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2024-09-19

• Women’s labor force participation by age
  by ? in FRED blog, 2024-09-19 13:00:00 UTC

  Women have increased their representation in the labor force over time. In this post, we discuss how this process has differed by age group. The FRED graph above tracks women’s share among the employed for two age groups: 20-24 years old and 35-44 years old. Women in both age groups have increased their share of employment since 1950, although growth slowed considerably after 1990. In the younger group, women account for about 50% of total employment today, implying that young women are just as likely to work as young men. In the older group, which includes a greater representation of the mar [...]

2024-09-11

• 55. IDER. International Development Reports 2021-2024. Euro-American Association of Economic Development Studies
  by MCG Blogs de Economía in Euro-American Association: World Development, 2024-09-11 13:06:00 UTC

  Reports of year 2024 Reports of year 2023 In Entry 47 we include the titles and links to the following International Development Reports of years 2021 and 2022 � IDER INTERNATIONAL DEVELOPMENT REPORTS year 2022 2022-4 Quality of Life in Countries and Regions of Europe, America, Asia and Oceania: Subjective and Objective Indicators, 2000-2020 , Guisan, M.C.� Abstract and article in RSES 22-2. 2022-3 CO2 Total Emissions in the World 1970-2015: Europe, United States, China, India and other countries. 2022-2 L [...]

2024-09-07

• The end of the great order under the Heaven
  by Branko Milanovic in globalinequality, 2024-09-07 19:54:00 UTC

  The very well-written and easy to read book by Gary Gerstle ( The Rise and Fall of the Neoliberal Order ) makes two key points. First, and continuing from Gerstle’s previous book ( The Rise and Fall of the New Deal Order , coauthored with Steve Fraser) it insists on the idea of a political and economic “order”. An “order” is the ruling ideology at a given point in time, synthesized and propagated by the most important parts of the political establishment. There were, according to Gerstle two such political orders in the United States during the past century: the New Deal order that began with [...]

2024-08-29

• Changes in gasoline and automobile prices since the pandemic
  by ? in FRED blog, 2024-08-29 13:00:00 UTC

  Gasoline and gas-powered vehicles are complementary goods: They’re expected to be bought together. When all else is held constant, a change in the price of gasoline should have a predictable impact on the demand for cars and trucks—which, by extension, would change their price. For example, when gasoline prices fall, it’s relatively cheaper to drive gas-powered vehicles. So, we’d expect their demand and price to rise. Today’s post looks into recent consumer price index data to see if that is in fact the story behind the numbers. The FRED graph above shows the year-over-year percent growth rat [...]

2024-08-22

• The end of the great order under the Heaven
  by Branko Milanovic in Global Inequality and More, 2024-08-22 22:18:58 UTC

  The very well-written and easy to read book by Gary Gerstle ( The Rise and Fall of the Neoliberal Order ) makes two key points. First, and continuing from Gerstle’s previous book ( The Rise and Fall of the New Deal Order , coauthored with Steve Fraser) it insists on the idea of a political and economic “order”. An “order” is the ruling ideology at a given point in time, synthesized and propagated by the most important parts of the political establishment. There were, according to Gerstle two such political orders in the United States during the past century: the New Deal order that began with [...]

2024-08-08

• Remote work and women’s labor force participation : New insights from a FEDS note
  by ? in FRED blog, 2024-08-08 13:00:00 UTC

  The FRED Blog has discussed the impact that shortages in childcare services had on women’s employment during and immediately after the COVID-19 induced recession . Today we discuss the potential role that either remote or hybrid work might play in boosting the participation of women in the labor force. The FRED graph above shows the labor force participation rate of three groups of women: White women (the solid blue line); Black or African American women (the solid red line); and Hispanic or Latino women (the solid green line). The data are reported by the U.S. Bureau of Labor Statistics and [...]

• America is missing a golden opportunity to boost the job market
  by estewart@insider.com (Emily Stewart) in Business Insider, 2024-08-08 09:57:03 UTC

  Getty Images; Alyssa Powell/BI Picture this: You're walking down the grocery aisle in 2009. A carton of eggs costs about $1.60, and a pound of ground beef is $2.13. The typical home for sale across the street is about $214,000. Flash forward to today, and the prices for those same goods have shot up to $2.71, $5.47, and $412,000. Prices are up about 45% across the board. But the one thing that has stayed constant? The federal minimum wage , which has been stuck at $7.25 an hour for 15 years. You can see the issue: People making the mandated minimum have far less purchasing power than they once [...]

