Last week’s massive spill of the toxic chemical MCHM into West Virginia’s Elk River illustrates another benefit to the business class of high unemployment, economic insecurity, and a safety-net shot through with holes. Not only are employees eager to accept whatever job they can get. They are also also unwilling … More >
At the heart of the recent hard-ball negotiations between Boeing and the International Association of Machinists (IAM) is a troubling paradox: A company scores record profits and demands tough concessions from its workers.
Something is clearly wrong with this picture. While earning more and paying less may fatten the bottom line … More >
I’m glad to see Pope Francis’ apostolic exhortation Evangelii Guardium featured so prominently in the media.
With a 224-page document and a 2000 year Church history, however, media coverage is bound to include some oversimplifications. One is the title of Emma Green’s piece in the Atlantic, “The Vatican’s Journey From Anti-Communism to Anti-Capitalism.” While … More >
Financial Networks and Contagion,” a recent paper by Matthew Elliott, Benjamin Golub, and Matthew Jackson, uses network theory to study how financial interdependencies among governments, central banks, investment banks, and other institutions can lead to cascading defaults and failures.
While the model is quite technical, the main theoretical findings are … More >
By now it’s well known that Target Corporation (Target) “knew a teen girl was pregnant before her father did.” Not only was the story told many times over in the New York Times, but it also became one of the lead examples illustrating the intrinsic value of “big data.” A … More >
The war isn’t over. It’s only a cease-fire.
Republicans have agreed to fund the federal government through January 15 and extend the government’s ability to borrow (raise the debt ceiling) through Feb. 7. The two sides have committed themselves to negotiate a long-term budget plan by mid-December.
Regardless of what happens in … More >
Since 1975, course evaluations at Berkeley have included the following question: Considering both the limitations and possibilities of the subject matter and course, how would you rate the overall teaching effectiveness of this instructor?
1 (not at all effective), 2, 3, 4 (moderately effective), 5, 6, 7 (extremely effective)
Among faculty, student … More >
Robin Harding: Warm welcome to Yellen nomination:
“Janet Yellen is a terrific choice to lead the Federal Reserve. I have admired and learnt from her ever since she taught my first macroeconomics graduate class in 1976” — Larry Summers
“Janet is smart, collegial, and experienced. She is the perfect person to lead … More >
Larry Summers’s withdrawal from consideration, turned Janet Yellen, in my view, from being a close second to clearly best candidate to Chair the Federal Reserve.
I have watched her from a distance since she left the corner office next to mine at the Berkeley Economics department and moved across San Francisco … More >