Victor V. Claar's Blog, page 11

Policy Views of Members of the American Economic Association: Results of a New Survey

Interesting study from the American Institute for Economic Research: "The Policy Views of American Economic Association Members: The Results of a New Survey," by Wake Forest's Robert Whaples.

I have pulled out the propositions with which at least seven out of every ten economists broadly agree, simplifying the language in some cases. You should check the original for the exact propositions, as well as the proportions agreeing.

Here are propositions, then, with which at least 7 out of every 10 e...

Stiglitz Helps Sarkozy Figure Out How to Incorporate Happiness in Measuring Our Economic Health

From the Economist:

HOW well off are Americans? Frenchmen? Indians? Ghanaians? An economist's simplest answer is the gross domestic product, or GDP, per person of each country. To help you compare the figures, he will convert them into dollars, either at market exchange rates or (better) at purchasing-power-parity rates, which allow for the cheapness of, say, haircuts and taxi rides in poorer parts of the world.

To be sure, this will give you a fair guide to material standards of living: the...

Moral Hazard Explained

Okay, one final Paul Solman video today. In this piece from NewsHour, Solman covers the problem of moral hazard--specifically as it relates to the colossal failures of lending institutions last year.

Silver Linings on Dark Economic Stormclouds?

And, completing a trio of Paul Solman NewsHour pieces, Mr. Solman searches for signs of hope and change for the better in a rocky economy.

How Precise Is Our Unemployment Measurement?

From two months ago, Paul Solman gives a guide to what the unemployment rate captures and what it does not.

Calculating the Consumer Price Index (CPI)

From February 2008, NewsHour's Paul Solman gives us an in-the-trenches view of CPI measurement.

We're All Keynesians Now . . . Wait, No We're Not . . Just a Minute . . . Um, Guess We Are Again After All

NPR's Morning Edition lays out the short-term vs. long-term consequences of Keynesian-style stimulus spending.

The 'Undercover Economist' Is a Bit Fuzzy on the Definition of Price Discrimination

(Note: Many thanks to my friend and expert in industrial organization, John Lunn, for his input in the post below.)

Remember, I like Tim Harford's work at the Financial Times. I really do. That's why it didn't feel good when I critiqued his caricature on NPR of how economists think about economic decision-making earlier this week.

But looking for something totally different the other day on YouTube, I stumbled on this video of Mr. Harford giving a lecture on price discrimination at the Devel...

This Means War: China Hits Back over Tire Tariffs

It's officially a trade war.

Over the weekend we learned that the United States would impose three years of import tariffs on tires made in China--beginning at an eye-popping 35 percent. In an excellent article this morning, ConsumerAffairs notes that roughly 17 percent of tires sold in the US in 2008 had been made in China.

China is not taking this affront lying down; they are hitting back. Working on Sunday, the Chinese have introduced import tariffs of their own--on US-produced auto parts ...

A Bone to Pick with the "Undercover Economist"

Tim Harford was on NPR's Morning Edition recently, plugging his new book, Dear Undercover Economist, a compendium of the advice columns he regularly writes for the Financial Times, where he serves on the editorial board. Ari Shapiro's interview with Harford is excellent. I enjoyed it so much that my class and I listened to it together during our meeting the same day.

Now I enjoy Harford's work immensely. Some of you may have even noted that his blog is one that has appeared in my blogroll fo...