Attention Economy


Wednesday, September 30, 2020

Has US business dynamism declined?

The Pandemic Recession Has Been Especially Painful for Women

The First Female Recession Threatens to Wipe Out Decades of Progress for U.S. Women
https://www.bloomberg.com/news/articles/2020-09-30/u-s-recovery-women-s-job-losses-will-hit-entire-economy

Related:
The covid-19 recession is the most unequal in modern U.S. history
https://www.washingtonpost.com/graphics/2020/business/coronavirus-recession-equality/

Elite Grad Programs Become More Popular

Biden versus Trump - Who Will Provide a Bigger Economic Boost?


The Economic Case for Biden
https://www.project-syndicate.org/commentary/economic-case-for-biden-harris-by-edmund-s-phelps-2020-09
Nobel Laureate Edmund Phelps notes:
“US President Donald Trump has seeded the investment environment with uncertainty, trashed America's trade relationships, blown up the fiscal deficit, and left American workers worse off than they were when he took office. He is the polar opposite of Joe Biden, a politician who understands precisely what the US economy needs”.

https://thehill.com/policy/finance/518094-biden-victory-democratic-sweep-would-bring-biggest-boost-to-economy-analysis

Fixing Capitalism

Monday, September 28, 2020

Rankings - Master's Degree Programs

US Household Income and Net Worth – Recent Trends

The Tilt Towards Trade Protectionism

Trump, Biden and ‘Made in U.S.A.’: Same Refrain, Varying Notes
https://www.nytimes.com/2020/09/28/business/economy/biden-trump-made-in-usa.html
 
Related:

Sunday, September 27, 2020

Trump Paid Just $750 in Annual Taxes

LONG-CONCEALED RECORDS SHOW TRUMP’S CHRONIC LOSSES AND YEARS OF TAX AVOIDANCE
https://www.nytimes.com/interactive/2020/09/27/us/donald-trump-taxes.html
“Donald J. Trump paid $750 in federal income taxes the year he won the presidency. In his first year in the White House, he paid another $750.
He had paid no income taxes at all in 10 of the previous 15 years — largely because he reported losing much more money than he made”.
 
18 Revelations from a Trove of Trump Tax Records
https://www.nytimes.com/2020/09/27/us/trump-taxes-takeaways.html

Saturday, September 26, 2020

Universal Basic Income - Real World Experiments


Does Finland show the way to universal basic income?

Weekend Readings - Indian Cuisine

Bansari Indian Cuisine dares to be different
https://www.washingtonpost.com/lifestyle/food/bansari-indian-cuisine-restaurant-review/2020/09/17/81b41628-f6bc-11ea-be57-d00bb9bc632d_story.html
 
Pani puri is the antidote to the lost summer of 2020
https://www.washingtonpost.com/goingoutguide/restaurants/pani-puri-is-the-antidote-to-the-lost-summer-of-2020/2020/08/12/e285885a-d8b3-11ea-aff6-220dd3a14741_story.html
 
With a beautiful line of Italian-Indian pizzas, Bella does fusion right
https://www.washingtonpost.com/goingoutguide/restaurants/with-a-beautiful-line-of-italian-indian-pizzas-bella-does-fusion-right/2020/06/29/a37624ae-b74c-11ea-aca5-ebb63d27e1ff_story.html
 
The Mumbai food guide: what to cook and where to eat
https://life.spectator.co.uk/articles/mumbais-best-dishes-from-the-bombay-sandwich-to-pav-bhaji/ 

Asha Gomez made her name as an Indian American chef. But she’s tired of being pigeonholed.
https://www.washingtonpost.com/food/2020/11/09/chef-asha-gomez/

China and its Neighbors

China Goes Back to a Construction and Export-Led Growth Model

Friday, September 25, 2020

Identity Politics, Racial Justice and Higher Education Institutions

How Racist Are Universities, Really?
https://www.chronicle.com/article/how-racist-are-universities-really
Hyperbolic accusations do more harm than good
 