• WAPE 2024
  by michael roberts in Michael Roberts Blog, 2024-08-08 07:49:30 UTC

  Last weekend the 17 th Congress of the World Association of Political Economy (WAPE) took place in Athens, Greece.  WAPE is a Chinese-run academic economics organisation, linking up with Marxist economists globally. “Even though that might seem like bias, the WAPE forums and journals still provide an important outlet to discuss all the developments in the world capitalist economy from a Marxist perspective. Marxist economists from all over the world are welcome to join WAPE and attend WAPE forums.” (WAPE mission statement). I covered the 15 th Congress in Shanghai watching online panels.   [...]

2024-07-26

• Will AI Kill Off Money?
  by Jean-Pierre Landau in Project Syndicate, 2024-07-26 09:05:25 UTC

  PARIS – We have forgotten the true virtues of money. We commonly view it in purely instrumental terms – as a device that facilitates exchange and stores value over time. Compared to bartering, coins and paper currency are profoundly convenient. But money is more than just an instrument. As Fyodor Dostoevsky famously observed , “money is minted freedom.” It supports our existence as autonomous individuals in a decentralized economy. The situation will be very different, however, if we someday live in a world governed by an artificial intelligence endowed with complete information and infinite [...]

2024-07-09

• Breaking the Mould: Reimagining India’s Economic Future – review
  by Dalton,A in LSE Review of Books, 2024-07-09 11:00:57 UTC

  In Breaking the Mould, Raghuram Rajan and Rohit Lamba put forward an alternative path for India’s economy based on service sector growth, human capital investment and a less restrained market. Though she credits the book’s lucid style and the boldness of its vision, Areesha Khan finds that its economic strategy lacks a robust grounding and ultimately fails to convince. Breaking the Mould: Reimagining India’s Economic Future . Raghuram Rajan and Rohit Lamba. Penguin Business (India). 2023. As the title suggests, Breaking the Mould: Reimagining India’s Economic Future by Raghuram Rajan and Roh [...]

2024-06-27

• Empirical Estimates of Loss Aversion
  by Jason Shafrin in Healthcare Economist, 2024-06-27 00:12:25 UTC

  Kahneman and Tversky’s Prospect Theory posit that individuals have loss aversion. What is loss aversion? It means that individuals experience losses more intensely than gains of the same magnitude; for instance, the psychological impact of losing a certain amount of money is greater than the pleasure derived from gaining that same amount. A key question is how much more intensely to individuals experience gains than losses? To formalize things, prospect theory assumes the following utility function: The most widely cited estimates are for these parameters are from Tversky and Kahn [...]

2024-05-16

• Ice cream is a seasonal product, right?
  by ? in FRED blog, 2024-05-16 13:00:00 UTC

  We have published this post in mid-May, which seems like the time people would start indulging in ice cream. It’s not quite “I scream for ice cream” time, but the days are getting sufficiently warm to warrant stocking up cool treats. And ice cream is the quintessential seasonal product that is only in demand when it’s hot out. Right? Just look at the FRED graph for ice cream production: A classic example of seasonality! But wait… These data are very old. How does it look if we use current data? The FRED graph below shows ice cream production since 1972 (in red). Yes, it is still seasonal, but [...]

2024-05-08

• The usefulness of the CMIE household survey data for electricity research in India
  by Anurodh in Ajay Shah's blog, 2024-05-08 08:35:00 UTC

  by Susan Das, Renuka Sane and Ajay Shah. Measurement for electricity research The problems of the electricity system are of particular importance in India given that the existing institutional arrangements work relatively poorly. While this has been a concern for decades given the importance of electricity in economic growth, it has achieved a fresh prioritisation due to the need for a clean energy transition. The problems of electricity sector have become the critical bottleneck for the decarbonisation of the economy (Jaitly and Shah, 2021). De jure government subsidies, and de facto [...]

