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Surprisingly (to economists, anyway), even though these communities remain decimated, many people have still refused to leave them. Autor, Dorn and Hanson find that it was only foreign-born workers and native workers ages 25 to 39 who were likely to leave. Everyone else basically stayed, even if the economic rug was…
For most of the last century, wages in poorer parts of America rose faster than wages in richer places, as inventions were put to work in the hinterlands. After Henry Ford invented the Model T, for example, workers on assembly lines all over the Midwest built it. Now it’s just the opposite. Bright young people from…
"The pie keeps growing because things that look like wants today are needs tomorrow," argued Marc Andreessen, the Netscape cofounder, who lelped to ignite a whole new industry, e-commerce, that now employs mil)ns of specialists around the wodd, specialists whose jobs weren't even lagined when Bill Clinton became…
The principle of an opportunity cost does not at first glance seem hard to understand. If you spend half an hour noodling around on Twitter, when you would otherwise have been reading a book, the lost book-reading time is the opportunity cost of the tweeting. If you decide to buy a fancy belt for £100 instead of a…
We’ve already seen that money is an astounding thing because it can represent myriad di
Here are some examples of the principles that teachers can use to expand concepts presented in formal course material. These principles don't have to be taught in the context of any particular class. It's an empirical question. This is a comment that ought to terminate many more conversations than it does. For many of…
Simplified spelling means shorter spelling. Of the 32 Rules printed in Part 3 of this Handbook, 27 drop letters from words as now speld; 3 involv trans- positions of letters to reconcile conflicting analogies; and 2 involv substitutions of one letter for another, with the same object. In no instance has the Board…
Attending college has been considered one of the most protable investments, annualized returns ranging from 8% to 13% (Card 1999). I utilize a simple approach, as in Mehra and Prescott (1985), to quantify how much of the excess return to college is explained by its risk. I also explore the role played by heterogeneous…
And Mallow laughed joyously, "You've missed, Sutt, missed as badly as the Commdor himself. You've missed everything, and understood nothing. Look, man, the Empire can replace nothing. The Empire has always been a realm of colossal resources. They've calculated everything in planets, in stellar systems, in whole…
I have a friend, a young American physicist, who spent a year doing theoretical physics in the Soviet Union. He likes to go to the Soviet Union, not because it is a good place to do physics, but because it is a good place to observe the human comedy. When he went back to Leningrad recently for a shorter visit, he…
There are two ways to predict the progress of technology. One way is economic forecasting, the other way is science fiction. Economic forecasting makes predictions by extrapolating curves of growth from the past into the future. Science fiction makes a wild guess and leaves the judgment of its plausibility to the…
Why is it that our whole economic and political system has tended recently to become so sluggish and inflexible? Why have we become resigned to the idea that nothing substantial can ever be done in less than ten years? Obviously there are many reasons. But I believe the principal reason for this sluggishness is that…
The minister sighs abruptly. "You are very unusual. You earn no money, do you? But you are rich, because grateful people who have benefited from your work give you everything you need. You are like a medieval troubadour who has found favor with the aristocracy. Your labor is not alienated – it is given freely, and…
When the world went on a single currency, they'd tried to coordinate it with the food rationing in some way, hoping to eventually eliminate the ration books, so they'd made the new currency K's, kilocalories, because that's the unit for measuring the energy equivalent of food. But a person who eats 2,000 kilocalories…
The horizontal axis here is level of taxation, and the vertical axis represents the amount of revenue the government takes in from taxpayers. On the left edge of the graph, the tax rate is 0%; in that case, by definition, the government gets no tax revenue. On the right, the tax rate is 100%; whatever income you have…
Just as Darwin discovered the law of evolution in organic nature, so Marx discovered the law of evolution in human history; he discovered the simple fact, hitherto concealed by an overgrowth of ideology, that mankind must first of all eat and drink, have shelter and clothing, before it can pursue politics, science…
The people's democratic dictatorship uses two methods. Towards the enemy, it uses the method of dictatorship, that is, for as long a period of time as is necessary it does not let them take part in political activities and compels them to obey the law of the People's Government and to engage in labour and, through…
Carter had initially used arbitrary parameters in his perfect model to generate perfect data, but now, in order to assess his model in a realistic way, he threw those parameters out and used standard calibration techniques to match his perfect model to his perfect data. It was supposed to be a formality--he assumed…
The moral game of blame attribution is only one subtype of misattribution arbitrage. For example, epidemiologists estimate that it was not until 1905 that you were better off going to a physician. (Ignaz Semelweiss noticed that doctors doubled the mortality rate of mothers at delivery.) The role of the physician…
Human nature as it now exists was formed in accord with the laws of evolution under conditions pertaining well before recorded human history. Fossils discovered in Ethiopia and Kenya now date human ancestors back at least 5 or 6 million years. Distinctly human species arose in Africa at least 2 million years ago…