How Princeton Opened Itself to the Ultimate Troll
Why the left and the right are exaggerating the racism of the Ivy League institution.
https://www.theatlantic.com/ideas/archive/2020/09/pretense-princeton-racist/616491/
Conor Friedersdorf notes:
“Hyperbole about white supremacy at universities can obscure the true nature of real problems. For example, just 7 percent of faculty members at Princeton are Black, but citing that figure to prove that Princeton discriminates in hiring is misleading because, as Kennedy noted, African Americans in recent years earned only about 7 percent of all doctoral degrees. “The reasons behind the small numbers are familiar and heart-breaking,” he wrote. “They include a legacy of deprivation in education, housing, employment, and health care, not to mention increased vulnerability to crime and incarceration. The perpetuation of injuries from past discrimination as well as the imposition of new wrongs cut like scythes into the ranks of racial minorities, cruelly winnowing the number who are even in the running to teach at Princeton.” By blaming Princeton for a problem endemic to American society, activists risk misdirecting resources earmarked for diversity, equity, and inclusion to university elites rather than the people who need them most: less privileged outsiders hindered from advancement through no fault of the institution”.

The Fight Against Words That Sound Like, but Are Not, Slurs
https://www.theatlantic.com/ideas/archive/2020/09/fight-against-words-sound-like-are-not-slurs/616404/
CONOR FRIEDERSDORF notes:
“When universities invoke “diversity, equity, and inclusion” to justify an action, the effect should never be to suppress widely held views. When well-meaning staff are punished for dissenting from left orthodoxy, let alone for wholly imaginary slights, the whole academic project is at risk”.

 
Big Picture View:
Against Identity Politics: The New Tribalism and the Crisis of Democracy by Francis Fukuyama
https://www.foreignaffairs.com/articles/americas/2018-08-14/against-identity-politics-tribalism-francis-fukuyama

The 2020 US Housing Sector Boom

Does the US Economy Need Further Fiscal Stimulus?

Thursday, September 24, 2020

Pricing Power in the World's Most Competitive Mobile Phone Market

Indoor Ventilation and Virus Spread

How a focus on cleaning surfaces can distract from actual virus spread


Research shows coronavirus spreads primarily through air. Here's how to reduce risk


CHOICE 2020: Trump vs. Biden

Frontline Documentary – THE CHOICE 2020: Trump vs. Biden
https://www.pbs.org/wgbh/frontline/film/the-choice-2020-trump-vs-biden/
 
The Economic Case for Biden
https://www.project-syndicate.org/commentary/economic-case-for-biden-harris-by-edmund-s-phelps-2020-09
Nobel Laureate Edmund Phelps notes:
“US President Donald Trump has seeded the investment environment with uncertainty, trashed America's trade relationships, blown up the fiscal deficit, and left American workers worse off than they were when he took office. He is the polar opposite of Joe Biden, a politician who understands precisely what the US economy needs”.

Scientific American Endorses Joe Biden
https://www.scientificamerican.com/article/scientific-american-endorses-joe-biden/
We’ve never backed a presidential candidate in our 175-year history—until now


Despite Trump’s actions against immigrants, these Latino voters want four more years
https://www.washingtonpost.com/politics/2020/09/24/arizona-latino-trump-supporters/

Globalization, Trade and Economic Development

Are Intellectuals Killing Convergence?
https://www.project-syndicate.org/commentary/covid-deglobalization-end-of-convergence-by-arvind-subramanian-and-josh-felman-2020-09
“There is every reason to worry that a historic process of deglobalization is underway, threatening to scuttle the growth models of poor countries that previously used trade as a path to prosperity. Worst of all, this disturbing shift has been met by silence or even encouragement by those who should know better”.
 
Trump’s Spectacular Trade Failure
https://www.project-syndicate.org/commentary/trump-trade-policy-is-a-failure-by-anne-krueger-2020-09
 
Big Picture View – How technology shapes globalization
https://thehill.com/opinion/technology/517375-how-technology-shapes-globalization

Will Covid Kill Globalization?