2024-04-29

• The range of bank deposits worldwide
  by ? in FRED blog, 2024-04-29 13:00:00 UTC

  Safe and sound banks are key to a healthy US economy and are at the heart of promoting growth and development . Banks’ basic intermediary function of matching savers with investors is predicated on receiving deposits that can be transformed into loans. There is no rule of thumb for how large those deposits need to be for banks to best operate as financial intermediaries, and there are large differences among countries in that regard. The FRED map shows data from the World Bank about the value of bank deposits by nation divided by the value of that nation’s gross domestic product (GDP). This i [...]

2024-04-26

• Assessing regulatory capability in Tamil Nadu electricity regulation: Evidence from appeals
  by Anurodh in Ajay Shah's blog, 2024-04-26 04:34:00 UTC

  by Bhavin Patel and Renuka Sane . The Indian journey to decarbonisation faces the roadblocks of electricity policy . One of the critical impediments faced is that of state capability in electricity regulation. There is a new body of knowledge in India, in regulatory theory, that can usefully be brought to bear on the problem of improving electricity regulation. One element of this field is the question of assessing the state of regulatory capability. At any point in time, how would we judge the extent to which electricity regulation in a certain state is working well? Electricity is regulat [...]

2024-04-08

• 350+ coauthors study reproducibility in economics
  by ? in Marginal Revolution, 2024-04-08 06:49:37 UTC

  Jon Hartley is one I know, here is the abstract: This study pushes our understanding of research reliability by reproducing and replicating claims from 110 papers in leading economic and political science journals. The analysis involves computational repro [...]

2024-04-01

• 54. Publications of the Euro-American Association in year 2024: Articles and ebook Chapters
  by MCG Blogs de Economía in Euro-American Association: World Development, 2024-04-01 18:21:00 UTC

    Newly accepted articles for Volumes 24-1 of journals AEID and RSES Applied Econometrics and International Development (AEID), Volume 24-1: January-June 2024 Articles listed at the journal Website in March of 2024 Gender analysis of the global labour market and comparative analysis of kazakhstan, 2019-2021, Kuanysh ALPYSBAYEV, Aizhan MUKHAMADIYEVA, Meruert KANABEKOVA, Arailym ORAZGALIYEVA, Balapanova ELMIRA   Abstract Investment Policy of the Republic of Kazakhstan: Main Directions and Development Trends, Nurzan DEMEUOV, Ainur ISSAYEVA, Ardak YESDAULETOVA  Abstract Productivity and Regional T [...]

2024-03-29

• The Global Pharmaceutical Industry Isn’t Investing in Products for the Greatest Burden of Human Disease - Are Non-Profits a Solution?
  by Payal Arya, Fred Ledley in INET Blog, 2024-03-29 17:02:45 UTC

  Programs for expedited review may be preferentially reducing the development costs for conditions with lesser disease burden, potentially making investments in addressing the most significant disease burdens even less appealing and exacerbating the market failure further. The World Health Organization (WHO) estimates that 1.7 billion people around the world are in need of measures to prevent or treat neglected tropical diseases (NTDs), conditions that collectively account for as many as 200,000 deaths/year and a burden of disease running in the hu [...]

2024-03-28

• The state of capitalism
  by michael roberts in Michael Roberts Blog, 2024-03-28 10:10:04 UTC

  The book, The State of Capitalism, is an ambitious work.  Written by the NAMe Collective with the lead from Professor Costas Lapavitsas from SOAS University, London, it seeks to analyse all aspects of capitalism in the 21 st century from a Marxist perspective.  It has been widely praised by the likes of Yanis Varoufakis and Grace Blakeley, leading rock stars of leftist economics. According to the authors, the book “is the outcome of collective writing that combines different types of knowledge and experience, while still finding a common voice. For several years, the European Research [...]

2024-03-22

• The European Union’s New Risk-Based Framework for Fiscal Rules – Overly Complex, Opaque and Self-Defeating
  by Helene Schuberth in INET Blog, 2024-03-22 14:03:00 UTC

  The discrepancy between technocratic rhetoric and economic facts is colossal. Introduction and Summary On February 10 th , 2024, representatives of the European Council, the European Parliament (EP), and the European Commission (EC) reached an agreement on yet another reform of the fiscal rules. [1] The legislative package still has to be approved by both the European Council and the European Parliament by the end of April 2024. While the new rules have thus far received little attention, they will shape the fate of the European Union (EU) economy [...]

