A Year Ago on Equitable Growth: Twenty Worthy Reads from Around June 21, 2018

stacks and stacks of books

Worthy Reads at Equitable Growth:

  1. Very nice to see: Equitable Growth: Janet Yellen Joins Equitable Growth Steering Committee: "'There are few economists with the depth of academic and policymaking experience that Janet Yellen possesses', said Heather Boushey, Equitable Growth’s executive director and chief economist. 'She has worked tirelessly, in her research and in her high government positions, to promote strong economic growth that benefits workers and to ensure that the American Dream is within reach for all...'"

  2. Suggestions for what kinds of information we will want to be capturing in twenty years are very welcome: Michael Strain: Equitable Growth in Conversation: "To the extent that you are figuring out ways to update this statistical system to account for the way that we live and work now would be important. But more importantly, to account for the ways that we might live and work 20 years from now, to really have a plan to have statistically valid surveys that capture the information that we want to capture is, I think, a very worthy research program..."

  3. Really surprised that there is no evidence of boom-bust asymmetry here. I am going to have to dig into what reasonable alternatives are and how much power the authors' techniques have against them: Adam M. Guren, Alisdair McKay, Emi Nakamura, and Jon Steinsson: Housing Wealth Effects: The long View: "1) Large housing wealth effects are not new... substantial effects back to the mid 1980s; 2) Housing wealth effects were not particularly large in the 2000s... 3) There is no evidence of a boom-bust asymmetry..."

  4. The "elasticity of substitution" is an emergent property. It has very little to do with "technology" if only because there is not one single technology in the economy. There are lots of different types of machines and lots of ways to use workers and machines to produce things. And "rigid organization" is not quite right either here: Suresh Naidu (2014): Notes from Capital in the 21st Century Panel: "Perhaps a useful analogy is that this is the "Free to Choose" or “Capitalism and Freedom” for our time.... I can’t think of a book that emerged from economics for a mass audience with as much reception since then.... The book doesn't quite take a stand on whether it is brute market forces and a production function with a high elasticity of substitution or instead relatively rigid organization of firms and financial institutions that lies behind the stability of r. I think the production approach is less plausible..."

  5. Sue and Tim worry that the organizational disaggregation produced by this Age of Supply Chains is harming the development of our communities of engineering practice. Annalee Saxenian's Regional Advantage: Culture and Competition in Silicon Valley and Route 128 is now 20 years old, and yet somehow I do not think we know as much about this as we should: Susan Helper and Timothy Krueger (2016): Supply Chains and Equitable Growth: "Deregulation, market failures, and corporate policies have led to the rise of supply chains comprised of small, weak firms that innovate less and pay less. These problems in supply chains threaten U.S. competitiveness by undermining innovation, and also contribute to the erosion of U.S. workers’ standard of living. A different kind of outsourcing is possible..."


Other Worthy Reads:

  1. Somebody who I have long thought deserves more attention and mindshare, and is very much worth following: Karl Smith: At Bloomberg View | At the Niskanen Center | On Twitter

  2. The point is that they are giants with shoulders: we can stand on them, and see further: Suresh Naidu (2014): What Marx Really Meant

  3. In the internet economy, traditional antitrust doctrines and nostrums are much less helpful than we would wish. We need new thinkin' and new legislatin' here. Not that I know what we need, exactly, but we do need it: Ben Thompson: AT&T, Time Warner, and a Framework for Neutrality: "Unfortunate[ly]... a bad case by the government has led to... a merger... never examined for its truly anti-competitive elements..."

  4. No, the Trump administration is not very competent at achieving its stated goals. But that does not mean that the Trump administration is not doing enormous harm under the radar by simply being its chao monkey essence: David Leonhardt: Trump Tries to Destroy the West: "[Trump's] behavior requires a response that’s as serious as the threat...

  5. A search model that (a) produces the right cyclical elasticity of wages but (b) does not produce the right cyclical volatility of employment has the wrong microfoundations. It is producing the right cyclical elasticity of wages because it is producing the wrong cyclical volatility of employment. Thus I think this approach is pretty much tapped out: Christopher A Pissarides: The Unemployment Volatility Puzzle: Is Wage Stickiness the Answer?: "An equilibrium search model... focus on the model’s failure to match the observed cyclical volatility of unemployment...

