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Garett Jones: January 2013

An Author Archive by Month (12 entries)

Wasteful Hiring: When Does It Cut Profits?

Statistical theory and methods
Garett Jones
The boss hires his worthless unemployed nephew for a summer job.  Does that raise GDP or lower it? To keep things simple think of this as ex nihilo hiring: if not for this hire, the person wouldn't have been hired... MORE

Alan Blinder left his position as a Princeton economist to serve as vice chairman of the Fed. After he went back to academia he wrote a great short book that I see as a crypto-memoir, Central Banking in Theory and... MORE

Government Hiring: Raising GDP by Definition

Economic Methods
Garett Jones
GDP, Gross Domestic Product. The number gets a lot of attention, deservedly.  You'd be foolish to use it as your sole economic statistic but you'd be just as foolish to ignore it and go with your gut.  Today I'd like... MORE

When is a Spending Multiplier "Big"?

Fiscal Policy
Garett Jones
We're still debating how extra government spending influences the short run economy.  How it influences the long run is a more important question but that's a topic for another blog post.  Recently there's been some buzz that multipliers are on... MORE

Eli Dourado on the Mercatus Master's Fellowship

Economic Education
Garett Jones
@EliDourado tweets:Kind of hard to believe, Mercatus will pay you $20k/year to get an MA in Economics. Plus you might "get" to be my RA. He's right.  You might also "get" to take master's level macroeconomics with me: I'm teaching it... MORE

Zero Price, Today Only: *Copyright Unbalanced*

Information Goods, Intellectual Property
Garett Jones
Today is the first anniversary of Wikipedia's SOPA Blackout: A 24-hour shutdown to protest the Stop Online Piracy Act.  To commemorate the anniversary, the Mercatus Center is making Copyright Unbalanced: From Incentive To Excess available free for today only.  Download... MORE

Will The End of Sleep Reduce Wages?

Wages and Salaries
Garett Jones
Jon M at Sociological Speculation reports: ...new drugs such as Modafinil appear to vastly reduce the need for sleep without significant side effects (at least so far). Based on reports from users, it seems that people could realistically cut their sleep... MORE

How to Trust Government Data (or not)

Growth: Consequences
Garett Jones
I recommend Russ's recent EconTalk with Morten Jerven.  Jerven's forthcoming book, Poor Numbers, shows that GDP estimates in sub-Saharan Africa are fraught with error. Jerven, who visited many statistics offices in the region firsthand, concludes that poorly staffed offices and... MORE

Buchanan: Seeing With New Eyes

Public Choice Theory
Garett Jones
One of the starting points for public choice theory was Kenneth Arrow's Impossibility Theorem. Arrow proved that as long as people are diverse in their opinions, and as long as everyone's opinion counts, it is impossible to create a voting... MORE

Americans Used To Move A Lot

Labor Mobility, Immigration, Outsourcing
Garett Jones
Over the holidays some of my relatives lamented the changes going on in America.  One of the lamentations: the decline of dynamism, the rejection of the frontier spirit.  Is there something to this?  One piece of evidence: We just don't... MORE

Not from The Onion, Affordable Care Act Edition

Economics of Health Care
Garett Jones
In the 1990's and 2000's, as more violent criminals were thrown into prison and, partly for that reason, violent crime rates fell, the media had a wave of stories with titles like this: "Despite falling crime rate, prison populations rise."In... MORE

In that order: 1.  U.S. and UK regulators are trying to find a workable way to shut down big international banks.  If they find a solution it would remove one of the the big barriers to ending Too Big To Fail.... MORE

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