Three Americans have received this year's Nobel Prize in Economics. One half went to David Card (University of California, Berkeley) "for his empirical contributions to labour economics," and the other half was awarded jointly to Joshua D. Angrist (Massachusetts Institute of Technology) and Guido W. Imbens (Stanford University) "for their methodological contributions to the analysis of causal relationships."
Air travel was one of the hardest hit industries when the COVID-19 pandemic and the resulting shutdowns occurred in the spring of 2020. Things are looking up, but continue to be well below pre-pandemic levels. The recent weekend of cancellations and delays illustrates one aspect of the ongoing challenges.
Throughout human history, societies have relied upon family members to care for and support those with specific needs. For much of that time, virtually all assistance to the elderly was provided in that manner. One of the byproducts of this approach tended to be very large families. This phenomenon continues to exist in many emerging nations.
Recent quotes from many politicians claim that the proposed $3.5 trillion spending bill costs "zero." Just in case you were wondering, this is not so. Even if taxes are raised by enough to theoretically cover the costs (a problem in and of itself given the methods and time periods used to arrive at this conclusion), there are nonetheless negative effects on individuals, families, corporations, and the economy.
The $3.5 trillion (or more) federal spending proposal now under consideration has some worthy components, but on the whole is concerning. It’s too large and expensive, and funding it would cause negative dynamic responses through the economy. Here's a brief overview.
From June to July 2021 (the latest available data), the number of job openings was up 749,000 to 10.9 million, the highest level since the US Bureau of Labor Statistics started keeping such records in December 2000. The largest increases in available positions occurred in health care and social assistance (+294,000), finance and insurance (+116,000), and accommodation and food services (+115,000).
Dr. Perryman breaks down the potential impact and the role of the debt ceiling in general.
Innovation has long been recognized as the key factor supporting US economic growth and competitiveness. A critical element of the infrastructure facilitating product development and commercialization is the system that protects intellectual property and encourages its widespread adoption and implementation. The current framework that facilitates this process includes the LeahySmith America Invents Act (AIA) and the Patent Trial and Appeal Board (PTAB). The AIA and PTAB reduce the need for and cost of patent litigation, reducing transaction costs and generating substantial economic benefits. Potential expansion of the AIA to further enhance its applicability could lead to notable additional gains.
Dr. Perryman reacts to proposed plans and what can be expected in terms of policy as the economy looks to stabilize post-pandemic.
Dr. Perryman explains the relevant numbers from the latest Census report, and how the nation can look to address poverty moving forward.