TweetGMU Econ alum Holly Jean Soto busts the myth of “greedflation.” Scott Lincicome identifies an interesting contrast between the facts and opinion about China. George Will decries the spinelessness of the modern U.S. Congress. A slice: The incoming president will be able, on a whim, to unilaterally discombobulate international commerce — and the domestic economy…
Some Links
Some Links
12 Jan 2025 Leave a comment
in applied price theory, budget deficits, development economics, economic growth, economic history, economics of regulation, entrepreneurship, fiscal policy, global financial crisis (GFC), great recession, growth disasters, growth miracles, human capital, income redistribution, industrial organisation, international economics, job search and matching, labour economics, labour supply, macroeconomics, monetary economics, poverty and inequality, Public Choice, rentseeking, survivor principle, unemployment
Equality Act 2010
18 Sep 2024 Leave a comment
in applied price theory, comparative institutional analysis, economic history, history of economic thought, human capital, job search and matching, labour economics, labour supply, law and economics, occupational choice, poverty and inequality Tags: British politics, compensating differences, pay equity
The UK’s Orwellian sounding Equality Act 2010 is strikingly Marxist. It demands equal pay for work of equal value where these are defined as follows: A’s work is equal to that of B if it is like B’s work, rated as equivalent to B’s work, or of equal value to B’s work. A’s work is […]
Equality Act 2010
Interview with Edmund Phelps: Macro and Capitalism
21 Jul 2024 Leave a comment
in business cycles, fiscal policy, great depression, great recession, history of economic thought, job search and matching, labour economics, labour supply, macroeconomics, monetary economics, unemployment
Edmund Phelps won the Nobel prize in economics in 2006 for “for his analysis of intertemporal tradeoffs in macroeconomic policy.” However, he has spent a considerable chunk of this time in the last few decades musing over strengths and weaknesses of capitalism and, more generally, a dynamic economy. Jon Hartley interviews Phelps on both topics,…
Interview with Edmund Phelps: Macro and Capitalism
This kind of macro theory is underrated
01 Mar 2024 Leave a comment
in applied price theory, business cycles, fiscal policy, history of economic thought, job search and matching, macroeconomics, monetary economics Tags: real business cycle theory
Demand shocks as technology shocks: We provide a macroeconomic theory where demand for goods has a productive role. A search friction prevents perfect matching between producers and potential customers. Larger demand induces more search, which in turn increases GDP and measured TFP. We embed the product-market friction in a standard neoclassical model and estimate it […]
This kind of macro theory is underrated
A congestion theory of unemployment fluctuations
17 Jan 2024 Leave a comment
in business cycles, econometerics, economic history, history of economic thought, job search and matching, labour economics, labour supply, macroeconomics, monetary economics, unemployment
Yusuf Mercan, Benjamin Schoefer, and Petr Sedláček, newly published in American Economic Journal: Macroeconomics. I best liked this excerpt from p.2, noting that “DMP” refers to the Nobel-winning Diamond-Mortensen-Pissarides search model of unemployment: This congestion mechanism improves the business cycle performance of the DMP model considerably. It raises the volatility of labor market tightness tenfold, […]
A congestion theory of unemployment fluctuations
Macroeconomic Consequences of the Pandemic with David Andolfatto, Beata Javorcik and Ricardo Reis 27 Aug 2021
22 May 2022 Leave a comment
in budget deficits, business cycles, development economics, economic growth, economic history, growth disasters, growth miracles, health economics, history of economic thought, inflation targeting, job search and matching, labour economics, labour supply, macroeconomics, monetarism, monetary economics, unemployment Tags: economics of pandemics
Hayek Lecture 2011: Robert Barro on ‘Fiscal-Stimulus Packages’
18 Oct 2021 Leave a comment
in applied price theory, Austrian economics, budget deficits, business cycles, econometerics, economic growth, economic history, economics of bureaucracy, Euro crisis, F.A. Hayek, fiscal policy, global financial crisis (GFC), great depression, great recession, history of economic thought, inflation targeting, job search and matching, labour economics, labour supply, macroeconomics, monetarism, monetary economics, Public Choice, unemployment
Bob Murphy Show ep 175: David Andolfatto Defends the Fed
09 Oct 2021 Leave a comment
in Austrian economics, business cycles, economic growth, economic history, financial economics, fiscal policy, global financial crisis (GFC), great recession, history of economic thought, inflation targeting, job search and matching, macroeconomics, monetarism, monetary economics
Thomas Sargent – Economic models
03 Jun 2021 Leave a comment
in applied welfare economics, budget deficits, business cycles, economic growth, fiscal policy, global financial crisis (GFC), great recession, job search and matching, macroeconomics, monetary economics
Lacea Lames 2012 – ROBERT LUCAS
22 Oct 2020 Leave a comment
in budget deficits, business cycles, development economics, economic growth, economic history, economics of education, Euro crisis, fiscal policy, global financial crisis (GFC), great depression, great recession, history of economic thought, human capital, inflation targeting, job search and matching, labour economics, labour supply, law and economics, macroeconomics, monetary economics, occupational choice, property rights, Public Choice, Robert E. Lucas Tags: endogenous growth theory
.@BernieSanders @AOC @Greens @NZGreens
02 Oct 2020 Leave a comment
in business cycles, development economics, discrimination, economic growth, economic history, economics of bureaucracy, economics of crime, economics of education, Economics of international refugee law, economics of love and marriage, economics of regulation, economics of religion, energy economics, entrepreneurship, environmental economics, financial economics, fiscal policy, gender, global warming, growth disasters, growth miracles, health and safety, health economics, history of economic thought, human capital, income redistribution, industrial organisation, international economics, International law, job search and matching, labour economics, labour supply, law and economics, macroeconomics, Marxist economics, minimum wage, occupational choice, occupational regulation, politics - Australia, politics - New Zealand, politics - USA, poverty and inequality, privatisation, property rights, Public Choice, public economics, rentseeking, survivor principle, unemployment, unions, welfare reform Tags: Age of Enlightenment, moral psychology, offsetting behaviour, political psychology, regressive left, The fatal conceit, The Great Enrichment, unintended consequences, useful idiots
How Did Paul Krugman Get It So Wrong?
30 Sep 2020 Leave a comment
in budget deficits, business cycles, economic growth, economic history, Edward Prescott, Euro crisis, financial economics, fiscal policy, global financial crisis (GFC), great depression, great recession, history of economic thought, inflation targeting, job search and matching, macroeconomics, monetarism, monetary economics, Robert E. Lucas, unemployment Tags: Keynesian macroeconomics, New Keynesian macroeconomics
Tom Sargent Honorary Degree Lecture on the European monetary crisis
01 Sep 2020 Leave a comment
in budget deficits, business cycles, currency unions, economic growth, economic history, economics of bureaucracy, Edward Prescott, financial economics, fiscal policy, global financial crisis (GFC), great depression, great recession, income redistribution, inflation targeting, job search and matching, labour economics, labour supply, macroeconomics, Milton Friedman, monetarism, monetary economics, Public Choice, public economics, rentseeking, Robert E. Lucas, unemployment Tags: monetary policy
Utopia, you are standing in it! 
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