Long-Term Evolution of US Higher Education


Related:

Dip in College Enrollment

Taking Stock of the Pandemic's Impact

Harvard’s Chetty Finds Economic Carnage in Wealthiest ZIP Codes
https://www.bloomberg.com/news/features/2020-09-24/harvard-economist-raj-chetty-creates-god-s-eye-view-of-pandemic-damage
 
Bill Gates: The Pandemic Has Erased Years of Progress


Wednesday, September 23, 2020

The Pandemic Reveals the Importance of Teachers and Education

A wonderful piece:
The pandemic could help us all recognize what real education is by Anurag Behar
https://www.livemint.com/opinion/columns/the-pandemic-could-help-us-all-recognize-what-real-education-is-11600873106609.html
“… teachers are central to education. Without them, there is no education. With them, education can happen anywhere, even under a tree without any other resource, as thousands of dedicated public-school teachers have shown. Parents trying to play teacher have learnt how complex and demanding the role is. It is about subject knowledge and pedagogy, but also a lot more. It is about patience and dedication, about empathy and judgment, and also about balancing all this in the service of the overall development of the child. Ultimately, it is a matter of deep human relationships and bonds. Even if unstated, these circumstances have also made many realize how poorly we do for our teachers”.

Limiting Virus Spread on College Campuses

 


After months of planning and billions in spending, will colleges’ virus prevention efforts get trashed by a few student parties?
https://www.washingtonpost.com/education/2020/09/24/coronavirus-college-student-party-gatherings/ 

US Unemployment Insurance System – In Need of Reform?


Related:
The myth of unemployment benefits depressing work

An extra $600 a week smoothed out sharp differences in benefits among states, and among the people who lived in them.

The controversial $600 unemployment aid debate, explained

Monday, September 21, 2020

Globalization - Technology, Trade and Politics

How technology shapes globalization
https://thehill.com/opinion/technology/517375-how-technology-shapes-globalization

Central Bank Independence Under Threat


Significance of Central Bank Independence
America Needs an Independent Fed
https://www.wsj.com/articles/america-needs-an-independent-fed-11565045308

Keep the Federal Reserve I Love Alive by N. Gregory Mankiw [Harvard economist and well-known textbook author]
https://www.nytimes.com/2019/04/11/business/mankiw-moore-cain-federal-reserve.html

The Economist on the importance of Central Bank Independence
https://www.economist.com/finance-and-economics/2019/04/13/how-not-to-weaken-central-banks-independence

What’s at Risk if the Fed Becomes as Partisan as the Rest of Washington
Neil Irwin notes:
“No one would argue that the Fed is divorced from politics. It is constantly making decisions that pit the interests of workers against owners of capital, and those of banks against those of consumers. But there is a difference between acknowledging that there are choices that must be informed by political values and putting those political values ahead of what are often highly technical discussions.”

Stephen G. Cecchetti and Kermit L. Schoenholtz note:
“An independent central bank is one of the rare free lunches in economics: it can secure low and stable inflation without sacrificing long-run economic growth. But acquiring that free lunch requires that the institution be run by high-caliber technicians who shun short-run political aims, focusing instead on the long-run goals of price stability and maximum sustainable employment. In the same way that we want military commanders, public health officials, and nuclear or transport safety administrators to be apolitical professionals, so should we aim for central bankers with technical expertise that is above partisan politics. History is replete with disasters that resulted from the politicization of such key government functions.
A transparent commitment to legally mandated goals by highly qualified specialists makes a central bank democratically accountable and allows it to earn the credibility it needs to be effective in promoting long-run prosperity. Were a central bank to be filled with political hacks, any formal independence would be meaningless and unsustainable, and we would all be the worse for it.”


Macroeconomics in the COVID-19 Era

 Podcast Episode - Greg Mankiw
https://econofact.org/podcast/macroeconomics-in-the-covid-19-era
Can we still look to economists for useful advice on how to fix the economy in the wake of COVID-19? Or will the pandemic force us to rethink our understanding of how the economy works? This week, host Michael Klein, and Greg Mankiw of Harvard University discuss how the economy – and the way we think about it – is changing as a result of this pandemic.

Is 42 a Special Number?

