economics

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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 »

Utilities Turn to Peer Pressure to Nudge Customers

Cut your energy use to keep up with Joneses

(Newser) - Would you be more likely to rein in your energy use if you knew it would save money, or if you knew your neighbors used less? Traditional economists assume the former—that consumers do what is in their best interest—but companies are ditching that notion in favor of behavioral... More »

Fed Has Field of Economics in Its Pocket

Central bank keeps vast number of thinkers on the payroll

(Newser) - The Federal Reserve has essentially bought out the economics profession, writes Ryan Grim in a Huffington Post investigation. The Fed employs or contracts with so many economists that it's a "career liability" for any independent-minded one to criticize policy, writes Grim. This might explain why the Fed has largely... More »

Krugman: How Economists Blew It

Downturn blindsided big brains who thought markets were perfect

(Newser) - Believe it or not, economists were, until about a year ago, congratulating themselves on a job well done. Now the dismal science is in shock, and Paul Krugman thinks he knows why. Economists, he writes in the New York Times Magazine, “mistook beauty, clad in impressive-looking mathematics, for truth.... More »

Economist Rose Friedman Dead at 98

Collaborated with husband Milton on foundational texts

(Newser) - Rose Friedman, economist and collaborator with husband and Nobel laureate Milton Friedman, died yesterday of heart failure, the Chicago Tribune reports. Rose was the co-author of Capitalism and Freedom and Free to Choose, two foundational texts of the Chicago School of economics. Though birth records from her birthplace in modern-day... More »

Only 2nd Stimulus Can Save US: Stiglitz

But Wall Street bailout has made it a dirty word, writes economist

(Newser) - Pundits can't help but ask whether the winter's fiscal stimulus has failed, and for Joseph Stiglitz it has—because the Obama administration made "political compromises that caused it to be less effective than it could have been." For the Nobel Prize-winning economist, there is no option but a... More »

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