"six out of seven musicals fail to recoup their investment."
Source.
Sunday, March 13, 2011
Broadway Producers as Risk-taking Entrepreneurs
Friday, March 11, 2011
What's new in the new edition?
As I have noted in a previous post, the sixth edition of my principles text has recently been released. Finding things to update was easy. When the last edition was sent to the printer, President Obama had not yet clinched the Democratic nomination! Just think of everything that has happened in the economy and economic policy since then.If you wonder more specifically what you will find in the new edition that was not in the last one, here is a list.
Chapter 1
New Case Study: The Incentive Effects of Gasoline Prices
New paragraph on the recent downturn added under Principle 10
Two new problems
New Case Study: The Incentive Effects of Gasoline Prices
New paragraph on the recent downturn added under Principle 10
Two new problems
Chapter 2
New In the News box: The Economics of President Obama
Table 1 updated and substantially expanded
New Cartoon in Appendix
Chapter 3
Tiger Woods changed to Tom Brady in in-text example.
New Question for Review
New problem
Chapter 4
New article for the In the News box: Price Increases After Disasters
Chapter 5
New FYI box: A Few Elasticities from the Real World
Chapter 6
New In the News box: Should Unpaid Internships Be Allowed?
Chapter 7
New problem
New problem
Chapter 8
New In the News box: New Research on Taxation
New In the News box: New Research on Taxation
Chapter 9
New In the News box: Trade Skirmishes, about U.S. tariffs on Chinese tires and the retaliatory response
New problem
New In the News box: Trade Skirmishes, about U.S. tariffs on Chinese tires and the retaliatory response
New problem
New In the New box: The Externalities of Country Living
New In the News box: Cap and Trade
New problem
Chapter 11
Introduce new term: Club goods.
New In the News box: The Case for Toll Roads
Two new problems
Chapter 12
New In the News box: The Temporarily Disappearing Estate Tax
New In the News box: The Value Added Tax
Chapter 13
New problem
Chapter 14
New problem
Chapter 15
New In the News box: President Obama’s Antitrust Policy
Two new problems
Chapter 16
Two new problems
Chapter 17
New In the News box: The Next Big Antitrust Target?
New problem
Chapter 18
New problem
Chapter 20
New In the News box: What’s Wrong with the Poverty Rate?
New In the News box: The Root Cause of a Financial Crisis
New problem
Chapter 21
New In the News box: Backward-sloping Labor Supply in Kiribati
Three new problems
Chapter 22
New In the News box: Arrow’s Problem in Practice
New In the News box: Sin Taxes
Chapter 23
New In the News box: Beyond Gross Domestic Product
New problem
Chapter 24
New In the News box: Shopping for the CPI
New problem
Chapter 25
New In the News box: One Economist’s Answer (to what makes a nation rich)
Chapter 26
New FYI box: Financial Crises
Two new problems
Chapter 27
New In the News box: A Cartoonist’s Guide to Stock Picking
New In the News box: Is the Efficient Markets Hypothesis Kaput?
Two new problems
Chapter 28
New In the News box: The Rise of Long-term Unemployment
New In the News box: How Much Do the Unemployed Respond to Incentives?
Chapter 29
New In the News box: Mackereleconomics
New Section on Bank Capital, Leverage, and the Financial Crisis of 2008-2009
Much revised section on the tools of monetary policy. It now includes a discussion of the Term Auction Facility and the Fed’s payment of interest on reserves.
New In the News box: Bernanke on the Fed’s Toolbox
New Question for Review
New problem
Chapter 30
New FYI box: Hyperinflation in Zimbabwe
New section: Inflation is Bad, But Deflation May Be Worse
New In the News box: Inflationary Threats
Chapter 31
Box on Euro updated to discuss problems in Greece
New problem
Chapter 32
New In the News box: Alternative Exchange-Rate Regimes
Chapter 33
New In the News box: The Social Influences of Economic Downturns
New Case Study: The Recession of 2008-2009
New In the News box: Modern Parallels to the Great Depression
Chapter 34
New FYI box on the Zero Lower Bound
New In the News box: How Large is the Fiscal Policy Multiplier?
Chapter 35
New In the News box: Do We Need More Inflation?
Chapter 36
New (sixth) debate added on spending hikes vs tax cuts to fight recessions
New FYI box on inflation targeting
New In the News box: What is the Optimal Inflation Rate?
New In the News box: Dealing with Debt and Deficits
Wednesday, March 9, 2011
Fed News
Senator Shelby blocks Peter Diamond.
I am personally saddened by this decision, for Peter is a very smart guy and a highly accomplished economist, as well as a former teacher of mine. There is no doubt in my mind that Peter was fully deserving of the Nobel Prize. But I have to admit that, given Senator Shelby's political preferences regarding economic policy, his reasons for blocking the nomination to the Federal Reserve Board are not wholly unreasonable. Click through to the link above (or here) to read the Senator's explanation.
I am personally saddened by this decision, for Peter is a very smart guy and a highly accomplished economist, as well as a former teacher of mine. There is no doubt in my mind that Peter was fully deserving of the Nobel Prize. But I have to admit that, given Senator Shelby's political preferences regarding economic policy, his reasons for blocking the nomination to the Federal Reserve Board are not wholly unreasonable. Click through to the link above (or here) to read the Senator's explanation.
Striking Fact of the Day
From the Political Calculations blog:
in percentage terms of the change in total employment level from 2006 to 2010, jobs affected by the federal minimum wage hikes of 2007, 2008 and 2009 account for 41.8% of the total reduction in jobs seen since 2006.
A Shoutout
From a book review of Spousonomics:
If you've taken an Econ 101 course in the past decade or so, there's a good chance that somewhere on your bookshelf is a dog–earred copy of Gregory Mankiw's Principles of Economics. The Harvard professor's textbook has become a classic, thanks to its simplicity and clarity — two qualities appreciated by gawky undergrads facing first–year distractions. After all, the dismal science never looks more dismal than when there's a choice between staying in to study Keynes or going out to flirt with strangers at a party.
Sunday, March 6, 2011
Tuesday, March 1, 2011
Subscribe to:
Posts (Atom)