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It sometimes feels to me as if issues about energy are all being condensed down into climate change issues. But energy policy debates should have three sides. Michael Greenstone delivered the AEA Distinguished Lecture on “The Economics of the Global Energy Challenge” in San Antonio in January. It’s now published in the AEA Papers and Proceedings … Continue reading All Three Sides of the Global Energy Challenge
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The Columbia University campus, along with many other college campuses, has been convulsed in the last few months by slogan-chanting, banner-waving protests. Thus, I was struck when I ran across an address delivered by Frank Fackenthal, then the president of Columbia, on September 26, 1946, on the occasion of the start of a new academic … Continue reading “Check Your Banners and Your Membership Cards at the College Gate”
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Last week, I posted about the attempt by the Minneapolis City Council to set higher pay for Uber and Lyft drivers, and the threat by the rideshare companies to withdraw from Minneapolis or from Minnesota as a whole if the law was enacted. The dispute seems settled, at least for now, and I thought some … Continue reading Uber/Lyft vs. the Minneapolis City Council: Denouement
The post Uber/Lyft vs. the Minneapolis City Council: Denouement first appeared on Conversable Economist.

The “labor share” refers to the share of income in an economy paid to labor. Back in the dark ages of the late 1970s and early 1980s when I first started studying economics, it was often assumed that the labor share was more-or-less a constant term over decades. But in the last to decades, the … Continue reading Declining Labor Share: Measurement and Causes
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Back in January, I posted about an article that was getting some attention in my world. Megan T. Stevenson is an active researcher in the criminal-justice-and-economics literature. She argues that when you look at the published studies that use randomized control trial methods to evaluate ways of reducing crime, most of the studies don't show a … Continue reading Pushback on Pessimism About Randomized Controlled Trials
The post Pushback on Pessimism About Randomized Controlled Trials first appeared on Conversable Economist.

The Minneapolis City Council voted back on March 7 to require that ride-sharing firms like Uber and Lyft needed to increase the pay received by their drivers. Uber and Lyft both responded by saying that they would stop travelling to or from locations in the city of Minneapolis; Uber said that it would leave the … Continue reading Uber/Lyft vs. the Minneapolis City Council
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The obvious answer is that policymakers want research that supports their personal and political preferences. Conversely, policymakers don’t want research that might pressure them to change their views. But with that central truth duly noted, situations often arise where policymakers have an overall goal, but the details of how to achieve that goal, or how … Continue reading What Economic Research do Policymakers Want?
The post What Economic Research do Policymakers Want? first appeared on Conversable Economist.

There are three “government-sponsored enterprises,” commonly called GSEs, that play a big role in US housing finance: the Federal Home Loan Banks, Fannie Mae, and Freddie Mac. Perhaps the key similarity across all three is that when they borrow money, the financial markets perceive that the federal government is standing behind the loan–and so they … Continue reading A Primer on Federal Home Loan Bank System
The post A Primer on Federal Home Loan Bank System first appeared on Conversable Economist.

The “15-minute city” is getting some attention from urban planners. The idea is that everyone should be able to access the key destinations in their day-to-day life–work, food, schools, recreation–within a 15-minute walk, bike ride, or mass transit ride of their residence. Cars would then be unnecessary for many daily tasks. Most Americans do not … Continue reading A Downside of the 15-Minute City
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I have been the Managing Editor of the Journal of Economic Perspectives since the first issue in Summer 1987. The JEP is published by the American Economic Association, which decided back in 2011–to my delight–that the journal would be freely available online, from the current issue all the way back to the first issue. You can download individual … Continue reading Spring 2024 Journal of Economic Perspectives Free Online
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Lawsuits are still pending, but the current schedule if for a congestion pricing scheme to begin in Manhattan on June 30. An online issue of Vital City published on May 1 has a group of short and readable explainer articles on aspects of the plan. In the opening essay, Josh Greenman lays out the basics … Continue reading Congestion Pricing in Manhattan: About to Arrive?
The post Congestion Pricing in Manhattan: About to Arrive? first appeared on Conversable Economist.

Why leave a tip? You have already received whatever food or service you are going to receive. Maybe if you are a very regular customer, tipping could lead to better service in the future. But most people who leave tips do so even if they are stopping off at, say, a restaurant in a city … Continue reading Some Economics of Tipping
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It would be nice if the processes of economic growth were well-mannered: for example, if it benefited all workers and industries and groups equally–or perhaps with some additional benefit for those with lower incomes. But of course, growth isn’t a neat process. As technology and tastes evolve over time, some firms do better, some industries … Continue reading Reallocation Within an Industry: A Secret Strength for the US Economy
The post Reallocation Within an Industry: A Secret Strength for the US Economy first appeared on Conversable Economist.

The United States has had an industrial policy aimed at boosting its domestic shipbuilding industry since the passage of the Merchant Marine Act of 1920, commonly known as the Jones Act. Whatever the arguments for the passage of the bill a century ago, it has over time been a disaster for the US maritime industry, … Continue reading The Jones Act: Consequences of a Destructive Industrial Policy
The post The Jones Act: Consequences of a Destructive Industrial Policy first appeared on Conversable Economist.

Extremely high levels of wealth are were not typically generated by people who were saving out of the income that they earned. Instead, high levels of wealth are typically about assets that rose considerably in value–sometimes land or real estate, often stock in a company. Billionaires like Elon Musk or Kim Kardashian don’t have a … Continue reading Three Options for Taxing Wealth
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