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Analysis and Commentary

Why Are Americans Much Richer Than Mexicans?

by Alvin Rabushkavia Thoughtful Ideas
Monday, July 29, 2019

According to the International Monetary Fund, per capita gross domestic product (GDP) in purchasing power parity (PPP) in the United States in 2017 was $59,495.  In Mexico, it was $19,480, 32.7% of that in the U.S.

Featured

California Wants To Teach Your Kids That Capitalism Is Racist

by Williamson M. Eversvia The Wall Street Journal
Monday, July 29, 2019

A new model curriculum for ‘ethnic studies’ is a handbook for classroom propagandizing.

Analysis and Commentary

Laura Ling On Sanctions On North Korea

by David R. Hendersonvia EconLog
Monday, July 29, 2019

“We don’t like living without electricity and water,” she went on. “We know we are not a rich country. But it is the United States that has put sanctions on us and has deprived us of these things. What did we ever do to the United States?” Paris wasn’t the only person I’d spoken with who blamed the U.S. sanctions for North Korea’s lack of electricity. 

Analysis and Commentary

Tyler Cowen's Failed Critique Of Cuts In State Funding

by David R. Hendersonvia EconLog
Monday, July 29, 2019

While I was on vacation up at my cottage in Canada, Tyler Cowen wrote a piece on the Bloomberg site that made a case for not cutting taxpayer subsidies to Alaska’s universities.

In the News

Aspen Institute Panel: Rosy Economic Picture Masks Potential Problems

quoting Kevin Warshvia Aspen Daily News
Monday, July 29, 2019

Though the U.S. economy is in excellent shape right now, problems could be lurking on the horizon, an Aspen Institute panel generally concluded on Sunday afternoon.

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Bill De Blasio's Bill

by Richard A. Epsteinvia Defining Ideas
Monday, July 29, 2019

The mayor's plans for workers are as bad as his own presidential campaign.

Analysis and Commentary

Biography Of Richard H. Thaler Is Online

by David R. Hendersonvia EconLog
Sunday, July 28, 2019

Economists generally assume that more choices are better than fewer choices. But if that were so, argues Thaler, people would be upset, not happy, when the host at a dinner party removes the pre-dinner bowl of cashews. Yet many of us are happy that it’s gone. Purposely taking away our choice to eat more cashews, he argues, makes up for our lack of self-control. This simple contradiction between the economists’ model of rationality and actual human behavior, plus many more that Thaler has observed, leads him to divide the population into “Econs” and “Humans.” Econs, according to Thaler, are people who are economically rational and fit the model completely. Humans are the vast majority of people.

Analysis and Commentary

The Importance Of Rules In Federal Reserve Policymaking

by Michael D. Bordovia The Hill
Sunday, July 28, 2019

The Federal Reserve is re-examining its monetary policy strategy. It is considering whether alternatives to the present inflation-targeting framework could be more efficient and transparent in helping it attain its core macroeconomic objectives of price stability and maximum employment, while maintaining its independence. My research provides ample theoretical, empirical and historical evidence that can help the policymakers in their pursuit.

In the News

All You Want To Know About Sovereign Bonds

quoting Raghuram Rajanvia Money Control
Friday, July 26, 2019

After Finance Minister Nirmala Sitharaman proposed that the Indian government would borrow some of its funds in overseas markets in foreign currencies, there is a lot of buzz on sovereign bonds. It has been a fiercely-debated issue with a lot of highly economists. Even former Reserve Bank of India governors and deputy governors, mostly arguing against such an issuance. To top it all, now, there are news reports suggesting that Finance Secretary Subhash Chandra Garg was transferred to the power ministry because the government was unhappy with his handling of the sovereign bond issue. Here’s a FAQ on sovereign bonds.

In the News

Why Is John Cochrane Nodding To A Gold Bug?

quoting John H. Cochranevia EconoSpeak
Friday, July 26, 2019

John Cochrane gave a preview of a WSJ oped he wrote in response to something from James Grant. Permit me to be brief about the utter nonsense from Grant before noting the more worthwhile discussion from Cochrane:

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Economic Policy Working Group

 
The Working Group on Economic Policy brings together experts on economic and financial policy to study key developments in the U.S. and global economies, examine their interactions, and develop specific policy proposals.

Milton and Rose Friedman: An Uncommon Couple