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Tag Archives: Economics

The economic ecology of Jews as a rural service minority

The five million Jews who lived in the Pale of Settlement at the turn of the century were overwhelmingly over-represented in towns and in cities. They specialized in seemingly urban occupations, were relatively literate, and were almost absent in agriculture. This pattern persisted overseas where one third of them would eventually immigrate. Hence, Jews were typically characterized as an urban minority. I argue that the opposite was true. The economic ecology of the Jews, the patterns of...

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The Hayek auction results are very impressive

You will find them here, for instance Hayek’s copy of Wealth of Nations went for almost 200k, it was estimated in the 4k to 6k range. “Desktop ephemera and personal effects” were estimated at 200-300 British pounds, went for 87,500 British pounds.  Crazy!  Many of the items went for 10x or 20x their original estimates. Perhaps Hayek is back in fashion again, if only with the wealthy. For the pointer I thank Lotta Moberg. Addendum: Here is BC from the comments section: So,...

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Links (3/21/19)

Calling time on 'statistical significance' in science research - EurekAlert Work of the past, work of the future - VoxEU Holy Voodoo, Batman! - Paul Krugman Raising the Curtain: Trade and Empire - Brad DeLong Six Migrants and Their Descendants Who Made History - Brad DeLong The Disjunction Between Production and Distribution - Brad DeLong Monetary policy in times of uncertainty - VoxEU When the dismal science is getting you down - Women in Economics at Berkeley The Fall in...

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The case for real estate as investment

That is the topic of my latest Bloomberg column, here is one bit: The authors of the aforementioned study — Òscar Jordà, Moritz Schularick and Alan M. Taylor — have constructed a new database for the U.S. and 15 other advanced economies, ranging from 1870 through the present. Their striking finding is that housing returns are about equal to equity returns, and furthermore housing as an investment is significantly less risky than equities. In their full sample, equities average a 6.7 percent...

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Work as a safe haven (*Big Business*)

Another surprising feature of these results is that the “work as a safe haven” effect was stronger for poorer people. We don’t know if that is true more generally across larger samples of people, but it points to a potentially neglected and egalitarian feature of life in the workplace. In contemporary American society, poorer individuals are more likely to have problems with divorce, spousal abuse, drug addiction in the family, children dropping out of school, and a variety of other fairly...

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The 2019 Public Choice Outreach Conference

It’s time to get your applications in for the 2019 Public Choice Outreach conference, a crash course in public choice for students from all fields and walks of life! Professors, please encourage your students to apply! When is the Public Choice Outreach Conference? The 2019 Outreach Conference will be held June 14-16th at the Hyatt Centric Arlington in Rosslyn, VA. What is the Public Choice Outreach Conference? The Public Choice Outreach Conference is a compact lecture series designed...

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Sentences to ponder

Female economists are at some notable points less convinced of market solutions and have more trust in the government in serving the public interest. Here is the full research, by Hendrik P. van Dalen, mostly focusing on other features of economist opinion, with respect to the Netherlands.  Via Robin Hanson. The post Sentences to ponder appeared first on Marginal REVOLUTION.

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FDA Tiered Approval

Jacob J. Gottlieb and Joseph Gulfo have an interesting op-ed on a tiered approval regime for the FDA: Instituting a codified approval paradigm based on four tiered levels of clinical effectiveness (biomarkers, clinical signs and symptoms, disease modification and clinical outcomes) — with evidence regarding clinical utility progressively increasing — would greatly reduce the regulatory uncertainty and subjectivity, as well as the time to approval of innovative medicines. Moreover, the four...

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Has the Labor Share Declined? Maybe, maybe not.

In a 2017 post Asher Schechter correctly noted: Of the various ills that currently plague the American economy, one that has economists particularly worried is the decline in the labor share—that is, the part of national income that’s allocated to wages. Lots of theories have been proposed to explain the decline in labor share including automation, globalization and increased markups. In a big if true paper, Koh, Santaeulalia-Llopis and Zheng argue that all of these theories are wrong because...

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Rest in peace Alan Krueger

Alan Krueger did everything an economist should aspire to achieve: strong research grounded in a solid understanding of theory and statistical method; framed to uncover facts important to the way people lead their lives, to the challenges they face; and communicated to resonate among policy makers, compelling them to do better for their citizens. Writing in 1924, upon the death of his teacher and mentor Alfred Marshall, the great British economist John Maynard Keynes said that the...

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