Wrap Up for December 2020

"Although cities are often categorized as lonely places, city dwellers are actually more likely to have a neighborhood spot than those living in other types of communities." 

Will we keep turning politically inward?

The 911 emergency medical system has been sorely tested by the pandemic.

"The 2018-2019 tariff increases represent the largest return to protectionism in the U.S. in the post-war era."

Some considerations regarding federal budget deficits.

A case study from Canada for low long-term interest rates.

Plus, Greg Mankiw asks, are low interest rates a boon, or a danger?

Logistics are a major concern for mass vaccinations in the days ahead.

Optimism and pessimism are generally warranted. Still, those who can't imagine a better world ultimately lose their motivation.

Future gasoline demand may not reach its pre-pandemic levels.

Why hasn't more attention been paid to the big questions of economics?

Arnold Kling reviews Classical Liberalism and the Industrial Working Class by Alberto Mingardi.

The pandemic recession includes shifting patterns of energy demand.

Sam Hammond and Brink Lindsey share their ideas with David Beckworth, for more inclusive and dynamic growth.

How has the middle class changed?

Scott Sumner takes on MMT logic. Plus here and also at Econlib. Some conclusions.

What if "store of value" really isn't a particularly useful designation for money? However, Scott Sumner has a different take.

"Do bankers understand money?"

What determines whether inflation occurs?

As it turns out, class biases can even affect Christmas card reciprocity.

There's renewed interest in the Einstein-Szilard refrigerator.

Why hasn't the euro become more dominant?

There are gender differences for one's personal inclination to cooperate.

Addressing the federal fiscal imbalance.

David Wessel opines on rising federal debt.

For Beethoven, freedom was important.

It's been 73 years since American migration was this low. 

Covid doesn't go away just because impatience wants it to.

Alexander Hamilton would not have endorsed MMT.

The value of time currently estimated by the U.S. government, is too low.

"People who agree with market prices have a low expected subjective gain from trading. People who disagree may either become spectacularly rich, or spectacularly poor."

Some benefits of a multigenerational workforce.

What might someone actually mean, if they express a lack of concern about inflation?

David Glasner highlights the relationship between Say's Law and Walras's Law.

Even when populists lose control, those who are left behind continue to feel abandoned.

Is inflation really dead? Not so fast...

How should income inequality be calculated?

Health provisions are an important part of the year end pandemic response bill. Nevertheless, healthcare budgetary gains are temporary.

2020 also brought "advances in AI language generation".

"while tiny houses have far more potential than their scale might suggest, it's at the other end of the size spectrum that the most major breakthroughs in construction remain to be made."

However, originating tiny house communities will need a new approach which includes innovative infrastructure, before older communities are likely to consider tiny homes as viable alternatives.

Fires pose unexpected problems for plastic pipes.

Is racial identity associated with support for free trade?

There are plenty of economic challenges ahead for Biden.

Thomas Sowell on writing (2001): "The manuscript of Basic Economics sat around for about a decade." (HT Timothy Taylor) 

Robots dancing as if 2020 were a good year!