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Looking Overseas for Job-creation Inspiration
National Journal, October 11, 2011. Copyright © 2011 by National Journal Group Inc. The U.S. job market has shown lackluster growth recently, to put it mildly. The September employment report, released on Friday, revealed that nonfarm payrolls added just 103,000 jobs last month—not horrific, but still under the threshold economists say they need to cross […] -
One-Pager No. 14Neoliberalism and the State of the Advanced World Economy
Whoever said that economic science is free of ideological bias and political prejudice? Three hundred years of financial and economic crises have meant nothing to die-hard neoliberals, who believe in (among other things) self-regulating markets and trickle-down theory. With so many incorrect assumptions guiding market liberalism, it’s no wonder neoliberals have failed to draw the […] -
One-Pager No. 14
Νεοφιλελευθερισμός και η κατάσταση της προηγμένης παγκόσμιας οικονομίας
Ποιος είπε ότι η οικονομική επιστήμη δεν είναι ιδεολογικά προκατειλημμένη και δεν πάσχει από πολιτική μεροληψία; Τριακόσια χρόνια χρηματοπιστωτικων και οικονομικών κρίσεων δε λένε απολύτως τίποτα στους αδιάλλακτους νεοφιλελεύθερους, που πιστεύουν (ανάμεσα σε άλλα πράγματα) στην ιδέα της ύπαρξης μιας αυτορρυθμιζόμενης αγοράς και στη θεωρία της προς τα κάτω διαρροής του πλούτου. Mε τόσες πολλές […] -
BlogStudy Abroad: Unemployment and Retraining
The National Journal asks whether we can learn something about addressing unemployment by studying elements of the unemployment insurance systems of other OECD nations, many of which make re-training a key part of transitioning from UI back to employment. The American Jobs Act (dead man walking) contains a “bridge to work” provision that would include [...] -
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More on the Nobel Prize award and its possible meanings
Without wading into the debate too much, we report on some commentary from the web on yesterday’s announcement that Thomas Sargent and Christopher Sims had won the Nobel Memorial Prize in Economics: “Free-market” supporters differed greatly in their assessments. One “New Monetarist” argues that the choice of Sargent and Sims represents a nod to the [...] -
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Man Cannot Live by Fed Alone
Over the past several decades, many people adopted the view that monetary policy, almost alone, could effectively control the economy. Economists, politicians and scholars came to believe that the Federal Reserve was full of neutral technocrats who dutifully fine-tuned the economy. Through their careful orchestration of interest rates, the money supply and inflation, we assumed [...] -
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This morning’s announcement and our Institute
This morning, it was announced that Thomas Sargent and Christopher Sims are the winners of the 2011 Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel (link to New York Times article here; link to official Nobel economics site here). Sargent and Sims’s approach is often thought to imply, among other things, [...] -
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How to Improve Your Abstract
Since it’s Friday… This one is for every graduate student who’s been on the receiving end of a glazed/skeptical/bemused expression after trying to respond to a “so what’s your dissertation about?” query. Your elevator pitch would go over much better if it were more kinetic. Via GonzoLabs, Science magazine and TEDxBrussels are sponsoring a competition [...] -
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Largest Decline in State and Local Jobs Since Korean War
According to Floyd Norris at Economix. Norris includes this chart, comparing our ongoing shedding of state and local government jobs to the one in the early ’80s: I haven’t been looking at any employment reports lately, but I can only assume that this has sparked a massive boom in private payrolls. -
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If You Care About the Deficit, You Should Care About Jobs
The prevailing anxieties of elite opinion are focused relentlessly on the deficit and debt, with sporadic bouts of indigestion reserved for the slump in jobs. This is a complete reversal of what ought to be the case. But let’s say you really can’t get over the idea that there’s no major short-term economic problem currently [...] -
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Are the Big Banks Insolvent?
Let’s look at the reasons to doubt that the big six are solvent. 1.The economy is tanking. Real estate prices are not recovering, indeed, they continue to fall on trend. No jobs are being created. Defaults and delinquencies are not improving. GDP growth is falling. Isn’t it strange that Wall Street has managed to remain [...] -
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Bernanke Scraps Bold Congress Testimony for Lukewarm Version
By Gal Noir* In his Congressional testimony on October 4th, Federal Reserve Chairman Bernanke uncharacteristically praised the benefits of fiscal policy, calling it “of critical importance” and conveying concerns with the looming deficit reductions. He cautioned: “an important objective is to avoid fiscal actions that could impede the ongoing economic recovery.” Many economists expressed worry [...]