Tuesday , July 23 2019
Home / T. Cowen: Marginal Revolution
The author Tyler Cowen
Tyler Cowen
Tyler Cowen is an American economist, academic, and writer. He occupies the Holbert C. Harris Chair of economics as a professor at George Mason University and is co-author, with Alex Tabarrok, of the popular economics blog Marginal Revolution. Cowen and Tabarrok have also ventured into online education by starting Marginal Revolution University. He currently writes the "Economic Scene" column for the New York Times, and he also writes for such publications as The New Republic, the Wall Street Journal, Forbes, Newsweek, and the Wilson Quarterly.

T. Cowen: Marginal Revolution

Human Capitalists

That is the title of a new and important paper by Andrea L. Eisfeldt, Antonio Falato, and Mindy Z. Xiaolan.  It seems that perhaps the share of labor in gdp has not fallen much after all: The widespread and growing practice of equity-based compensation has transformed high-skilled labor from a pure labor input into a class of “human capitalists”. We show that high-skilled labor income in the form of equity claims to firms’ future dividends and capital gains has dramatically increased since...

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What I’ve been reading

1. Christopher Tyerman, The World of the Crusades: An Illustrated History.  The best and most engrossing history of the crusades I have read.  By the way, the “children’s crusade” probably didn’t have that much to do with children.  The periodic topic-specific two-page interludes are especially good. 2. Tobias Straumann, 1931: Debt, Crisis, and the Rise of Hitler covers a critical episode in European history, and one which has not entirely faded into irrelevance.  The...

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Monday assorted links

1. It is quite hard to infer emotions from faces. 2. “What’s deoxyribonucleotide in sign language?” 3. “…an arguably large number of Nobel laureates in economics had as a dissertation adviser another laureate.” 4. The Notre Dame fire revives the demand for skilled stone carvers. 5. Should children be restricted on campus? 6. Legal marijuana is helping the black market. The post Monday assorted links appeared first on Marginal REVOLUTION.

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A carbon tax in a Hotelling model

It is rare that anyone wishes to broach this general topic, on either side of the debate.  This is from a new working paper by Geoffrey Heal and Wolfam Schlenker: We highlight important dynamic aspects of a global carbon tax, which will reallocate consumption through time: some of the initial reduction in consumption will be offset through higher consumption later on. Only reserves with high enough extraction cost will be priced out of the market. Using data from a large proprietary database...

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Air Pollution Kills

In recent years I have substantially increased my estimate of the deadly nature of air pollution. It’s not that I had a contrary opinion earlier but the number and range of studies showing surprisingly large effects has raised this issue in relative importance in my mind. I would not have guessed, for example, that the introduction of EZ Pass could reduce pollution near toll booths enough to reduce the number of premature and low birth weight babies. I also find the following result...

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The threat is stronger than the execution, installment #437

A Pennsylvania school district is warning that children could end up in foster care if their parents do not pay overdue school lunch bills. The letters sent recently to about 1,000 parents in Wyoming Valley West School District have led to complaints from parents and a stern rebuke from Luzerne County child welfare authorities. The district says that it is trying to collect more than $20,000, and that other methods to get parents to pay have not been successful. Four parents owe at least $450...

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My favorite things New Hampshire

1. Musician.  I don’t love Steve Tyler/Aerosmith, so what am I left with? 2. Author: I find John Irving unreadable, so does it come down to Russell Banks?  Who else is there?  Salinger lived in New Hampshire for a long time, so I’ll pick him, though it is also pretty far from my favorite.  Here is my Catcher in the Rye review. 3. Sculptor: August Saint-Gaudens. “Law Supported by Power and Love”   4. Adam Sandler movie: The Waterboy, Happy Gilmore. 5. Poet: Robert...

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Sunday assorted links

1. Markets in everything even in the age of Trump expertise matters. 2. Orange County’s New Age Crystal Cathedral becomes a Catholic church. 3. How might Libra evolve in response to regulatory demands. 4. Most recurring word on each country’s Wikipedia page. 5. Interview with Colson Whitehead. 6. Apple disruption. 7. Why no #MeToo for domestic violence? The post Sunday assorted links appeared first on Marginal REVOLUTION.

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Are the Contents of International Treaties Copied and Pasted?

Most accounts of international negotiations suggest that global agreements are individually crafted and distinct, while some emerging scholarship suggests a heavy reliance on models and templates. In this research, we present a comprehensive test of whether new international treaties are heavily copied and pasted from past ones. We specify several reasons to expect widespread copying and pasting, and argue that both the most and least powerful countries should be most likely to do so. Using...

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*Escape from Rome*

The author is Walter Scheidel and the subtitle is The Failure of Empire and the Road to Prosperity.  Imagine a whole book on what he calls “the second Great Divergence,” namely that China developed a large, relatively unified hegemonic state early on, while Europe remained (mostly) politically fragmented. Have you ever wondered why the Roman empire did not, in some manner, re-form in the Western part of Europe?  And how did it matter that China had a tradition of having to defend...

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