Archive for February 17th, 2008
Posted in February 17th, 2008
Submitted by unsettling economics
Betsey Stevenson and Justin Wolfers proposed an analogy between the supposed rigidity of European labor markets and the stability of European families:
“The U.S. labor market, like its marriage markets, differs from Europe in having substantially greater “churn”; in any given month in the United States, workers are more likely to be fired […]
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Posted in February 17th, 2008
Submitted by Econbrowser
Another week to read what you like into the economic tea leaves.
The sharp February drop in the University of Michigan index of consumer sentiment was described by Sudeep Reddy as “the latest ugly sign of an economic downturn” and by Paul Krugman as more evidence that “the wheels are coming off this economy.”
Ugly […]
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Posted in February 17th, 2008
Submitted by Econbrowser
The CBO released new forecasts [pdf] yesterday. No recession, but…
CBO’s previous forecast, which was embodied in budget projections released in January, was finalized in early December 2007. However, data released since then — especially regarding the labor market — indicate that economic conditions are weaker than previously projected, and conditions in some segments […]
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Posted in February 17th, 2008
Submitted by EconWeekly
With Federal Reserve and government doing their best to stimulate demand, people have started looking at inflation. The worry is that the economy is not as sick as our policymakers think, and so the fiscal and monetary medicines are excessive. Markets disagree.
Expected inflation is an important determinant of future inflation. If the public […]
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Posted in February 17th, 2008
Submitted by Businomics Blog
Laurence Hunt recently posted a question in a blog comment:
Bill, Do you believe the business cycle is intact, with the implication that recessions are healthy (creative destruction) and inevitable? If so, how meaningful would a shallow recession be in 2008. In other words, would a deeper recession be better (it’s been a […]
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Posted in February 17th, 2008
Submitted by A Dash of Insight
A few months ago we wrote some articles pointing out the misconceptions around the new FAS 157 accounting standard. (This one is a good example, with links to prior articles as well).
The FAS 157 accounting standard requires companies use actual market data rather than models when possible, providing different levels […]
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Posted in February 17th, 2008
Submitted by CARPE DIEM
On today’s CBS Sunday Morning program, there was a story about:
BOOM TOWN: Peoria, Illinois: It’s home to Caterpillar tractors. As the U.S. economy slides downwards, Caterpillar’s sales worldwide are booming. Cat has been adding jobs in the U.S. and reporting record profits for the last four years. We take a look at […]
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Posted in February 17th, 2008
Submitted by CARPE DIEM
Recession odds have fallen by 12 points on Intrade.com over the last 4 weeks (see chart above, click to enlarge).
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Posted in February 17th, 2008
Submitted by CARPE DIEM
Ayn Rand Institute:
Philosophically, Americanism means individualism. Individualism holds that one’s personal identity, moral worth, and inalienable rights belong to one as an individual, not as a member of a particular race, class, nation, or other collective.
But collectivism is the premise of “Buy American.” In purchasing goods, we are expected to view ourselves […]
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Posted in February 17th, 2008
Submitted by CARPE DIEM
Christian Science Monitor:
In a test of the American Dream, Adam Shepard (pictured above) started life from scratch with the clothes on his back and $25. Ten months later, he had an apartment, a car, and a small savings.
The effort was inspired after reading “Nickel and Dimed,” in which author Barbara Ehrenreich takes […]
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Posted in February 17th, 2008
Submitted by CARPE DIEM
An interesting job market paper from a UC-Berkeley Ph.D. candidate Jenny Aker, “Does Digital Divide or Provide? The Impact of Cell Phones on Grain Markets in Niger.”
Abstract: Due partly to costly information, price dispersion across markets is common in developed and developing countries. Between 2001 and 2006, cell phone service was phased […]
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Posted in February 17th, 2008
Submitted by CARPE DIEM
Wall Street Journal — For decades, railroads spent little on expansion, even tore up surplus track and shrank routes. But since 2000 they’ve spent $10 billion to expand tracks, build freight yards and buy locomotives, and they have $12 billion more in upgrades planned (see map above of recent upgrades).
Railroad operators are […]
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Posted in February 17th, 2008
Submitted by CARPE DIEM
HT: Tony Phyrillas
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Posted in February 17th, 2008
Submitted by CARPE DIEM
Hillary and Barack, listen up!
In this video from August 13, 1962, when the highest marginal individual income tax rate was 91% and the highest marginal corporate tax was 52%, President John F. Kennedy announced his plan to introduce permanent, across-the-board tax cuts for both individuals and corporations. Kennedy argued that both “logic […]
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Posted in February 17th, 2008
Submitted by CARPE DIEM
University of Rochester Economics Professor Steven E. Landsburg argues convincingly on Fox News why it is a lot like racism for us to give preference with protectionist trade policy to total strangers born in Detroit over total strangers born in Japan or Mexico.
“Both major parties are infested with protectionists who would discriminate […]
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