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India Lacks Formal, Salaried Jobs

In the United States a majority of workers work for very large firms and only 10% are self-employed. In India hardly any workers work for large firms and 80-85% are self-employed, as I pointed out in my post India is a much more Entrepreneurial Society than the United States (and that’s a problem). Data from […]
The post India Lacks Formal, Salaried Jobs appeared first on Marginal REVOLUTION. …

Making the Case for Free Trade

Tweet Here’s a letter to an economics graduate student who asked to remain anonymous: Mr. T: You accuse me of “doing a disservice” to you and other of my fellow economists by “over-simplifying our theoretical understanding of trade.”  You insist that the “exceptions shown by theory to [the case for] free trade should not be

Are mark-ups rising?

In a new Stigler Center working paper, I) challenge this explanation by showing that public-firm market power has not substantially increased in recent decades. Using financial statement data from public firm filings and closely following De Loecker and Eeckhout (2017)’s methodology, I calculate markups—prices over marginal costs—for the universe of non-utility, non-financial US public firms. Aggregating these markup estimates to annual […]
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This Chart Explains Why the US Debt Trajectory Is Unsustainable

Earlier today we discussed a report by Goldman Sachs which, when summarized, suggested that unless something significant changes in the coming years, the current US fiscal policy will lead to a debt catastrophe. In an unprecedented warning, the bank which spawned Trump’s chief economic advisor Gary Cohn, ironically the architect behind Trump’s fiscal strategy, warned that “the […]This Chart Explains Why the US Debt Trajectory Is Unsustainable was first posted on February 21, 2018 at 12:06 am. …

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