There are many differences between automation and artificial intelligence.
In a review of Yuval Levin's A Time to Build, Arnold Kling considers institutional roles.
"Whereas most of the economics literature talks about the division of labor in society, Alchian wanted to get fellow economists to think about the division of ownership in society."
When it comes to operating systems, the Bank of Canada manages to make it look easier than does the U.S.
This is a decade when important trust funds in the U.S. start to become insolvent.
The U.S. depends heavily on immigrants in both science and engineering.
When might it be possible to solve pressing issues at local levels? Jayme Lemke highights an Elinor Ostrom article and also notes the importance of local and everyday histories in problem solving.
"The Four Pillars of Economic Understanding"
Banks and big corporations now appear more trustworthy than government.
"Profitability in the Health Care Market Has Never Been Better"
From A Richmond Fed interview with Janice Eberly: "Intangible capital does seem less sensitive to traditional monetary policy."
The economy is (partially) beginning to dematerialise.
An interview with Phillip Lane of the ECB, and the Financial Times
Trumpanomics? Graphs tell the story.
The trade-offs of location: "...moving up 10 spots in the rankings on favors between neighbors is associated with moving down three to four spots on concentration of start-up businesses."
The Huawai dilemma might mean that the U.S. in contrast with smaller countries, wouldn't be able to roll out 5G in rural areas. Only recall this also means smaller communities would be less likely to utilize smart grids for transportation needs.
Is dissatisfaction with globalization a "crisis of capitalism"?
"Solo Self-Employment and Alternative Work Arrangements: A Cross-Country Perspective on the Changing Composition of Jobs"
India's demonetization turned out to be only a temporary disruption.
What distinguishes a not so respectable political rant, from one that is "respectable"?
How has the composition of government spending changed over time?
"Tim Harford on Persuasion and Popular Economics"
"It is precisely because fiscal policy inevitably involves messy, hard-fought compromises - often overturned by future elections anyway - that most countries have turned to central banks for short-term stabilization policy."
Marty Makary notes the government healthcare burden, for Russ Roberts:
"...we just had a study come out at John Hopkins that 48% of all federal spending goes to healthcare in its many forms. It's up to half of all Social Security spending goes to Medicare, copays, deductibles, coinsurance, and out of network costs."
"In ten countries, holding all else equal, a consumer would have to work four extra weeks per year, on average, to consume the same amount of housing, healthcare, and education as he or she did in 2000."
"The aggressive can-do American approach to health care isn't working when it comes to medicine in general and cancer medicine in particular."
"How Secure is Employment at Older Ages?"
"The great value of experimenting outside of the rationalists' comfort zone is that most of your competitors will be too scared to go there."
Trump's approach to power relationships is "getting medieval".
The Fed's implicit guarantees are changing.
"Introductions of papers are worth four times as much effort as they usually receive."
A map of companies with really long histories.
Wikipedia has become "the closest thing there is to an online public square."
How has the American dream changed?
A Mercatus Working Paper from Scott Sumner: "Currency Manipulation, Saving Manipulation, and the Current Account Balance"
It's difficult enough that fiscal policy gets hamstrung by political intentions, hopefully the same will not happen to monetary policy as well.
Lots of little ideas, including the "gotcha" fact-check scarcity principle.
How important is long term growth? Diane Coyle highlights some of the recent arguments.
COVID-19 may become one of the new seasonal viruses we look out for.
India's growth in services certainly helps the well educated, but it does not function as a form of growth which contributes to the population as a whole.
David Beckworth's interview with Paul Schmelzing is incredibly interesting and thought provoking.
Eight centuries of new data show a persistent 500-year decline in global real interest rates, challenging existing theories and raising new questions.Ryan Avent on a pandemic induced supply side interruption: "...it's one thing to rev up the economy when jobless workers are desperate to get back on the job and quite another when workers aren't sure they want to leave the house."
The main challenge is to make certain a negative supply shock does not become a demand shock.
Some recommendations from Emma Rothschild for books on economic history.
"...there has been no real improvement in productivity in construction in the last 50 years."
Sometimes disagreement has a valid purpose.
Are current unemployment rates low because many people are finding work, or because of low entry rates into unemployment?
"The rush of speculative capital into flower bulbs was fueled by a wave of cash windfalls accruing to the surprised heirs of plague victims."
James Pethokoukis discusses technological change with Erik Brynjolfsson.
"...we need to think carefully about how we want to change the world."
Many healthcare facilities now rely on temporary physicians.
"The Consequences of Treating Electricity as a Right"
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