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The Economics Roundtable has moved to the new URL listed above. The new site has software that supports multiple roundtables. The new roundtables cover Finance, Law, and Politics. This web site will mirror the Economics Roundtable content for some time (probably through the summer, at least) so that links still work. About Economics (Mike Moffatt) Deflation About Economics September 29, 2005, 12:14 pm Given the rising price of crude oil and gasoline, it appears that the United States does not have to worry about deflation for the forseeable future. To learn more about deflation, please see "What is Deflation and How Can it... Arbitrage About Economics September 29, 2005, 12:14 pm Everybody wants money for free, which is why the concept of "arbitrage" is so popular to people. To learn more about arbitrage and opportunities for risk free money, check out "What is Arbitrage?"... Legalizing Marijuana About Economics September 29, 2005, 12:14 pm A popular term paper topic for economics students is the economics of marijuana legalization. If you're interested in that topic, here's a few links to help you get started: Should Governments Legalize and Tax Marijuana Time to Legalize Marijuana? -... The FairTax Offers Choice About Economics September 29, 2005, 12:14 pm Here's a letter on the FairTax you may be interested in - it's by a reader who is for the proposal: "The FairTax Offers Choice" Look for a review of the The FairTax Book, which is coming soon.... FairTax Commentary About Economics September 29, 2005, 12:14 pm Another letter on the FairTax proposal "FairTax Commentary" Look for a review of the The FairTax Book, which is coming soon.... The Softwood Lumber Dispute About Economics September 29, 2005, 10:14 am It's the economic issue that will not go away. To learn more about the 20+ year old dispute between Canada and the United States see "The Softwood Lumber Dispute".... Purchasing Power Parity About Economics September 29, 2005, 10:14 am A student asks: "I am currently taking an economics class and we are now discussing purchasing power parity. I am lost, could you help me out?" Of course! See "A Beginner's Guide to Purchasing Power Parity".... What is Economics? About Economics September 29, 2005, 10:14 am You'd be surprised how many people enroll in an economics course without really knowing what economics is. When I ask non-economists what economics is, many of them shrug and say "it's about money and the stock market and stuff like... Elasticity About Economics September 29, 2005, 10:14 am A common topic in intro microeconomics is that of price elasticity. Students often struggle with it, so I've created "A Beginner's Guide to Elasticity". I hope it helps!... Economic Efficiency About Economics September 22, 2005, 4:14 pm The students are back and asking me all kinds of questions. One I've received recently is "What does Economic Efficiency mean?" Click on the article, and you'll find out! Also, be sure to see some questions I've answered in the... Labor Force Participation Rate About Economics September 22, 2005, 4:14 pm Another day, another question. Today's is "What is the Labor Force Participation Rate?" Be sure to check out some of the other questions that have been answered on the site, such as: What are Interest Rates? What is International Economics?... Opportunity Costs About Economics September 22, 2005, 4:14 pm The question we answer today is "What are Opportunity Costs?" Be sure to see past questions we've answered such as: What is Inflation? What is Real Analysis?... Current Account About Economics September 15, 2005, 12:14 pm The students are back and asking me all kinds of questions. One I've received recently is "What is the Current Account"? Click on the article, and you'll find out! Also, be sure to see some questions I've answered in the... Commodities About Economics September 15, 2005, 12:14 pm The question we answer today is "What is a Commodity?" Be sure to see past questions we've answered such as: What is the Business Cycle? What are the Various Subfields of Economics?... Capital Markets About Economics September 15, 2005, 12:14 pm Another day, another question. Today's is "What are Capital Markets?" Be sure to check out some of the other questions that have been answered on the site, such as: What are Game Theory and Bargaining Theory? What is Experimental Economics?... Hurricane Katrina About Economics September 8, 2005, 12:14 pm I've been reading a lot of newspaper items, blogs, and press releases about the impact Hurricane Katrina is likely to have on the economy. Here are two press releases I've read recently that provided some insights: AGC Economist Ken