Tuesday , January 18 2022
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Tag Archives: Economics

TikTok returns

TikTok stars are dancing their way to the bank. Some are making more than America’s top chief executives. Charli D’Amelio, who started posting videos of herself dancing on TikTok in 2019, brought in $17.5 million last year, according to Forbes, which recently ranked the highest-earning TikTok stars of 2021. With 133 million followers on TikTok, she makes her money from a clothing line and promoting products in TikTok videos and other ads. By comparison, median pay for chief executives of...

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*The Voltage Effect*

From the excellent John List, the subtitle is How to Make Good Ideas Great and Great Ideas Scale. The post *The Voltage Effect* appeared first on Marginal REVOLUTION.         CommentsThis may be a very good book. I just wish they wouldn’t ... by QbertIn reply to RAD. My godchild will be entering the U of C in ... by raywardIn reply to JWatts. You are of course right about watt being ... by PersonallyIn reply to RAD. They are both pretty bad by...

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Do all left-leaning institutions need to unionize?

That is the topic of my latest Bloomberg column, here is one excerpt: Columbia University, with its sizable endowment, is a relatively well-capitalized entity. Still, it’s appropriate to ask what problem is solved by a graduate student union. The main difficulty for these students seems to be a lack of jobs when they graduate, and a pay hike might crowd the field further, with unwelcome consequences for the job market. And in the long run, the university could simply cut back on its initial...

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Noah Smith Substack interviews me

Here is the interview.  Here is one excerpt: N.S.: So how would you generally describe the zeitgeist of the moment, if you had to give a simple summary? What do you think are a couple of most important trends in culture and thought right now? My impression has been that we’re sort of in a replay of the 70s — a period of exhaustion after several years of intense social unrest, where people are looking around for new cultural and economic paradigms to replace the ones we just...

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What Adam Smith thought of large, shareholder-owned companies

The only trades which it seems possible for a joint stock company to carry on successfully, without an exclusive privilege, are those, of which all the operations are capable of being reduced to what is called a routine, or to such a uniformity of method as admits of little or no variation. Of this kind is, first, the banking trade; secondly, the trade of insurance from fire, and from sea risk and capture in time of war; thirdly, the trade of making and maintaining a navigable cut or canal;...

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Today’s labor market report

Unemployment is at 3.9%, and can’t get much better.  In the new report just 199,000 jobs were added.  Job growth is slowing and that is a pre-omicron phenomenon.  Labor force participation has not been so low since 1977.  The great economic myth of the last thirteen or so years is that you can get the labor market to pre-Covid Trump administration levels and keep it there just by having enough “aggregate demand.”  I am all for sufficient aggregate demand, to be clear, but I...

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Elite Capture of Foreign Aid

Not surprising but not good and not good for support for foreign aid. Still we report it all at MR. Do elites capture foreign aid? This paper documents that aid disbursements to highly aid-dependent countries coincide with sharp increases in bank deposits in offshore financial centers known for bank secrecy and private wealth management but not in other financial centers. The estimates are not confounded by contemporaneous shocks—such as civil conflicts, natural disasters, and financial...

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On the Responsibility of Universities to their Students

Emily Oster in The Atlantic: Many universities have announced a pivot to remote learning for at least part of January, among them UCLA, Columbia, Duke, Yale, Stanford, and Michigan State. The list goes on. This move—in response to the rapid spread of the Omicron variant—feels like a return to March 2020, when virtually all U.S. universities closed for in-person learning, sending students home for spring break and telling them not to come back. At that point, keeping students away from...

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Census Pulse Survey for ND

Business conditions and the return to “normal” (hardly an objective term) are a frequent topic of discussion on the radio. The Census Bureau conduct a survey and it does break it out by state looking at business conditions relative to pre-pandemic circumstances as well as other questions. I am pulling out some of the highlights from the survey round complete 12/26/2021. So what did I learn? About the same percentage of firms report no issues with hiring employees as those that...

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Is the Beijing Consensus collapsing?

From my latest Bloomberg column: The more dramatic developments have come from China itself. China did effectively wield state power to build infrastructure, manage its cities and boost economic growth. And most advocates of the Washington Consensus underestimated how well that process would go. But along the way, China became addicted to state power. Whenever there was a problem in Chinese society, the government ran to the rescue. The most dramatic example was the extreme use of fiscal...

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