When Alicia Sasser Modestino was in graduate school for economics, she gave a seminar as part of a university job interview. A well-known labor economist in the audience ripped her research to shreds, she says.
"Some of his criticisms were valid, others maybe not so much, but it was the relentless way he did it where after that seminar, I decided I didn't want the job," says Modestino, an economist and associate professor at Northeastern. "Not to say that one seminar derailed my whole career, but it was definitely influential. It had an impact on me." She decided at that point not to pursue the job in academia and went on to become a senior economist at the Federal Reserve Bank of Boston instead.
Not to change the topic here:
Economics in Brief: Reparations in Chicago? – Next City
The Chicago City Council voted to hold a hearing on using federal coronavirus relief money to fund a guaranteed income program, but not before they engaged in a lengthy debate about whether the program should prioritize reparations for Black Chicagoans.
"Let me just say to you," Ervin said during the debate, WBEZ reported, "until we deal with the issue of reparations in the city of Chicago, there's no way in hell we can support direct payments to anybody other than the American descendants of slaves in the city of Chicago."
Calls for economic boycott grow after Georgia adopts voter restrictions
Following Georgia's approval of new voter restrictions Thursday, a number of voices are considering a boycott of state businesses.
The Republican-spearheaded legislation, which imposes an ID requirement for mail-in voters, has been criticized by President Joe Biden as "a blatant attack on the Constitution and good conscience.
"We will speak with our wallets," he said. "This past summer, Coke and other corporations said they needed to speak out against racism. But they've been mighty quiet about this."
UGA economics professors say $1.9 trillion relief bill won't cause US to go broke | Campus News |
The recent passage of the $1.9 trillion COVID-19 stimulus bill on March 10 has raised concerns over whether America can afford it. Two University of Georgia economics professors said the relief bill won't cause the United States to go broke.
Recent numbers show that the U.S. federal debt was at $26.9 trillion on Sept. 30, 2020, according to the U.S. Government Accountability Office, and the projected budget deficit for 2021 alone is $2.3 trillion, which is the second-largest budget deficit since 1945, according to the Congressional Budget Office.
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The Absent Voices of Development Economics by Arvind Subramanian & Devesh Kapur - Project
Development economics focuses on improving the well-being of billions of people in low-income countries, but the Global South is severely underrepresented in the field. A small number of rich-country institutions dominate, and their growing use of randomized controlled trials in research is entrenching the imbalance.
NEW DELHI – The lack of representation of marginalized groups in the corridors of power – political, financial, and cultural – is a growing source of global concern. Knowledge confers power, so who creates it matters. As the Nobel laureate economist Paul Samuelson famously said, "I don't care who writes a nation's laws…if I can write its textbooks."
Free Exchange - The economics of falling populations | Finance & economics | The Economist
Yet a recent paper inspired by their book, by Charles Jones, an economist at Stanford University, argues that over the long run any positive economic effects that come from a shrinking population may be cancelled out by the reduction in humankind's creative capacity. If ideas drive growth and people are the source of ideas, he writes, then the fate of our species depends crucially on long-run population trends.
In the absence of new ideas, growth must eventually grind to a halt. The adding of labour or resources or capital (machinery and such) to an economy can boost income, but with diminishing returns; in the absence of technological progress, ore becomes harder and costlier to mine and there are ever fewer valuable tasks to be done by an extra worker or industrial robot. New ideas, though, allow an economy to do more with less or create new and valuable tasks to occupy labour and capital.
Summers is right that inflation is coming, former Fed economist says - MarketWatch
Former U.S. Treasury Secretary Larry Summers has been the skunk at the fiscal stimulus picnic. He's been vilified for saying the Biden administration's $1.9 trillion stimulus plan was too large and will lead to higher inflation.
* * *
"The stimulus is five times bigger than any conceivable need," said Joseph Gagnon, now a senior fellow at the Peterson Institute of International Economics.
"We've never done this since World War II and there was massive inflation. They put on price controls but there was still inflation," he said.
Buttonwood - The Fed and the bond markets | Finance & economics | The Economist
That latter message might seem a little surprising. The sharp and volatile rise in the yield on ten-year Treasuries since the start of 2021 has been routinely compared to the "taper tantrum" of 2013, when markets threw a fit in response to hints that the Fed would reduce (or taper) its bond purchases. This year's volatility has been construed by many investors as a challenge to the Fed. Yet Mr Powell was unperturbed. And why not?
They will not always be so. At some stage, the Fed will shift gears and announce that it is going to taper. Lessons have been learned from 2013 about how not to spook the markets. But the idea of immaculate forward guidance by the Fed, in which markets are never taken by surprise, still seems fanciful. A bond market capable of a taper-less tantrum is unlikely to deliver a tantrum-less taper.
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