column presents evidence suggesting that the demographic shock induced by the slave trade still shapes the contemporary family structures and sexual behaviour of many African countries. Show More Summary
On July 1, the Spanish Government went to "Full Police State", with enactment of law forbidding dissent and unauthorized photos of law enforcement. Spain's officially a police state now. On July 1st, its much-protested "gag" law went into effect, instantly making criminals of those protesting the new law. Show More Summary
Cycle screening measures strengthened on Wednesday at a clip consistent with the gain in the market averages. The fact that there was no positive divergence in the aggregate measure before the rally started raised a sustainability question. These instances are relatively rare, and virtually always result in a retest of the low, a lower low,…
If a nation sends all its children to school, can it count on greater economic growth? Does putting bottoms in seats generate human capital? This week, Russ welcomed back the Hoover Institution's Eric Hanushek. What did you think ofShow More Summary
The GDP revisions will be especially important this year.Excerpts from a research piece by Michelle Meyer at Merrill Lynch: The moment of truth• The annual revision to GDP growth on July 30th will adjust estimates of growth over the past few years. Show More Summary
The stock got hit hard after the grocery chain reported revenues and profits that both fell short of expectations
It beat Wall Street expectations for profits and new users, but investors are selling on the news
Under the Fair Labor Standards Act (FLSA), employers are required to pay covered workers 1.5 times their regular rate of pay for each hour of work per week beyond 40 hours.
I hope you'll enjoy this interview with Mark Ames: Naked Capitalism: "We are in the business of making trouble."
Tim Duy: FOMC Recap, by Tim Duy: The July FOMC meeting yielded the widely expected outcome of no policy change. Very little change in the statement either - pulling out any useful information is about as easy as reading tea...
Glen Weyl at Marginal Revolution: What Is “Price Theory”?:... I have an unusual relationship to “price theory”. As far as I know I am the only economist under 40, with the possible exception of my students, who openly identifies...
Not much to say about this, policy is unchanged, and not as much guidance on what to expect going forward as some expected (i.e., to get people ready for a rate increase in September): Press Release, Release Date: July 29,...
I'm not kidding, this is what he criticized Senator Bernie Sanders for in a Vox piece today. He apparently views it as outrageous that Sanders, a candidate for the Democratic presidential nomination, doesn't think that the United States...Show More Summary
In a Wonkblog post, Ana Swanson complained that people are not sufficiently worried about the wealth gap by age. This should rate high on the list of items for people not to worry about. The basic reason is simple, for most people wealth...Show More Summary
July 29 (Reuters) – The Federal Reserve, it seems, is still waiting for the economic equivalent of perfection and risks squandering a good opportunity to begin normalizing interest rates. While this may be part of a well-intentioned effort to prepare the ground for investors and avoid a market shock when the increase finally comes, every […]
Must- and Should-Reads: Martin Feldstein: [The U.S. Underestimates Growth](http://www.wsj.com/articles/the-u-s-underestimates-growth-1431989720) William Gale: [State income tax cuts: Still a bad idea](http://www.brookings.edu/research/opinions/2015/07/28-state-income-tax-cuts-bad-idea-gale#.Vbj7N6dEldI.twitter)...Show More Summary
[Over at Equitable Growth]: Last month the sharp and hard-working Jeff Spross wrote: Jeff Spross: [Why Americans Are so nostalgic About the Manufacturing Industry](http://theweek.com/articles/555969/why-americans-are-nostalgic-about-manufacturing-industry): "The U.S. Show More Summary
Wikipedia: [USS Indianapolis (CA-35)](https://en.wikipedia.org/wiki/USS_Indianapolis_(CA-35)#1945): >After major repairs and an overhaul, Indianapolis received orders to proceed to Tinian island, carrying parts and the enriched uranium...Show More Summary
Impact of the "Selfie"Are you into Facebook, Instagrams, and "Selfies" (taking lots of pictures of yourself and sharing them instantly)? I'm not but, but in my travels I see lots of it. The popularity of sending "selfies" has even influenced retail sales and women's fashion. Show More Summary