Monday, October 14, 2024

CNBC: World News Nobel economics prize for 2024 awarded to Daron Acemoglu, Simon Johnson and James Robinson

 CNBC: World News Nobel economics prize for 2024 awarded to Daron Acemoglu, Simon Johnson and James Robinson Published Mon, Oct 14 20245:56 AM 

https://www.cnbc.com/2024/10/14/nobel-economics-prize-given-to-us-based-economists-for-work-on-prosperity.html


'The academics have helped show why societies with “poor rule of law and institutions that exploit the population do not generate growth or change for the better,” the Nobel committee said, demonstrating the “importance of societal institutions for a country’s prosperity.”'


"The laureates have helped explain how the political and economic systems introduced by colonizing countries from the 16th century onward play a key part in this disparity — and that places that were the richest at the time of colonization in relative terms are now among the poorest, the committee said."

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https://www.amazon.com/Why-Nations-Fail-Origins-Prosperity/dp/0307719227

"Daron Acemoglu and James Robinson conclusively show that it is man-made political and economic institutions that underlie economic success (or lack of it). Korea, to take just one of their fascinating examples, is a remarkably homogeneous nation, yet the people of North Korea are among the poorest on earth while their brothers and sisters in South Korea are among the richest. The south forged a society that created incentives, rewarded innovation, and allowed everyone to participate in economic opportunities."

"The economic success thus spurred was sustained because the government became accountable and responsive to citizens and the great mass of people. Sadly, the people of the north have endured decades of famine, political repression, and very different economic institutions—with no end in sight. The differences between the Koreas is due to the politics that created these completely different institutional trajectories."


Friday, October 11, 2024

Wednesday, October 9, 2024

CNBC: ‘Catastrophic’ Hurricane Milton heads to Florida Gulf Coast

 CNBC: ‘Catastrophic’ Hurricane Milton heads to Florida Gulf Coast  https://www.cnbc.com/2024/10/09/hurricane-milton-closes-in-on-florida.html

CNBC: DOJ indicates it’s considering Google breakup following monopoly ruling

CNBC: DOJ indicates it’s considering Google breakup following monopoly ruling: https://www.cnbc.com/2024/10/08/doj-indicates-its-considering-google-breakup-following-monopoly-ruling.html

"The DOJ said it was “considering behavioral and structural remedies that would prevent Google from using products such as Chrome, Play, and Android to advantage Google search.”"

"The recommendations come after a U.S. judge in August ruled that Google holds a monopoly in the search market."

Wednesday, October 2, 2024

CBS News: Vice presidential debate

 Read the full VP debate transcript from the Walz-Vance showdown https://www.cbsnews.com/news/full-vp-debate-transcript-walz-vance-2024/

  Question: Senator, I want to give you a moment to respond on that. But similarly, the Wharton School has done an analysis of the Trump plan and says it would increase the nation's deficit by 5.8 trillion. My question is the same for you. How do you pay for all that without ballooning the deficit? I'll give you two minutes.

Answer: 

..... Now, Donald Trump's economic plan is not just a plan, but it's also a record. A lot of those same economists attack Donald Trump's plans, and they have PhDs, but they don't have common sense and they don't have wisdom, because Donald Trump's economic policies delivered the highest take home pay in a generation in this country, 1.5% inflation, and to boot, peace and security all over the world. ....

.... Governor, you say trust the experts, but those same experts for 40 years said that if we shipped our manufacturing base off to China, we'd get cheaper goods. They lied about that. They said if we shipped our industrial base off to other countries, to Mexico and elsewhere, it would make the middle class stronger. They were wrong about that. They were wrong about the idea that if we made America less self-reliant, less productive in our own Nation, that it would somehow make us better off. And they were wrong about it. ....

....   This has to stop. And we're not going to stop it by listening to experts. We're going to stop it by listening to common sense wisdom, which is what Donald Trump governed on. ....

..... JDV: So, appreciate that. So if you notice, what Governor Walz just did is he said, "First of all, Donald Trump has to listen to the experts." And then when he acknowledged that the experts screwed up, he said, well, "Donald Trump didn't do nearly as good of a job as the statistics show that he did."  ....

.... To all of you watching, we can get back to an America that's affordable again. We just got to get back to common sense, economic principles


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NBC News: 

What economists say about JD Vance's claim that immigrants drive up housing costs https://www.nbcnews.com/business/real-estate/jd-vance-said-immigration-driving-housing-crisis-numbers-say-rcna173595

Friday, September 27, 2024

Economic impact of Hurricanes

Economic impact of hurricanes on your business Hurricanes can have a damaging economic impact on businesses, including physical damage, supply chain disruptions, and lost revenue. Learn how to better prepare.

https://www.accuweather.com/en/blogs-webinars/understanding-hurricanes-economic-impact-on-your-business/1678006


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 The Economic Impact of Hurricane Katrina on Its Victims: Evidence from Individual Tax Returns Tatyana Deryugina Laura Kawano Steven Levitt AMERICAN ECONOMIC JOURNAL: APPLIED ECONOMICS VOL. 10, NO. 2, APRIL 2018 (pp. 202–33)

https://www.aeaweb.org/articles?id=10.1257/app.20160307

Abstract Hurricane Katrina destroyed over 200,000 homes and led to massive economic and physical dislocation. Using a panel of tax return data, we provide one of the first comprehensive analyses of the hurricane's long-term economic impact on its victims. Hurricane Katrina had large and persistent impacts on where people live, but small and surprisingly transitory effects on employment and income. Within just a few years, Katrina victims' incomes actually surpass that of controls from similar unaffected cities. The strong economic performance of Hurricane Katrina victims is particularly remarkable given that the hurricane struck with essentially no warning.


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The Local Economic Impact of Natural Disasters1 Roth Tran, Brigitte and Wilson, Daniel J. 2 August 2024 Abstract We use nearly four decades of U.S. county data to study dynamic local economic impacts of natural disasters that trigger federal aid. We find these disasters on average raise personal income per capita in the longer run (8 years out). We also find that, in the longer run, wages and home prices are higher, while employment and population are unaffected, suggesting the income boost may reflect productivity increases and greater demand for housing in supply-constrained areas or compositional shifts. Allowing for heterogeneity across disaster types, we find the longer-run income boost is driven primarily by hurricanes and tornadoes. We also find the longer-run boost increases with damages, suggestive of an important role for insurance and government aid—which are highly correlated with damages—in fueling recovery. A spatial spillover analysis suggests the longer-run net effects of local aid-inducing disasters for wider regions are near-zero.

https://www.frbsf.org/wp-content/uploads/wp2020-34.pdf

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