By David J. Deming, Christopher Ong, and Lawrence H. Summers. From NPR’s Planet Money. Summers was Secretary of the Treasury from 1999 to 2001, director of the National Economic Council from 2009 to 2010 and president of Harvard University from 2001 to 2006.”Obviously, there is a big fear right now that artificial intelligence will kill…
Technological Disruption in the Labor Market
Technological Disruption in the Labor Market
02 Feb 2025 Leave a comment
in econometerics, economic history, human capital, industrial organisation, labour economics, labour supply, occupational choice, poverty and inequality, unemployment Tags: creative destruction
Natural Diamonds Had a Rough Year—Some Hope to Restore Their Shine
18 Jan 2025 Leave a comment
in applied price theory, entrepreneurship, industrial organisation, market efficiency, survivor principle Tags: creative destruction
Lab-grown diamonds are gaining share, but they might be getting too cheap and largeBy Jinjoo Lee of The WSJ. Excerpts:”After a postpandemic surge in demand in 2021 and 2022, natural-diamond prices are down about 8% compared with the first quarter of 2020, while lab-grown diamond prices are down 75%” [if they are substitutes for each…
Natural Diamonds Had a Rough Year—Some Hope to Restore Their Shine
Meta Culpa: Zuckerberg Joins Musk in the Global Fight for Free Speech
08 Jan 2025 Leave a comment
in economics of information, economics of regulation, entrepreneurship, law and economics, liberalism, politics - USA Tags: creative destruction, free speech, political correctness, regressive left
Below is my column in Fox.com on the potentially historic change in policy at Meta to restore free speech protections. As one of the longest and loudest critics of the company over its censorship history, it is admittedly hard to trust. However, an alliance of Mark Zuckerberg with Elon Musk could prove the most important […]
Meta Culpa: Zuckerberg Joins Musk in the Global Fight for Free Speech
Creative destruction
29 Dec 2024 Leave a comment
in economic history, entrepreneurship Tags: creative destruction
The Changing US Labor Market
28 Dec 2024 Leave a comment
in applied price theory, economic history, history of economic thought, human capital, labour economics, labour supply, occupational choice, poverty and inequality, unemployment Tags: creative destruction
There is a widespread belief that the US labor market has been undergoing a period of unprecedented chance in the last decade or two. On one hand, David Deming, Christopher Ong, and Lawrence H. Summers case doubt on this historical claim in their essay, ” Technological Disruption in the US Labor Market”–that is, they argue…
The Changing US Labor Market
Technological Disruption in the US Labor Market
27 Dec 2024 Leave a comment
in applied price theory, economic history, human capital, labour economics, labour supply, occupational choice, poverty and inequality Tags: creative destruction
Deming, Ong and Summers have a good overview of long-run and very recent changes in the US labor market. Using a measure of occupational titles the authors find: The years spanning 1990-2017 were the most stable period in the history of the US labor market, going back nearly 150 years. It’s a bit too early […]
Technological Disruption in the US Labor Market
#OTD a monopoly was born!?
15 Dec 2024 Leave a comment
in economic history, entrepreneurship, industrial organisation, survivor principle Tags: competition law, creative destruction, merger law enforcement
More on Business Dynamism
11 Dec 2024 Leave a comment
in applied price theory, economic history, economics of bureaucracy, economics of regulation, entrepreneurship, financial economics, income redistribution, industrial organisation, labour economics, labour supply, managerial economics, organisational economics, personnel economics, Public Choice, rentseeking, survivor principle, theory of the firm Tags: creative destruction, employment law
Over at the Geek Way, Andrew McAfee has created a startling visualization related to entrepreneurship in the US and EU. The Draghi Report on EU competitiveness is generating a small buzz among economists. One startling claim is thatthere is no EU company with a market capitalisation over EUR 100 billion that has been set up…
More on Business Dynamism
Creative destruction
02 Dec 2024 Leave a comment
in economic history, economics of media and culture Tags: creative destruction
The Great Enrichment
30 Nov 2024 Leave a comment
in economic history, economics of media and culture Tags: creative destruction, The Great Enrichment
Creative destruction
04 Nov 2024 Leave a comment
in economic growth, economic history, industrial organisation, macroeconomics, survivor principle Tags: creative destruction, The Great Enrichment
Scott Alexander on the Progress Studies conference
25 Oct 2024 Leave a comment
in applied price theory, economic growth, economic history, economics of climate change, economics of regulation, energy economics, entrepreneurship, environmental economics, environmentalism, global warming, liberalism, macroeconomics Tags: creative destruction
Here is one excerpt: Over-regulation was the enemy at many presentations, but this wasn’t a libertarian conference. Everyone agreed that safety, quality, the environment, etc, were important and should be regulated for. They just thought existing regulations were colossally stupid, so much so that they made everything worse including safety, the environment, etc. With enough political will, […]
Scott Alexander on the Progress Studies conference
RCA TR-4 Television Video Recorder advertisement, 1966.
24 Oct 2024 Leave a comment
in economic history, industrial organisation Tags: creative destruction
What planet are they on?
09 Oct 2024 Leave a comment
in applied price theory, economics of media and culture, economics of regulation, entrepreneurship, industrial organisation, law and economics, politics - New Zealand, property rights, survivor principle Tags: creative destruction, legacy media
New Zealand’s newspaper chiefs’ views on how the Fair Digital News Bargaining Bill works is somewhat at odds with the text of the Bill. Google today, admirably, said they’ll stop linking to New Zealand news outlets in search if the Bill goes ahead. News Publishers’ Association’s Andrew Holden and Stuff’s Sinead Boucher aren’t happy about that. But…
What planet are they on?
Utopia, you are standing in it! 
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