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Behind Europe's Economic Mess: 'Willful Amnesia'

Austerity measures violate basic economic tenets: Paul Krugman

(Newser) - Europe has been lauded for its commitment to austerity measures as a means of restoring its economies. But a quick look at the state of those economies reaffirms what any economist should already have known, writes Paul Krugman in the New York Times : The effort is backfiring. Krugman explains that... More »

Candidate Turns 'Home Ec' Into 'Economics' Degree

Missouri contender caught fudging educational background

(Newser) - Tiny note to political candidates: "Economics" and "home economics" aren't quite the same thing. Missouri gubernatorial contender Dave Spence quickly updated his website this week after reporters discovered that his touted "degree in Economics" was actually a Bachelor’s of Science Degree in Home Economics, TPM... More »

What's Up With Ron Paul's 'Austrian' Ideas?

Republican candidate trumpets strict libertarian philosophy

(Newser) - Just what did Ron Paul mean when he finished third in Iowa and said, "We are all Austrians now"? Republican candidates don't often celebrate European economic policies, but this is different, Matthew Yglesias writes in Slate . Those familiar with the inside baseball of libertarianism know that Paul... More »

Finally, the Obama We Elected

Last night's speech was incredibly important, Robert Reich writes

(Newser) - The speech President Obama gave last night in Osawatomie, Kansas, was the "most important economic speech of his presidency," writes former labor secretary Robert Reich. "Here, finally, is the Barack Obama many of us thought we had elected in 2008," one who actually fights Big Money... More »

Want to Earn $400K? Fix the Euro Zone

UK prize will reward best solution

(Newser) - Econ majors, dust off those textbooks. If you can come up with the best way to help the euro zone through its current mess by the end of January, you earn $400,000. That's the reward being offered by British CEO Simon Wolfson as part of the Wolfson Economics... More »

DC Overtakes Silicon Valley in Household Income

Typical home pulls in about $84,000

(Newser) - Our nation's capital city boasts the highest average income in the country, reports Bloomberg . New census statistics show that a household in the DC metro area typically earns $84,523, compared to the national median of $50,045. The booming salaries are explained by a dense concentration of lobbyists,... More »

2 Americans Win Nobel Prize in Economics

Thomas Sargent, Christopher Sims studied effects of tax cuts, interest rate hikes

(Newser) - Americans Thomas Sargent and Christopher Sims won the Nobel economics prize today "for their empirical research on cause and effect in the macroeconomy," the Royal Swedish Academy of Sciences announced. The prize committee said the winners have developed methods for answering questions such as how economic growth and... More »

Ron Paul Is Winning

At least, in the way that matters to him

(Newser) - Ron Paul isn’t going to be the next president, or even the GOP nominee. “And yet, in a sense, Ron Paul is winning the 2012 Republican presidential primary,” writes Dana Milbank in the Washington Post . Because Paul’s real goal is to push his Austrian economic theories... More »

78% of Congress Didn't Study Business, Economics

Yet they're handling the recession

(Newser) - As Congress debates the weighty economic issues of our times, you can rest easy knowing that almost 80% of them didn’t major in business, economics, accounting, or any related field, according to a new study from the Employment Policies Institute. Just 8.4% of legislators studied economics, with another... More »

Dear Top 1%: Payback Is a ...

Richies are going to regret shafting everyone else: Stiglitz

(Newser) - Revolution is raging in the Middle East, in societies that all have one thing in common: 1% or less of their population controls the lion’s share of the wealth. “As we gaze out at the popular fervor in the streets, one question to ask ourselves is this: When... More »

How Economics Can Save Your Sex Life

Lower costs, increase transparency, become a "rabbit"

(Newser) - Forget the usual advice on reawakening your love life: more foreplay, sex journals, role-playing. Instead, try economics. Today’s couples can’t afford “excess time and energy,” write Paula Szuchman and Jenny Anderson in the Daily Beast . Drop the cost, and you’ll increase demand, “as any... More »

World Turns to Blogger for Euro Advice

Edward Hugh saw the euro's troubles coming

(Newser) - A British man who's made his living as a part-time English teacher in Spain for decades is suddenly the hottest name in economics, because he got it right. Blogger Edward Hugh correctly predicted the current Eurozone crisis, pinpointing the reason as the difference in demographics between Germany and countries like... More »

Economists Are Rediscovering Humility —and Humanity

Field should be seen as an art, not a science

(Newser) - The failure of economists to spot the financial crisis in advance is causing soul-searching that will redefine the whole field, writes David Brooks. The cutting-edge models economists built over decades ignored the complexities of human nature and economists are now rediscovering the humility of an earlier time and trying to... More »

Tax the Rich. It Won't Hurt (Them, or the Economy)

Marginal tax rates have nothing to do with GDP

(Newser) - Why doesn’t anyone argue for increased taxes on the rich anymore? Only a generation ago, American politicians had no problem calling for high marginal tax rates, but no one’s had the nerve to do it since Ronald Reagan argued that they penalized the rich for working hard—which... More »

How Paul Krugman Became a Liberal

New York Times economist wasn't always political

(Newser) - Believe it or not, Paul Krugman once worked for Ronald Reagan. It’s not that Krugman was conservative; it’s that he just wasn’t political. He was an academic, and only vaguely aware of the growing right-left divide. “I feel now like I was sleepwalking through the twenty... More »

Legendary Economist Paul Samuelson Dead at 94

Nobel laureate write classic intro text for 'dismal science'

(Newser) - Paul A. Samuelson, the first American Nobel laureate in economics and a familiar name to generations of college students, died today at his home outside Boston. He was 94. Ben Bernanke praised his former MIT professor as "a titan of economics," and a colleague said of their fellow... More »

Now Is the Time for Extravagance

After all, what good is your money when you're too old to have fun?

(Newser) - Ben Stein still doesn’t think it’s a good idea for you to “run out of money before you run out of breath,” but assuming you have a little extra, he highly recommends you use it to buy stuff—now. Life is short, he writes in Fortune... More »

Holiday Shopping Tip: Money Can Buy You Love

Yuletide economics dissected

(Newser) - Christmas is coming, and the "voluntary December calamity" of destruction of billions of dollars in value is under way, writes George Will. People will splurge on gifts their relatives and friends don't want or need, and the discrepancy between the cost of the present and its value to the... More »

Soros to Spend $50M to Reinvent Economics

Fund manager's think tank charged with reinventing the field

(Newser) - George Soros has decided to spend $50 million to launch a new think tank charged with reinventing the field of economics, which the Hungarian-American billionaire calls "a dogma whose time has passed." The Institute of New Economic Thinking, whose board members include luminaries such as Joseph Stiglitz and... More »

Winter Babies' Real Problem? Less-Educated Mothers

Accidental find shines light on old conundrum

(Newser) - For years, economists have been trying to explain why winter babies have it so tough. In study after study, those born in winter consistently perform worse in school, earn less, and are less healthy than peers born at other times of year. Now Notre Dame economists Kasey Buckles and Daniel... More »

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