Simonson... The Oil Supply About Economics September 8, 2005, 12:14 pm I've been flooded with responses to the article We Will Never Run Out of Oil over the last few days. Here's a sampling of the better ones: One Response to "We Will Never Run out of Oil" (about calculating oil... The FairTax Proposal About Economics September 1, 2005, 12:14 pm Judging by both the quantity and the tone of the e-mails I've been receiving this month, I think I've become enemy #1 of the FairTax community since myMay 2003 article "FairTax Income Taxes vs. Sales Taxes is not completely... The Oil Supply About Economics September 1, 2005, 12:14 pm Where I live the price at the gas pump jumped 25% over a single day due to Hurricane Katrina shutting down oil refineries. This has sparked an interest in the oil supply and oil economics. If you're interested in those... Welcome Economics Students! About Economics September 1, 2005, 12:14 pm It's that time of year again where students are heading to college and trying to figure out which courses they would like to take. Those of you who are considering taking economics for the first time will be interested in... The FairTax About Economics August 25, 2005, 12:14 pm I've been getting a metric ton of e-mails lately about the FairTax since the recent release of a book on the subject. I've been enjoying all of your e-mails, even the ones where I get called an idiot. Here are... Why Does a Stock Go Down in Price When There is a Big Sell Off? About Economics August 25, 2005, 12:14 pm A reader asks: "Why does a stock go down in price when there is a big sell off or any selling for that matter? Meaning doesn't there have to be a buyer when there are sellers? So if people are... Help Wanted About Economics August 24, 2005, 10:14 pm I recently received the following e-mail: I am just starting to educate myself about investing. Upon recently finding these website I printed out the 4 investment lessons for beginners. But I thought that before lessons on investing in the market... Can We Expect $100 Barrels of Oil in 2006? - Oil Futures Say No About Economics August 18, 2005, 2:14 pm There has been a great deal of discussion about the price of crude oil reaching new heights in 2006. If this is true, then why is it not being reflected in crude oil futures? We discuss this in "Can We... FairTax About Economics August 18, 2005, 12:14 pm This is the article that generates more e-mail than any other. In "FairTax - Income Taxes vs. Sales Taxes we examine the controversial "FairTax" proposal.... Cheap Economics Textbooks About Economics August 16, 2005, 10:14 pm The price of economics textbooks is absolutely outrageous, so I try to buy used whenever I can. Alibris is a great place to get very cheap used textbooks. Here's a few commonly used ones: Price Theory and Applications - Landsburg... Exchange Rate Base About Economics August 11, 2005, 10:14 am A student recently asked: "I want to be able to read exchange rate charts. I read "A Beginner's Guide to Exchange Rates and the Foreign Exchange Market" and I understand the lemons and oranges, but I am missing the base."... The Winner's Curse About Economics August 11, 2005, 10:14 am In "The Winner's Curse - Oil Field Economics and Baseball" David Marasco examines why so many baseball free-agent signings end up being flops.... Grad School Rankings About Economics August 11, 2005, 10:14 am A student asks: "I was wondering whether you would have information about how to choose a good PhD programme in Economics both in the US and in international locations. For starters, do you have any information on rankings, aside from... Freer Trade About Economics August 4, 2005, 12:14 pm In "Does Freer Trade Mean Lower Environmental Standards?" Nathan Johnson examines the link between free trade, globalization, and environmental standards.... Oregon's Mileage Tax: A Truly Bad Idea About Economics August 4, 2005, 12:14 pm A few months ago I wrote that Oregon's proposed mileage tax was a truly bad idea. Despite many letters for and against that position, I still stand by the article "Oregon's Mileage Tax: A Truly Bad Idea".... Real GDP About Economics August 4, 2005, 12:14 pm One of the most frequently asked questions I recieve is "What's the Difference Between Nominal and Real?". Click on the link for my answer!... Sports Economics About Economics August 4, 2005, 12:14 pm There are all kinds of fun and interesting articles in our "Sports Economics" section, including: Baseball Players and Opportunity Costs Leaky Stadiums The Winner's Curse - Oil Field Economics and Baseball If you're a sports fan and interested in economics,... War and the Economy About Economics August 4, 2005, 12:14 pm In " Are Wars Good for the