  6. Very wise words from close to where the rubber meets the road about how the Rise of the Robots i likely to work out for the labor market over the next generation or so: Shane Greenstein: Adjusting to Autonomous Trucking: "Let’s come into contact with a grounded sense of the future.... Humans have invented tools for repetitive tasks, and some of those tools are becoming less expensive and more reliable...

  7. Blaming the Pollyannaish fecklessness of the Bank of England the feckless indolence of Britain's reporters: Simon Wren Lewis: How UK deficit hysteria began: "Monetary policy ran out of reliable levers to manage the economy. However, journalists wouldn’t know that from the Bank of England, who tended to talk as if Quantitative Easing was a close substitute to interest rates as a monetary policy instrument...

  8. This comes as no surprise: Paul Krugman: Tax Cuts and Leprechauns: "The immediate effect of cutting the corporate tax rate... a big fall in taxes collected from corporations...

  9. If those of us on the left and center are ever going to restart a technocratic debate with those on the right, it will be because thinking on the right becomes dominated by people link Brink Lindsey and his posse, rather then the current crew who are haplessly triangulating between their funders and their political masters: Brink Lindsey: [Welcome to capturedeconomy.com(https://capturedeconomy.com/welcome-to-capturedeconomy-com/): "WA new website dedicated to the problems of 'regulatory capture' and 'rent-seeking'—economist-speak for the pursuit of profits through politics...

  10. The thoughtful and pulls-no-punches Amitabh Chandra snaps: Amitabh Chandra: "GOP thinktanks https://twitter.com/amitabhchandra2/status/1007261629547982849 are the biggest milksops. From healthcare policy to environmental policy, from national security policy so as not to fiscal policy, they have tacitly endorsed a mountain of anti-market + anti-growth + anti-America policies to not upset their political masters.... I don't consider myself a Democrat, but the quality of the conversation at CAP or Brookings is orders of magnitude richer, and more sophisticated, than what is happening at GOP thinktanks. And I say this is someone who often disagrees...

  11. I missed this!: Ed Cara: Fed-Up Hospitals Are Starting Their Own Drug Company so They Can Lower Generic Drug Prices: "A coalition of U.S. hospitals... is going to start its own drug company to compete with big pharma...

  12. I am still clinging to the probably-vain hope that the slowdown in measured productivity growth is a problem of measurement. I cannot see anything that has happened in the world that would have eroded both the incentives and our collective ability to make the things we made last year 2% more cheaply this year: Martin Wolf: The long wait for a productivity resurgence: "We live in an age judged to be one of exciting technological change, but our national accounts tell us that productivity is almost stagnant. Is the slowdown or the innovation an illusion? If not, what might explain the puzzle?... Mismeasurement... diminished competition and expensive rent capture... new technologies are simply not what they are claimed to be...

  13. Extremely wise and interesting on how the more empirical reality tells the Trumpists to mark their beliefs to market, the more desperate they are to avoid doing so: John Holbo: Epistemic Sunk Costs and the Extraordinary, Populist Delusions of Crowds?: "Here’s a thought.... The first rule of persuasion is: make your audience want to believe...

  14. Related: looking back at the Piketty debate, it appears to me that much of the virulence of the criticism arose because the empirical and reality-based case against Piketty's arguments was so weak: Ryan Avent (2014): Inequality: "Capital" and its discontents: "Is inequality the defining issue of our era?... Not everyone is convinced... [by] Mr Piketty's magnum opus. [It] is certainly not without its weaknesses, but the quality of the criticism it has attracted provides a sense of the strength of the argument he makes..."

  15. Once again, the Trump administration does not have to be competent for its chaos-monkey nature to wind up doing enormous damage: Gabe Gutierrez and Annie Rose Ramos: Harley-Davidson workers stunned by plant closure after tax cut: "Tim Primeaux has worked at the Harley-Davidson plant in Kansas City, Missouri, for 17 years..."


#noted #weblogs

Comments