Covid-19 – Interesting Items

A Mini Stock Market Correction

Sunday, September 20, 2020

Fall College Reopenings


Colleges Are Making the Coronavirus Crisis Worse
https://www.bloomberg.com/opinion/articles/2020-09-21/coronavirus-on-campus-colleges-should-rethink-their-reopening-plans
“About half of the country’s colleges, including many of the biggest public universities, have tried to resume some form of in-person instruction. Officials said failing to do so would harm students, cause enrollments to plunge and decimate local businesses. But without adequate capacity to test and trace, schools had to rely on students policing themselves. Unfortunately, too many students have proved unwilling to behave responsibly and resist the lure of bars and parties — a breathtaking lack of awareness that has come with significant costs for schools and the communities that surround them. Even universities that are testing large numbers and isolating the sick have seen hundreds of cases within weeks of resuming classes”.

Can Science Bring Rivals Together?

The Clear Night Sky Over India and China’s Hostile Border
https://www.newyorker.com/news/dispatch/the-clear-night-sky-over-india-and-chinas-hostile-border
“And yet, when it comes to the sky, the two countries enjoy a warmer relationship than their strategic rivalry might suggest. For the past decade, both China and India have leveraged “astro-diplomacy” to forge international ties and boost their scientific standing. In 2014, the nations deemed astronomy an area of collaboration, committing mutual support to projects like Merak’s solar telescope. Many I.I.A. graduates now accept postdoc appointments at the Chinese Academy of Sciences, and senior faculty from both institutions co-author papers. India and China are also partners in a five-nation effort to build a Thirty-Metre Telescope (T.M.T.)—an instrument three times bigger than any telescope in existence—in Hawaii. Every few weeks, astronomers in Bangalore and Beijing video-conference with colleagues in the United States, Japan, and Canada to grapple with the T.M.T.’s challenges. If completed, the telescope will enable the most powerful observations ever made of the northern sky”.

Even Singapore is Not Immune from Nativism

Geopolitical Risks

The Tik-Tok Drama

College Education – The Quantity versus Quality Trade-Off

Make School Hard Again: Grade inflation needs to stop.
https://reason.com/2019/05/26/make-school-hard-again/
 
Do the Math…or Not
https://www.jamesgmartin.center/2020/06/do-the-mathor-not/

The Quantity versus Quality Debate 
Fredrik DeBoer, author of The Cult of Smart: How Our Broken Education System Perpetuates Social Injustice, notes:
“To say that everyone should go to college presumes that everyone has the aptitude and desire to go to college. We have every reason to suspect that isn’t true. Already today, the national college-graduation rate tends to hover around 60 percent. And that’s among students who start college; the many millions who don’t attempt college are surely among those least likely to succeed in higher education. What would happen to the graduation rate if millions of people who previously did not attempt college were to flood our campuses? I have no doubt that some of them would flourish, but on balance we can certainly expect more dropouts, more remediation costs, more debt, and more stress on colleges that already struggle to graduate an adequate percentage of enrollees …
It also strikes me that if the inevitable outcome of significantly greater college participation rates is lower standards, then our national response to hordes of new college students would be to make college significantly easier to get through.”. 

Real World/Economic Consequences -

 Philosophical Perspective - 
The Best Reason to Go to College by Pico Iyer
It’s the same as it ever was: To learn that the world is more than the issues that divide us.

Societal Consequences of Lowering Educational Standards:
Tom Nichols: "The Death of Expertise"

Global Economic Recovery - An Update

The Next Big Global Shock?

Why Aren’t We Heeding Mother Nature’s Warnings?
https://www.bloomberg.com/opinion/articles/2020-09-20/california-wildfires-add-to-drumbeat-of-unheeded-climate-warnings
Wildfires from California to the Arctic permafrost are failing to convince enough people of the urgency for action on climate change.

The Downside of Helicopter Parenting

Interest Earnings from Traditional Bank Savings Accounts

$2.50 a Year in Interest? That’s What $5,000 in Savings Gets
https://www.nytimes.com/2020/09/18/your-money/savings-interest-rates.html

The Need for Intellectual Diversity

Universities with traditionally progressive ideals can welcome conservative views, and still reject authoritarianism and hate.
https://www.nytimes.com/2020/09/19/opinion/campus-free-speech.html

Friday, September 18, 2020

Cityscape - The Changing Face of London

Was Milton Friedman Wrong?

