Some big news: the White House has recently announced that the newest member of the Council of Economic Advisers will be my favorite economist, and a long-time friend of this blog, Betsey Stevenson. She’ll be joining Harvard’s Jim Stock and the newly announced CEA Chairman, Jason Furman on the three-member council, which serves as the President’s main source of advice on economic policy.
When I say that I’m thrilled about this news, I’m speaking not just as a dismal scientist, but also as Betsey’s co-author, colleague, co-parent and domestic partner. The CEA has a special role as a bridge between ivory tower academic economists and the levers of public policy. They’re our best hope for ensuring that the sharpest insights of economists can elbow past the political machinations that dominate D.C., and the list of past CEA members reads like a who’s who of the economics profession. And there’s never been a more important time to be working as a labor economist than during a period of mass unemployment.
Honestly, I’m about as proud as an economist is allowed to be. Read More »
Our latest full-length podcasts are “You Eat What You Are,” Parts 1 and 2. They were inspired in part by Tyler Cowen‘s latest book An Economist Gets Lunch: New Rules for Everyday Foodies. Here’s what I had to say about the book in a blurb: “Tyler Cowen’s latest book is a real treat, probably my favorite thing he’s ever written. It does a fantastic job exploring the economics, culture, esthetics, and realities of food, and delivers a mountain of compelling facts. Most of all it’s encouraging — not a screed, despite its occasionally serious arguments — and brings the fun back to eating. Delicious!” Read More »
I’m back from my favorite conference of the year—the Brookings Papers on Economic Activity. It was a terrific line-up of papers. And to call the discussion lively would be an understatement. (Full disclosure: David Romer and I are the co-editors.)
While a close reading of technical research papers is my idea of a good time, I’m told not everyone is wired this way. So I went into the studio to record a very simple summary of my thoughts on the papers. You won’t quite get the whole two days of economic policy wonk-ery, but this video is a start: Read More »
I have been remiss in not offering public congratulations to Stanford economist Jon Levin, who recently became the latest recipient of the John Bates Clark Medal, given annually by the American Economic Association to the most promising economist under the age of 40.
Levin is best known for his contributions to economic theory, but my favorite paper of his is one that is quite applied. Levin and co-authors describe their efforts to help a wireless carrier bid more effectively in a government-run spectrum auction.
As noted in a blog post I wrote at the time, the strategies engineered by Levin’s team generated $1 billion in surplus for the company that hired them. The economists did, however, make one dreadful mistake: they agreed to be paid by the hour instead of getting a share of the surplus. Read More »