Economy?" we examine the myth that wars are good for the economy.... Deflation About Economics August 4, 2005, 12:14 pm There's been a lot of articles in the mainstream media about a possible deflation which may occur if the oil price bubble bursts, but many of those articles fail to mention what deflation really is. In "What is Deflation and... The Baby Boom and the Future of the Economy About Economics August 1, 2005, 12:14 pm A reader recently asked me a question about the baby boom generation: "What's going to happen to the economy when all the baby boomers retire and get old?". We discuss the issue in The Baby Boom and the Future of... The Effects of a Black Market Using Supply and Demand About Economics August 1, 2005, 12:14 pm A reader asks: "How can we show what happens when a product is made illegal using supply and demand analysis? What does a black market look like on a typical supply/demand chart?" We answer that question in The Effects of... Top Economics Articles About Economics July 28, 2005, 12:14 pm It's funny to see which economics articles posted on this site are read by thousands by each day and which seem to be completely hidden. For instance, here are the four most widely read articles on this site: Price Elasticity... Cheap Economics Books About Economics July 25, 2005, 6:14 pm I'm rather addicted to websites where you can buy cheap economics books for free, such as Alibris who I've just signed up with as an affiliate. They've got some great deals on used economics books, such as: Price Theory -... Two More Marijuana Legalization Letters About Economics July 22, 2005, 12:14 pm My inbox exploded after publishing the article Time to Legalize Marijuana? - 500+ Economists Endorse Marijuana Legalization just as it did after I published Should Governments Legalize and Tax Marijuana?. In Two More Marijuana Legalization Letters we a couple more... The Life and Works of Irving Fisher About Economics July 22, 2005, 12:14 pm The fourth in a series by Hannah Rasmussen - The Life and Works of Irving Fisher. Enjoy!... Two More FairTax Letters About Economics July 22, 2005, 12:14 pm It seems that everyone has a strong opinion on the FairTax Proposal - people either love it or hate it. Here are a couple more interesting e-mails I've received recently from readers on the subject: Two More FairTax Letters.... Advertisements as a Revenue Source About Economics July 11, 2005, 8:14 pm A reader came up with the following idea: "I was talking to a friend the other day, and he said he had this brilliant idea. He thinks that if he started a business giving away free meals, he could make... How Markets Use Information To Set Prices About Economics July 11, 2005, 8:14 pm Markets, when they operate efficiently, can provide a great deal of information on the beliefs of the people who participate in that market. Prices, and changes in prices, convey a lot of information on what traders think is currently happening... Why Don't Prices Decline During A Recession? About Economics July 11, 2005, 8:14 pm In "Why Don't Prices Decline During A Recession?" we look at the relationship between economic growth and inflation/deflation.... How much is the per capita money supply in the U.S.? About Economics July 11, 2005, 8:14 pm A reader asks: "If all the money in the US was divided up evenly and given to every American over 21 or so, how much would each person get? I have wondered about this all my 71 years." In "How... What is the Demand For Money? About Economics July 11, 2005, 8:14 pm A reader asks: " I read the article "Why Don't Prices Decline During A Recession?" on inflation and the article "Why Does Money Have Value?" on the value of money. I can't seem to understand one thing. What is the... Why Not Just Print More Money? About Economics July 11, 2005, 8:14 pm A reader asks: "Can you help me find a "simple" way to explain why it is not a good idea to just print more money. I’m having trouble explaining the connection between this and the dollar becoming worthless." We answer... A Beginner's Guide to Economic Indicators About Economics July 11, 2005, 8:14 pm A reader asks: "I'm constantly hearing about economic indicators in the news, but I'm never sure what they're talking about. What are economic indicators and why are they important?" In "A Beginner's Guide to Economic Indicators" we examine that question.... Why Are Tariffs Preferable to Quotas? About Economics July 7, 2005, 12:14 pm A reader asks: "Why are tariffs preferred to quantitative restrictions as a means of controlling imports?" In "Why Are Tariffs Preferable to Quotas?" we answer that question.... Reaction to Time to Legalize Marijuana? About Economics July 7, 2005, 12:14 pm My inbox exploded