Milton Friedman Was Wrong. Look at Income Inequality
https://www.bloomberg.com/opinion/articles/2020-09-18/milton-friedman-was-wrong-look-at-income-inequality
Joe Nocera notes:
“I have asked the question before, but it’s worth asking again: What is an economy for? It’s not simply to shovel profits to shareholders. The purpose of an economy is to allow people to prosper. In the end, Friedman’s doctrine has warped our understanding about the people an economy is supposed to serve. It’s not just shareholders. It’s all of us”. 

Milton Friedman Was Right About Shareholder Capitalism

50 Years of Blaming Milton Friedman. Here’s Another Idea.
https://www.nytimes.com/2020/09/18/opinion/milton-friedman-essay.html
Binyamin Appelbaum notes:
“The necessary solution is to create stronger incentives for good behavior and laws against bad behavior.
· Instead of urging power companies to burn less fossil fuel, tax carbon emissions.
· Instead of pleading with McDonald’s to raise wages, raise the federal minimum wage.
· Instead of shaming Amazon for squeezing small business, enforce antitrust laws.
Government also needs to do more to support economic growth. Friedman’s negative vision of government has helped to obscure the ways the public sector can help the private sector, for example by investing in education, infrastructure and research”.

Milton Friedman’s Vision Has Failed. Let’s Bury It and Move On.

Related:

Best Colleges 2020 - Wall Street Journal/Times Higher Education Ranking

Wall Street Journal/Times Higher Education College Rankings 2020
https://www.timeshighereducation.com/rankings/united-states/2020
 
Top 10 Public Universities:
https://www.timeshighereducation.com/student/best-universities/best-public-universities-united-states
1. University of California, Los Angeles
2. University of Michigan-Ann Arbor
3. University of North Carolina at Chapel Hill
4. University of California, Berkeley
5. University of California, Davis
6. University of California, San Diego
7. University of Washington-Seattle
8. Purdue University, West Lafayette
9. University of Illinois at Urbana-Champaign
10.University of Virginia, Charlottesville
 
Go Boilers!!

Thursday, September 17, 2020

China-Germany Ties


Germany ends China honeymoon with new Indo-Pacific strategy

Risk of Conflict in the Eastern Mediterranean

A dispute in the Eastern Mediterranean has brought Turkey and Greece close to war once again. But this time it’s different
https://www.theglobeandmail.com/world/article-a-dispute-in-the-eastern-mediterranean-has-brought-turkey-and-greece/
 
How a rush for Mediterranean gas threatens to push Greece and Turkey into war
https://www.theguardian.com/world/2020/sep/11/mediterranean-gas-greece-turkey-dispute-nato
 
A conflict could be brewing in the eastern Mediterranean. Here’s how to stop it.
https://www.washingtonpost.com/opinions/2020/09/17/conflict-could-be-brewing-eastern-mediterranean-heres-how-stop-it/
 
Why is the Trump administration enabling Erdogan’s Turkey?
https://www.washingtonpost.com/opinions/global-opinions/why-is-the-trump-administration-enabling-turkey/2020/09/03/491ecea6-ee02-11ea-b4bc-3a2098fc73d4_story.html

International Energy Competition

US Monetary Policy: Interest Rates and Inflation

Law, Politics, and Government

 The Very Structure of Modern Government Is Under Legal Assault

Economic History: 1970s Oil Shock

China’s Foreign Policy Overreach


China, Seeking a Friend in Europe, Finds Rising Anger and Frustration
https://www.nytimes.com/2020/09/17/world/asia/china-europe-xi-jinping.html 

Wednesday, September 16, 2020

Unemployment Claims - Data Issues

Pandemic Winners and Losers

The Fitness Industry’s Pandemic Winners and Losers
https://nymag.com/intelligencer/2020/09/how-the-pandemic-has-changed-the-fitness-industry.html
 
The latest crisis: Low-income students are dropping out of college this fall in alarming numbers
https://www.washingtonpost.com/business/2020/09/16/college-enrollment-down/

