Tuesday, January 19, 2021

A Discussion about My Favorite Textbooks

Saturday, January 02, 2021

ASSA 2021

 If you want to see me at the upcoming virtual ASSA meeting, you can do so at this session:

Sunday, January 3, 12:15 PM to 2:15 PM (EST)

What Does Critical Thinking Mean in Economics, the Big and Little of It?

Hosted By: American Economic Association & Committee on Economic Education
  • Chair: Gail Hoyt, University of Kentucky

What Does Critical Thinking Mean in Economics, the Big and Little of It?

David Colander
Middlebury College
John Siegfried
Vanderbilt University
Daron Acemoglu
Massachusetts Institute of Technology
Melissa S. Kearney
University of Maryland-College Park
John A. List
University of Chicago
Gregory Mankiw
Harvard University
Deirdre McCloskey
University of Illinois-Chicago
Betsey Stevenson
University of Michigan

Tuesday, December 29, 2020

Should the stimulus checks be raised from $600 to $2000?

Larry Summers makes a good case that, on this issue, Mitch McConnell is right, and Donald Trump, Nancy Pelosi, and Chuck Schumer are wrong.

Saturday, December 26, 2020

A New Interview

Friday, December 04, 2020

On the Low Rate of Interest

Click here to read my column in this Sunday's New York Times.

Sunday, November 01, 2020

What I've Been Watching

I just finished The Queen's Gambit, the Netflix miniseries about a young woman who is an orphan and chess prodigy. Great show. Highly recommended.

Saturday, October 31, 2020

Trump rallies have killed 700 people

Tuesday, October 20, 2020

The airlines don't need a safety net

Monday, September 28, 2020

Economics Teaching Conferences

Readers of this blog might be interested in the annual conference of NETA, the National Economics Teaching Association, sponsored by Cengage, the publisher of my principles text. This year, the conference is October 22-23, virtual, and free. I will be speaking at 11 am on the 23rd. You can get information about the event by clicking here.

Also, a week earlier, I will be speaking at EconEd, a virtual conference organized by Macmillan, the publisher of my intermediate macro book.

Monday, September 21, 2020

Econofact Podcast

I was recently interviewed by Michael Klein for the Econofact podcast. You can listen to the podcast by clicking here.

Thursday, September 17, 2020

Call me 3380

Here is a website that uses some sort of computer algorithm to measure academic influence. Here is a ranking of most influential academics of all time. Aristotle, Darwin, Plato, Einstein, Marx, and Newton top the list. (I am number 3380.) Here is an article about recently influential economists.

Wednesday, September 09, 2020

Immunology, meet economics

Click here to read my column in this Sunday's New York Times.

Saturday, September 05, 2020

Comparing Two Recessions: Update

 The number of permanent job losses is rising but still nowhere near the level in 2008-2009. (Click on graphic to enlarge.)

Sunday, August 30, 2020

An Excellent Idea

From Robert Litan: Once a Covid vaccine is approved, pay people to take it

Wednesday, August 26, 2020

Teaching the Covid-19 Recession

This summer I have been working to prepare the manuscript for the 11th edition of my intermediate macroeconomics textbook, which will be available next year. Of course, the new edition will include a discussion of the current economic downturn and the policy response to it. 

To help those teaching undergraduate-level macroeconomics this year, I have posted a piece of the manuscript at this link. Feel free to distribute it to your students.

Monday, August 17, 2020

News from Amazon

Thank you all. Have a great semester!

Monday, August 10, 2020

A comparison I never expected

Thursday, August 06, 2020

The High Cost of PPP Jobs

Economists have begun to study the effects of the Paycheck Protection Program, on which Congress spent about half a trillion dollars. The results so far do not look good. Chetty et al. write:
We therefore conclude that the PPP had little material impact on employment at small businesses: we cannot rule out a small positive employment effect of the program (of e.g., 3-4 pp on employment rates), but it is clear that the program did not restore the vast majority of jobs that were lost following the COVID shock.
The study by Autor et al. has a more positive tone. But notice this sentence, deep in the bowels of the paper:
Our benchmark estimates imply that each job supported by the PPP cost between $162K and $381K through May 2020, with our preferred employment estimate implying a cost of $224K per job supported.
This estimate of cost per job suggests that the program was not a good use of public funds. I am not surprised. That is why, early on, I suggested that fiscal responses should focus on helping people rather than propping up businesses, as in this proposal of mine.

Friday, July 24, 2020

On Shareholders and Stakeholders

Click here to read my column in Sunday's New York Times.

Monday, July 20, 2020

Hard To Believe

No matter how bad President Trump gets, he can always get worse.

Ungated version of Post story.