Jonathan Portes asks, “What’s the role of experts in the public debate?” He assumes it is his prerogative, as an expert, to define that role: I think we have three really important functions. First, to explain our basic concepts and most important insights in plain English. Famously, Paul Samuelson, the founder of modern macroeconomics, was asked […]
by Barkley Rosser (originally from Econospeak) Trumpcare Saves Social Security By Killing People! Yes, there it is in black and white in Table 3 footnote f on p. 33 of the Congressional Budget Office (CBO) official report on the proposed American Health Care Act, aka Trumpcare. Between now and 2026 spending by the Social Security […]
by New Deal democrat Measures of underemployment continue to show improvement The unemployment rate, at 4.7%, is generally acknowledged to be decent, although not great. But what of the underemployed? Typically as an economy expands, the U6 (unemployed + underemployed) rate has declined more than the U3 (unemployed only) rate, as shown on the below […]
A few weeks ago I had a post looking at the success of a number of countries. I noted that countries that do well include, (in no particular order): the US, Canada, Northwest Europe, Switzerland, Scandinavia, Australia, New Zealand, Japan, South Korea, Singapore and, until China began applying a heavier thumb, Hong Kong. Those also […]
by New Deal democrat February jobs report: hitting on all cylinders but wages HEADLINES: +236,000 jobs added U3 unemployment rate down -0.1% from 4.8% to 4.7% U6 underemployment rate down -0.2% from 9.4% to 9.2% Here are the headlines on wages and the chronic heightened underemployment: Wages and participation rates Not in Labor Force, but […]
by New Deal democrat A quick primer on interest rates and rate hikes With increasing speculation that the Fed will again raise interest rates this month, I thought I would take a look at how long term rates, and the yield curve, react. As most everybody who follows this stuff knows, in the last 60 […]
On Sunday, the Guardian published a letter signed by a number of prominent psychologists, cognitive neuroscientists and the like. Coincidentally, the list includes Steven Pinker who I happened to be quoting in a post from the same day. Here’s the title: No evidence to back idea of learning styles Here are the first two paragraphs: […]
by Joseph Joyce The Emerging Market Economies and the Appreciating Dollar U.S. policymakers are changing gears. First, the Federal Reserve has signaled its intent to raise its policy rate several times this year. Second, some Congressional policymakers are working on a border tax plan that would adversely impact imports. Third, the White House has announced […]