after publishing the article Time to Legalize Marijuana? - 500+ Economists Endorse Marijuana Legalization just as it did after I published Should Governments Legalize and Tax Marijuana?. In Reaction to Time to Legalize Marijuana? we have a... The Life and Works of Jean-Baptiste Say About Economics July 7, 2005, 12:14 pm The third in a series by Hannah Rasmussen - The Life and Works of Jean-Baptiste Say. Enjoy!... A FairTax Response About Economics July 4, 2005, 6:14 pm It seems that everyone has a strong opinion on the FairTax Proposal - people either love it or hate it. Here is an interesting e-mail I've received recently from readers on the subject: A FairTax Response.... The Life and Works of Adam Smith About Economics July 4, 2005, 6:14 pm The second in a series by Hannah Rasmussen - The Life and Works of David Ricardo. Enjoy!... Time to Legalize Marijuana? - 500+ Economists Endorse Marijuana Legalization About Economics July 4, 2005, 6:14 pm Anyone who has ever read Milton Friedman's Free To Choose (a book everyone interested in Economics should read at some point in their life) knows that Friedman is a staunch supporter of the legalization of marijuana. Learn more: Time to... Indifference Curves - How Do I Use and Understand Them? About Economics June 23, 2005, 10:14 am A student asks: " I'm taking an economics class and I'm puzzled about indifference curves. How do I draw them, what are they used for, and what do indifference curves tell us?" In "Indifference Curves - How Do I Use... Are Wars Good for the Economy? About Economics June 23, 2005, 10:14 am One of the more enduring myths in Western society is that wars are somehow good for the economy. Many people see a great deal of evidence to support this myth, after all World War II came directly after the Great... The Life and Works of Adam Smith About Economics June 23, 2005, 10:14 am The first in a series by Hannah Rasmussen - The Life and Works of Adam Smith. Enjoy!... Another Letter on the Softwood Lumber Dispute About Economics June 16, 2005, 8:14 am An issue that continues to make the news is the The Softwood Lumber Dispute:. Here is one reader's view on the topic: Another Letter on the Softwood Lumber Dispute.... U.S. Global Economy is Slowing About Economics June 16, 2005, 8:14 am The U.S. and global economies are slowing, but there is no cause for alarm yet, according to an analysis released today by The Conference Board. Learn more at: U.S. Global Economy is Slowing.... Another Letter on the FairTax About Economics June 16, 2005, 8:14 am It seems that everyone has a strong opinion on the FairTax Proposal - people either love it or hate it. Here is an interesting e-mail I've received recently from readers on the subject: Another Letter on the FairTax.... Oregon's Mileage Tax: A Truly Bad Idea About Economics June 9, 2005, 12:14 pm I try not to editorialize when I comment on public policy proposals. I try to give my readers the pros and cons of any potential new law and leave it up to the reader to form their own opinion with... Price Elasticity of Demand About Economics June 9, 2005, 12:14 pm I've had a few e-mails lately asking how to calculate the price elasticity of demand. The article Price Elasticity of Demand gives you the information you need to know for your assignments and exams.... What is Arbitrage? About Economics June 9, 2005, 12:14 pm A reader asks: "What is arbitrage? What markets do arbitrageurs usually trade on?". In "What is Arbitrage?" we examine those arbitrage questions.... Recession? Depression? What's the difference? About Economics June 9, 2005, 12:14 pm A reader asks: "What's a recession? How do we know if we're in one?". In "Recession? Depression? What's the difference?", we answer the question.... The Economic Effect of Tariffs About Economics June 9, 2005, 12:14 pm In my article The Softwood Lumber Dispute we saw an example of a tariff placed on a foreign good. A tariff is simply a tax or duty placed on an imported good by a domestic government. Tariffs are usually levied... Another Letter on the Mileage Tax About Economics June 9, 2005, 10:14 am I've spent the last day catching up on all of your e-mails. Over the last month I've heard from hundreds of you, and I'm trying my darndest to reply to each and every one of you. Here's an interesting e-mail... A Letter on the FairTax About Economics June 9, 2005, 10:14 am It seems that everyone has a strong opinion on the FairTax Proposal - people either love it or hate it. Here is an interesting e-mail I've received recently from readers on the subject: A Letter on the FairTax.... A Letter on the Oil Supply About Economics June 9, 2005, 10:14 am Here's an interesting letter which discuss the idea that the oil supply is running out: A Letter on the Oil Supply.... A Letter on the Softwood Lumber Dispute About Economics June 9, 2005, 10:14 am An issue we have not discussed much lately is the The Softwood Lumber Dispute:. Here is one reader's view on the topic: A Letter on the Softwood Lumber Dispute.... 