Paraphrasing Mark Twain’s famous comment about the weather, everybody complains about productivity growth but nobody does anything about it. As OTEers are learning, for better or worse, I’ve been obsessed with the problem of slow productivity growth. It poses a fundamental constraint on the growth of living standards both here and in many other economies… Read more
In case OTE’ers missed these: We need to be more honest about the costs of trade. The policy and politics behind some of today’s populist anger, at least the part about the economy.
As expected, real GDP for Q1 came in at a suckingly low 0.5%, SAAR. In this case, “SAAR”– seasonally adjusted at an annualized rate”– is important. That’s because there’s some concern with the seasonal adjusters, which some argue are biasing Q1 down and Q2 up. Also, annualized quarterly changes tend to jump around. So a… Read more
Thanks to the really engaging hosts and great production, this conversation turned out to be a lot more fun and interesting than is often the case, I thought. Give it a look, and make your Hunger-Games-reading tween check it out too!
In economic policy, new findings can sometimes break through the noise based on their timing, relevance, and importantly, who finds the findings. For example, when the President’s Council of Economic Advisors (CEA) publishes highly relevant results on a very hot topic in the annual Economic Report of the President (ERP), it matters. This year’s ERP, out… Read more