A new study examines 140,000 economics papers published from 1970 to 2015, tallying the "extramural" citations that economics papers received in 16 other academic fields, including sociology, medicine, and public health.
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In recent years, criticism has been levelled at economics for being insular and unconcerned about real-world problems. But a new study led by MIT scholars finds the field increasingly overlaps with the work of other disciplines, and, in a related development, has become more empirical and data-driven, while producing less work of pure theory.
Many things are taking place:
Economic Policymakers Seek to Limit Coronavirus Damage
For the first time since the 2008 financial crisis, the U.S. Federal Reserve made an emergency interest rate cut of 50 basis points on Tuesday to mitigate the economic effects of the coronavirus. With rates now set at the 1 to 1.25 percent range, it was also the biggest single cut since 2008. "The virus and the measures that are being taken to contain it will severely weigh on economic activity, both here and abroad for some time," Jerome Powell, the Fed chairman said.
Will Europe follow suit? Christine Lagarde, the president of the European Central Bank, has indicated that it is increasingly willing to "take appropriate and targeted measures," though those are limited, including monetary stimulus rather than cutting already-negative rates further. In Germany, top officials disagreed on Tuesday over a proposed stimulus package in response to the virus.
Fed's economic survey set to offer more clues on coronavirus impact - Reuters
The Fed lowered borrowing costs by a half percentage point on Tuesday in an emergency move to mitigate the possible economic effects of the flu-like illness on the world’s largest economy, as it kept the door open to further measures should they be required.
It was the Fed’s first emergency rate cut since 2008 at the height of the financial crisis and underscored its concern about the escalating global outbreak.
The Fed frequently surveys its business contacts around the country and the latest temperature check of the economy will analyze the end of January through much of February. The Fed uses the survey, compiled into a report known as the Beige Book, as ground-level intelligence on the economic outlook for the months ahead as business sentiment often front-runs changes in hard economic data.
Janice Eberly on BPEA and the interconnected nature of economic issues
Many things are taking place:
Bloomberg - Are you a robot?
Economists might not say it out loud, but recession risks are above 50%, Zandi says - MarketWatch
The numbers: Private-sector employment slowed a bit in February, according to an estimate from ADP and Moody's Analytics released Wednesday. The private sector added 183,000 in February, down slightly from 209,000 in the prior month. The February gain was higher than the 165,000 job gain expected by economists surveyed by Econoday.
What happened: Large businesses did well in February, adding 133,000 jobs. Small businesses added 24,000 jobs and medium-sized businesses added 26,000.
A Moral Flaw in the Process of Capitalist Economics | Common Dreams Views
If we cherish political democracy as a fundamental principle in our country, then we must adhere to a form of economic democracy as well.
A Pew Center poll in December 2011 reported that younger people were more favorable toward socialism than capitalism. (Photo: Erik McGregor/LightRocket via Getty Images)
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The presidential campaigns of Senator Bernie Sanders opened up a serious discussion of the word "socialism." In fact, it tore a band aid off a festering historical sore that those in power and privilege seek to maintain. Can't blame them for that. When working folks begin articulating about a "democratic economy," all that power and privilege can be up for grabs.
Economic Powers Vow to Fight Crisis - The New York Times
Central bankers and political leaders of the United States and other economic powers expressed their resolve to combat economic damage from the coronavirus on Tuesday, but stopped short of promising interest rate cuts or other immediate rescue measures.
The joint statement of solidarity from the leaders of the so-called G7 nations, which also includes Britain, Canada, France, Germany, Italy and Japan, was intended to show global coordination and cooperation. But it fell short of the more aggressive action that investors have been hoping for and that many economists say could help to prevent the virus outbreak from undermining global growth.
Happening on Twitter
Honored to be invited by the #SocialInnovationSociety at the London School of Economics on March 3rd to talk about… https://t.co/SzzzrLjv1Z marcalainb (from Port-au-Prince, Haïti) Tue Feb 25 16:30:43 +0000 2020
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