Category Archives: Economics

Estimated Costs of Crop Production in Iowa

Dr. Michael Duffy of Iowa State University publishes them online.  Next time I attempt working out the economics of alternative fuels, I should start there…

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Technology vs. economy in a nutshell

Paul Krugman continues to ponder the impact of technology on income distribution.  The takeaway, in my opinion, is here: Smart machines may make higher GDP possible, but also reduce the demand for people — including smart people. So we could … Continue reading

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I was wondering about this for a long time…

…and, apparently, so did Paul Krugman: Robots mean that labor costs don’t matter much, so you might as well locate in advanced countries with large markets and good infrastructure (which may soon not include us, but that’s another issue). On … Continue reading

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Growth and income

Paul Krugman writes: Apologists for rising inequality often argue that since most Americans’ income has risen despite rising inequality, there’s no reason to complain about inequality other than envy. So it’s worth remembering that we used to expect economic growth … Continue reading

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Paul Krugman on British debt history

Paul Krugman writes: I’ve been playing around with the IMF’s historical public debt database, which has long-term information on ratios of debt to GDP. And you really have to marvel, given that historical record, at the deficit panic now so … Continue reading

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Brad DeLong on central banking

Link to the original. The ECB’s Battle against Central Banking BERKELEY – When the European Central Bank announced its program of government-bond purchases, it let financial markets know that it thoroughly disliked the idea, was not fully committed to it, … Continue reading

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Paul Krugman on the Lucas project

Link to the original. Lucas In Context (Wonkish) I thought it might be helpful to think of Lucas now in terms of the history of economic thought. By the way, I basically lived through the story I’m about to tell, … Continue reading

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So the jobs really didn’t go to China…

On several occasions, I wrote about manufacturing jobs going to machines rather than to China.  Just another piece of evidence on that. Paul Krugman recently did something interesting; he used industrial production data and capacity utilization data to obtain an … Continue reading

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Paul Krugman on old and new Keynesianism

Link to the original. How Much Hoc to Add? (Wonkish and Methodological) Mark Thoma objects to Tyler Cowen’s attempt to pigeonhole some of us as “Old New Keynesians”, and makes the case for flexibility in use of models. Indeed. But … Continue reading

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Social Security: a view from the past

Paul Krugman writes: …in discussions of Social Security it’s often argued that in the program’s early years, nobody could have imagined the increases in life expectancy that have actually occurred, so nobody could have imagined that we’d have as many … Continue reading

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