2024-03-13

• Started from the Bottom: Bayesian SPNE and Probability in HRM
  by ? in The Labour Econ Blog, 2024-03-13 09:06:50 UTC

  by Alfred Anate Mayaki.   Bayes’ application to HRM is limited to event probability but is a topic that is mentioned in passing in a paper on shirking and presenteeism by S. Brown (2004) recommended by Dr. Andrew Bryce (Sheffield), which was written over 20 years ago this year. Brown (2004) reads as follows: “Such ‘shirking’ is potentially costly to firms and may incite them to undertake monitoring. BST** envisage a monitoring technology in which there is some probability, α < 1, of each absentee’s true state of health being revealed to the firm.” After deciding to initiate a brief scoping [...]

2024-03-11

• Two definitions of bubbles
  by ? in Econlog, 2024-03-11 03:14:53 UTC

  In a recent post , I pointed out that how we define words doesn’t matter when considering substantive issues. Thus whether addition is defined as a mental illness should have no bearing on how we treat addiction. An old Noah Smith Bloomberg column reminds me of how definitions can lead us astray. Smith points out that (in 2018) Bitcoin prices had recently crashed, after previously soaring to a peak of $19,000. He acknowledges that Bitcoin prices might boom again in the future, but nonetheless defines this as a “bubble”: But for ordinary investors, who don’t tend to get in early on potentiall [...]

2024-03-06

• Japan’s Self-Inflicted Decline
  by Daniel Gros in Project Syndicate, 2024-03-06 16:03:34 UTC

  MILAN – Japan should be doing well. It boasts a well-educated and disciplined workforce, and outdoes most other industrialized countries on both investment and spending on research and development . In fact, at 3.3% of GDP, Japanese R&D expenditure was higher even than that of the United States until recently. And yet, Japan’s relative decline continues. In the 1980s and 1990s, Japan was the world’s second-largest economy, not least because of its seemingly unbeatable industrial sector. Today, however, it is the world’s fourth-largest economy, with data showing that it recently fell behind G [...]

2024-02-25

• WTO ministerial trading in low expectations and high stakes
  by Ken Heydon in East Asia Forum, 2024-02-25 11:00:00 UTC

  The World Trade Organisation’s (WTO) 13th Ministerial Conference takes place in Abu Dhabi on 26–29 February. It is expected to include a deal providing transparency and predictability in electronic commerce, endorse an agreement on investment facilitation for development and admit two least developed countries, Timor Leste and the Comoros, as WTO members. Though welcome, these are modest expectations. This is particularly so given the promises from the 12th Ministerial Conference — tackling fisheries subsidies and offering the hope of restoring a ‘ fully functioning dispute settl [...]

2024-02-22

• The paradox of empowerment: gender norms and intimate partner violence in PNG
  by Alexander Smith in Development Policy Blog, 2024-02-22 19:00:32 UTC

  Intimate partner violence (IPV) is a global scourge, with nearly one in three women experiencing violence at the hands of a partner at least once in their lifetime. Rates of violence are particularly high in PNG, where the prevalence rate is one in two women. How do we change this? It is tempting to think that improving the disparity in resources or economic status between women and their partners would be an effective mechanism to reduce financial dependence and improve women’s ability to leave violent relationships. This logic is known as the household bargaining theory. It proposes that ind [...]

2024-02-16

• How AI deepfakes threaten the 2024 elections
  by Rehan Mirza in Journalist's Resource, 2024-02-16 18:41:26 UTC

  Facebook Twitter LinkedIn Reddit Email Last month, a robocall impersonating U.S. President Joe Biden went out to New Hampshire voters, advising them not to vote in the state’s presidential primary election.  The voice, generated by artificial intelligence, sounded quite real. “Save your vote for the November election,” the voice stated, falsely asserting that a vote in the primary would prevent voters from being able to participate in the November general election.   The robocall incident reflects a growing concern that generative AI will make it cheaper and easier to spread misin [...]