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The posts below are backup copies from the new site.

April 24, 2014

Latest Posts from Economist's View

Latest Posts from Economist's View


Video: Piketty, Krugman, Stiglitz, and Durlauf on 'Capital in the Twenty-First Century'

Posted: 24 Apr 2014 12:42 AM PDT

"The French economist Thomas Piketty discussed his new book, Capital in the Twenty-First Century at the Graduate Center. In this landmark work, Piketty argues that the main driver of inequality—the tendency of returns on capital to exceed the rate of economic growth—threatens to generate extreme inequalities that stir discontent and undermine democratic values. He calls for political action and policy intervention. Joseph Stiglitz, Paul Krugman, and Steven Durlauf participated in a panel moderated by Branko Milanovic."

'Gasoline Tax, Unchanged Since 1993, is Due for an Increase'

Posted: 24 Apr 2014 12:24 AM PDT

Barry Ritholtz:

U.S. on Highway to Flunking Out, by Barry Ritholtz: Roads are crumbling, bridges are collapsing, and what was once considered one of the greatest achievements of any government anywhere has fallen into embarrassing disrepair. I am of course discussing our nation's infrastructure. ... How did this happen? Credit a combination of benign neglect and anti-tax ideology run amok. ...
Since 1993, the U.S. federal gasoline tax has been 18.4 cents a gallon, which finances the Highway Trust Fund. Adjusted for inflation, the tax is now about 10 cents a gallon. ...
The U.S. interstate highway system, once the envy of the world, is in mediocre and deteriorating condition today ... putting the U.S at a competitive disadvantage. ...
The solution is simple. Raise the federal gasoline tax five cents a year for the next five years. Index it to inflation starting in the fifth year. It's the least the U.S. can do to keep up.

Links for 4-24-14

Posted: 24 Apr 2014 12:03 AM PDT

'Ukraine’s Path to Oligarchy: Lessons for the U.S.?'

Posted: 23 Apr 2014 05:27 PM PDT

After explaining why he believes Ukraine is an oligarchy, Berkeley's Yuriy Gorodnichenko says:

...One may draw parallels between the U.S and Ukraine but frankly, relative to Ukraine, the U.S. seems far from an oligarchy. However, certain recent developments do make me somewhat concerned. For example, income inequality has been rising rapidly over the last three decades, the influence of the rich and of corporations on electoral outcomes appears to be increasing, and the political process strikes me as increasingly dysfunctional. But the U.S.'s history of fighting corruption and the tradition of a free and oppositional press are powerful counterforces to oligarchy. Or so I hope.

'Inequality in Well-Being'

Posted: 23 Apr 2014 05:21 PM PDT

From the House of Debt:

Inequality in Well-Being, by Atif Mian and Amir Sufi: As we mentioned in our post yesterday, economists care much more about inequality in well-being rather than inequality in income or wealth. Data on well-being are more difficult to gather, but we discussed some evidence that inequality in consumption also increased from 1980 to 2010. Consumption directly affects the utility of an individual in most economic models. Income does not.
Here is some more evidence, with a particular focus on the last few years ...
Another strategy in measuring well-being is to look beyond spending and toward measures of health. Life expectancy data are available, and they seem to tell a similar story...: the rise in life expectancy from 1980 to 2010 for people already 65 is driven almost entirely by the rich.
There has been a lot of attention on income and wealth inequality, and for good reason. But inequality in outcomes such as consumption and health are far more important. We've gathered some evidence here, but more is needed. The evidence so far suggests that inequality in well-being has tracked inequality in wealth and income closely. ...

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