Posts Tagged ‘unemployment’

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    A Phone Call From Adam Smith

    Oct 14, 10 • 284 Views • No Comments

    The phone rings. The caller says he is Adam Smith and you have won the Nobel Prize in Economics. Your response? As you know, the 18th century author of The Wealth of Nations, Adam Smith, is perhaps the greatest economic thinker. Seemingly chaotic, the market...  [read more]

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    More On Unemployment

    Oct 11, 10 • 313 Views • No Comments

    These are great graphs! In just a minute or 2, through a series from The Washington Post, you can understand our employment problems. Our starting point is potential output during the past decade. We see how much we could have produced if our land, labor, and...  [read more]

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    Spend More or Less?

    Aug 29, 10 • 338 Views • No Comments

    It was perfect. On the left side of the NY Times Op-Ed page, David Brooks defended the austerity approach. On the right was Paul Krugman saying spend more. Those are the alternatives. Maybe now it will be easier to choose one? Using Germany as his model,...  [read more]

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    Becoming Ben Bernanke

    Aug 8, 10 • 357 Views • No Comments

    This was fun! A 5 minute Federal Reserve simulation lets you target the fed funds rate for 16 hypothetical quarters and then watch the inflation and unemployment impact. It all appears manageable until a surprise news headline appears. The site also links to...  [read more]

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    Social Contagion

    Jun 6, 10 • 348 Views • No Comments

    If unemployment creates unhappiness, then will people be less unhappy if their friends are also unemployed? According to a recent IMF paper, not only are people less unhappy when they and their friends are unemployed, but also, they then tend to be jobless...  [read more]