Submitted by CARPE DIEM

LA Times – The price of U.S. Steel’s stock has shot up 1,000% in recent years (from $16 in 2003 to more than $180 this month, see chart above) as industrial America has been resurrected to meet the needs of a feverishly industrializing world.

“We’re in the midst of 2 to 3 billion […]

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Submitted by Businomics Blog
My old friend Tim Kane has a good comment on the Food Crisis over at Growthology.  He notes that the obvious solution–grow more food–is often thwarted by government policies in both the developed world and the less developed world.
The logic is pretty simple if you want to encourage entrepreneurship in poor, rural […]

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Submitted by Econbrowser
That’s the title of my latest research paper. Here’s the summary from the paper’s introduction.

How would one go about explaining what oil prices have been doing and predicting where they might be headed next? This paper explores three broad ways one might approach this. The first is a statistical investigation of the basic […]

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Submitted by Econbrowser
As I noted in a previous post, monetary policy works through various channels, one of which is the “bank lending channel”. Lower policy rates, as witnessed in the past few months and shown below, should induce greater lending.

Figure 1: Nominal effective Fed Funds rate (blue), and real (red). NBER-defined recession dates shaded gray. […]

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Submitted by CARPE DIEM
IHT – For years, it was not clear whether rising prices would ever prompt Americans to use less gasoline. But a combination of record high prices, the slowing economy and a tight credit market is having an effect.
Gasoline demand has fallen sharply since the beginning of the year and is headed for […]

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Submitted by CARPE DIEM
1. The bad economy in the United States and the weak dollar have changed the balance of power in the N.H.L. Now Sun Belt teams are in financial trouble and Canadian teams are flush with money — a reversal from five or six years ago.

2. The weak dollar also led to the […]

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Submitted by CARPE DIEM
NEW YORK (UPI) — Patrons of so-called retail health clinics in the United States generally were pleased with the service they received, a Harris Poll indicated.
The latest Harris Interactive-Wall Street Journal healthcare study indicated U.S. adults who used such a clinic generally were pleased — with 90 percent of the respondents saying […]

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Submitted by CARPE DIEM
HARARE, Zimbabwe (AP) — Weary Zimbabweans are facing a new wave of price increases that will put many basic goods even further out of their reach: A loaf of bread now costs what 12 new cars did a decade ago.
Independent finance houses said in an assessment Tuesday that annual inflation rose this […]

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Submitted by CARPE DIEM
It’s safe to say that the main burden of trade-related job losses and wage declines has fallen on middle- and lower-income Americans. So standing up to China seems like a logical way to help ordinary Americans do better. But there’s a problem with this approach: the very people who suffer most from […]

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Submitted by CARPE DIEM
This last week the nation of Brazil discovered enough oil sitting only 130 miles off their coast to give them the equivalent of nineteen years worth of oil by their current usage standards. That’s nineteen years that they don’t have to purchase oil from anywhere else.
Presently in territories under US control we […]

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Submitted by CARPE DIEM

Investor’s Business Daily — In 2006 alone, according to the American Petroleum Institute, U.S. oil companies paid some $138 billion in taxes to the IRS — and that doesn’t include special oil severance, sales and use taxes companies also had to pay.
Internal Revenue Service (Table 6, p. 41) — In 2005 (the […]

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Submitted by CARPE DIEM
Congressional ignorance of basic laws of supply and demand is at once bizarre, breathtaking and frightening. For example, in a speech delivered by New York Democratic Sen. Chuck Schumer on May 13, he urged the U.S. to force Saudi Arabia to pump a million barrels a day more of oil — which […]

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Submitted by CARPE DIEM

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Submitted by CARPE DIEM

WASHINGTON — Existing-home sales fell a second month in a row during April, while inventories surged and prices dropped sharply from a year earlier.

Home resales fell to a 4.89 million annual rate, a 1.0% decrease from March’s revised 4.94 million annual pace, the National Association of Realtors said Friday. Originally, the NAR […]

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