A pandemic surge in food delivery has made ghost kitchens and virtual eateries one of the only growth areas in the restaurant industry
https://www.washingtonpost.com/business/2020/09/17/virtual-ghost-kitchen-restaurants/
 
Small Tech Stocks Soar as the Future Arrives Early
https://www.nytimes.com/2020/09/17/business/small-tech-stocks-coronavirus.html

Money and College Football


The Big Ten might save its football season, but the myth of college sports has been shattered
https://www.washingtonpost.com/sports/2020/09/17/big-ten-might-save-its-football-season-rotten-core-college-sports-is-exposed/

Has California Swung Too Far to the Left?

Japanese Politics - Abe to Suga


The India-Australia-Japan Alliance

Tuesday, September 15, 2020

The New 'New Normal'

Return-to-the-office plans suggest employers expect we’ll just have to get used to living with Covid-19
https://www.bloomberg.com/opinion/articles/2020-09-15/covid-19-office-reopenings-show-employers-expect-longer-pandemic
Economist Emily Oster notes:
“When we ask what’s changed, I think the answer is that we have started to realize — and I know we do not want to hear this — that it’s not a few weeks, or even a few months. Employers have realized they need to plan for the long term. It’s dawning on all of us that there is not an “end” in sight. Vaccine trials are moving along, and it does seem possible we will have some vaccine by the end of the year. But it will take time to vaccinate everyone, and the vaccine will not be perfect. Antigen tests are here, but they aren’t a magic bullet and they are not yet widely available. I think Dr. Fauci may have said it best when he said that we’ll be dealing with this is some way for the next 18 months … at least”.

The Rapid Stock Market Recovery


The Future of Big Oil

Exxon Used to Be America’s Most Valuable Company. What Happened?
https://www.wsj.com/articles/exxon-used-to-be-americas-most-valuable-company-what-happened-oil-gas-11600037243
Exxon still offers an attractive dividend yield to its shareholders

Media Culpability

Bill Gates on the Pandemic


Bill & Melinda Gates: Vaccine fairness will make us all safer | Free to read
https://www.ft.com/content/f999c4e4-78a2-4f83-9beb-91c15dccd0b8

An Economics Reporter’s Parting Thoughts

Goodbye, readers, and good luck — you’ll need it: What 50 years of writing about economics has taught me.
Robert Samuelson notes:
Economists consistently overstate how much they know about the economy and how easily they can influence it. They maintain their political and corporate relevance by postulating pleasant policies. Presidents claim the good and repudiate the bad. There are practical limits to how much economic growth and living standards can be accelerated and sustained”.

Monday, September 14, 2020

Everyday Economics

Here’s How Much Money You Really Save by Making Coffee at Home
https://time.com/nextadvisor/banking/savings/save-money-by-making-coffee-at-home/

UK Faces Headaches on Multiple Fronts

How the Brexit virus is turning the UK into a rogue state
https://www.newstatesman.com/politics/uk/2020/09/how-brexit-virus-turning-uk-rogue-state
 
Boris Johnson, Covid, Brexit and the Art of Policy Improvisation
https://www.nytimes.com/2020/09/09/world/europe/boris-johnson-brexit-coronavirus.html

Monetary Policy versus Fiscal Policy

People Need Money Now. A $1.5 Trillion Deal Can Make It Happen.

We Don't Just Need More Stimulus — We Need Smarter Stimulus
https://time.com/5872777/we-need-smarter-stimulus/

How the Fed’s Quick Action May Have Given Congress Cover for Inaction
https://www.nytimes.com/2020/09/15/upshot/federal-reserve-stimulus.html

Wall Street Economists Channel Powell's Fiscal Vision
https://www.bloomberg.com/opinion/articles/2020-09-14/if-the-fed-wielded-fiscal-power-what-would-powell-do


The recession is testing the limits and shortfalls of the Federal Reserve’s toolkit

Fed Must Alter Habits of a Generation in Higher Inflation Quest
https://www.bloomberg.com/news/articles/2020-09-14/fed-must-alter-habits-of-a-generation-in-higher-inflation-quest

Sunday, September 13, 2020