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Covid-10trn - What is the economic cost of covid-19? | Finance & economics | The Economist
T HE ECONOMIC toll of the covid-19 pandemic is incalculable. But let's try anyway. A useful starting point is the semi-annual Global Economic Prospects report released this week by the World Bank. It calculates that the world economy probably shrank by 4.3% in 2020, a setback matched only by the Depression and the two world wars. But this dramatic figure still understates the cost.
To calculate that bigger fall, economists need an estimate of how global GDP might have evolved in the absence of covid-19. One simple baseline is the World Bank's projection released this time last year, when it was still blissfully unaware of the lurking viral threat. Back then, it expected global GDP to expand by 2.5% in 2020 to $86trn. Compared with that figure, the shortfall of global GDP last year was probably more like 6.6%.
New Mexican economists warn: Change course now | The NM Political Report
Later this month, New Mexico lawmakers will have another chance to fix an economic problem that has plagued the state for decades.
"For at least 40 years people in the state government and the Legislature have known that they are overly dependent on oil and gas for state revenue," says Jim Peach, regents professor of economics at New Mexico State University.
Right now, more than 40 percent of the state's income relies on the boom-and-bust fortunes of oil and gas. Now, according to a trio of New Mexico's leading economists, the time has come to change course.
Free exchange - Could the pandemic cause economists to rethink welfare?
Yet the most pointed discussion of the importance of social forces—and economists' tendency to overlook them—came in a keynote lecture by Emmanuel Saez of the University of California, Berkeley. He is known for his work assembling historical data on income and wealth inequality, but his lecture was far more philosophical than empirical. In it, he asked his fellow economists to rethink their usual approach to the welfare state.
As Mr Saez noted, the standard framework assumes that society is comprised of rational individuals making decisions based on self-interest. Choices about how much to save or what sort of education to acquire are informed by people's understanding of their own conditions and preferences. Economists working under these assumptions may support welfare programmes in the event of market failures.
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Economist Nellie Liang Is a Leading Contender for Senior Treasury Post - WSJ
Nellie Liang, an economist who specialized in financial stability during her career at the Federal Reserve, is a leading contender for a senior post in the Biden administration's Treasury Department, according to people familiar with the matter.
Ms. Liang is being considered for a position as the U.S. Treasury's undersecretary for domestic finance. She was nominated by President Trump to a seat on the Fed's seven-member board of governors in 2018, but her nomination ran into opposition from Senate Republicans. Her nomination never had a committee hearing, and she withdrew from consideration after her nomination expired in early 2019.
Biden to unveil trillions in pandemic economic relief spending next week | Reuters
WILMINGTON, Del. (Reuters) - U.S. President-elect Joe Biden said Americans need more economic relief from the coronavirus pandemic now and that he will deliver a plan costing "trillions" of dollars next week.
Biden, introducing several members of his economic team, spoke on Friday after data showed the U.S. economy lost jobs for the first time in eight months in December as a resurgent COVID-19 pandemic shuttered restaurants and other businesses.
He said the proposal includes relief for state and local governments grappling with the pandemic, as well as new support for people who lost their jobs or cannot afford rent.
Biden says economic package will be in the trillions of dollars | Reuters
WASHINGTON (Reuters) - U.S. President-elect Joe Biden said his administration's economic package will be in the trillions of dollars and include unemployment insurance and rent forbearance.
"It is necessary to spend the money now," Biden told reporters. "The answer is yes, it will be in the trillions of dollars, an entire package."
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