Category Archives: Mark Thoma is Indispensable

Michael Mandel and Dietrich Vollrath on Manufacturing Productivity

Posted on October 28, 2016 by Arnold Kling

Mandel writes, Since 1994, multifactor productivity has declined in nine out of 18 domestic manufacturing industries. And if domestic manufacturing can’t become more efficient, it will have a tough time competing in the global economy and an even tougher time … Continue reading →

Posted in Growth Causes and Consequences, Mark Thoma is Indispensable | 2 Comments

Interventionism

Posted on October 27, 2016 by Arnold Kling

Noah Smith writes, economists were more likely than the public to support the U.S. auto bailouts, by 58.6 percent to 52 percent. They were also more likely to support President Barack Obama’s economic stimulus bill, by 52.8 percent to 43.4 … Continue reading →

Posted in Economic education and methods, Mark Thoma is Indispensable, Politics | 16 Comments

Janet Yellen raises some good questions

Posted on October 18, 2016 by Arnold Kling

She said, Prior to the financial crisis, these so-called representative-agent models were the dominant paradigm for analyzing many macroeconomic questions. However, a disaggregated approach seems needed to understand some key aspects of the Great Recession.. . . More generally, studying … Continue reading →

Posted in Mark Thoma is Indispensable, PSST and Macro | 1 Comment

To the Aspiring Econ Grad Student

Posted on September 27, 2016 by Arnold Kling

Paul Romer writes, If I am right that in recent decades the equilibrium in post-real macro has discouraged good science (and remember, many economists do not agree with me, at least not yet) there is some risk that a rear-guard … Continue reading →

Posted in Economic education and methods, Mark Thoma is Indispensable | 11 Comments

James Tobin’s Presidential Address

Posted on September 16, 2016 by Arnold Kling

Robert Waldmann brings it up. Tobin delivered it in 1971, and it was published in 1972. Pointer from Mark Thoma. As I remember it, Tobin suggested thinking of an economy with two industries and wages rigid downwards. Suppose that demand … Continue reading →

Posted in Economic education and methods, links to my essays, Mark Thoma is Indispensable, PSST and Macro | 1 Comment

Cities that Attract College Graduates

Posted on September 7, 2016 by Arnold Kling

Rebecca Diamond writes, the additional benefits college graduates gained from having access to a variety of desirable local amenities actually outweighs the negative effects of high housing costs. The 50 percent increase in the wage gap between high school and … Continue reading →

Posted in Four Forces Watch, Mark Thoma is Indispensable | 12 Comments

Why You Don’t Have to Change Your Mind

Posted on September 3, 2016 by Arnold Kling

James Surowiecke writes, Obamacare is being hobbled by the political compromises made to get it passed. .. Conservatives point to Obamacare’s marketplace woes as evidence that government should stop mucking around with health insurance. In fact, government hasn’t mucked around … Continue reading →

Posted in Economics of Health Care, Libertarian Thought, Mark Thoma is Indispensable | 32 Comments

Who Needs Liquidity?

Posted on September 2, 2016 by Arnold Kling

Lynn Stout writes, Wall Street is providing far more liquidity (at a hefty price—remember that half-trillion-dollar payroll) than investors really need. Most of the money invested in stocks, bonds, and other securities comes from individuals who are saving for retirement, … Continue reading →

Posted in financial markets, Mark Thoma is Indispensable | 7 Comments

DSGE Models Are Not Micro-founded

Posted on August 18, 2016 by Arnold Kling

Mark Thoma quotes George Evans, First, because it is a carefully developed, micro-founded model incorporating price frictions, the NK model makes it possible to incorporate in a disciplined way the various additional sectors, distortions, adjustment costs, and parametric detail found … Continue reading →

Posted in Mark Thoma is Indispensable, PSST and Macro | 1 Comment

Is This Socialism?

Posted on August 16, 2016 by Arnold Kling

Chris Dillow writes, Markets, therefore, have a big place in socialism – not least because, as Adam Smith said, they are a means whereby people provide for others without caring. (The best counter-argument to this I’ve seen comes from Matthijs … Continue reading →

Posted in Libertarian Thought, Mark Thoma is Indispensable | 6 Comments