10 Supply and Demand Practice Questions About Economics June 6, 2005, 12:14 pm The demand for these practice questions has been overwhelming. So here are 10 more to help you study for your freshman exams. Enjoy!... Letter on the Mileage Tax About Economics May 26, 2005, 12:10 pm I've spent the last day catching up on all of your e-mails. Over the last month I've heard from hundreds of you, and I'm trying my darndest to reply to each and every one of you. Here's an interesting e-mail... Another Letter on the Oil Supply About Economics May 26, 2005, 12:10 pm Here's an interesting letter which discuss the idea that the oil supply is running out: Another Letter on the Oil Supply.... Even More Letters on the FairTax About Economics May 26, 2005, 12:10 pm It seems that everyone has a strong opinion on the FairTax Proposal - people either love it or hate it. Here are five e-mails I've received recently from readers on the subject: Even More Letters on the FairTax.... What is Inflation? About Economics May 19, 2005, 10:10 am There really isn't enough information on the internet geared towards someone who know little about economics, but would like to learn. In an effort to fill the void, I'm creating articles such as "What is Inflation?". I hope you find... 2nd Annual Moffatt Prize Delayed About Economics May 12, 2005, 12:10 pm I regret to inform you that due to some unavoidable technical problems, the 2nd Annual Moffatt Prize in Economic Writing has been delayed.... Aggregate Demand & Aggregate Supply Practice Question About Economics May 12, 2005, 12:10 pm This week's question starts as follows: Use an aggregate demand and aggregate supply diagram to illustrate and explain how each of the following will affect the equilibrium price level and real GDP: Get detailed instructions on how to answer this... Marginal Revenue and Marginal Cost Practice Question About Economics May 5, 2005, 2:10 pm The second in our series of exam practice questions starts as follows: You've been hired by Nexreg Compliance to calculate measures of costs and revenue. Given the data they have provided you with (see table), compute the following: See: Marginal... Federal Funds Rate Hiked 25 Basis Points - May 3, 2005 About Economics May 5, 2005, 12:10 pm As expected, the Federal Reserve hiked interest rates for the seventh consecutive time, bringing the Federal Funds rate up to 3 percent. See "Federal Funds Rate Hiked 25 Basis Points - May 3, 2005" for the official announcement. If you... Supply & Demand Practice Question About Economics April 28, 2005, 12:10 pm I've heard you loud and clear! I get at least 5 e-mails a day asking for more practice questions on the site to help you study with your tests. If you're taking a first year college course, you'll want to... Legalize Marijuana? About Economics April 28, 2005, 12:10 pm I've talked in the past about the legalization of marijuana and the fiscal benefits it could bring the government. However, judging by a recent government press release it looks like the U.S. will not be going down that road any... Investors Worry About A Recession About Economics April 21, 2005, 10:10 am Are the stock markets pointing towards a recession? A recent article in the Chicago Tribune indicates this might be the case: "The market typically turns down six months to a year before a recession," said Leuthold. "We could be seeing... Deflation About Economics April 21, 2005, 10:10 am Japan's economy has struggled for more than a decade and the end still may not be in sight. Bill Austin of Bloomberg reports that: "Japan won't escape deflation for at least one or two more years, Mizuho Financial Group Inc.... Tariffs About Economics April 21, 2005, 10:10 am Usually you hear about tariffs on imported goods. China, however, is planning to do the opposite, and put a tariffs on the goods it exports, according to the following article: "China is set to impose sharply higher tariffs on textile... Is Inflation Under Wraps? About Economics April 13, 2005, 10:10 pm There's been some talk in the media lately that strong U.S. growth and rising oil prices may cause a rise in the rate of inflation in the United States. In "Dallas Fed's Fisher says US inflation under wraps" the Federal... Canada Releases Kyoto Plan About Economics April 13, 2005, 10:10 pm Today in Ottawa the Liberal Government released Project Green Moving Forward on Climate Change: A Plan for Honouring our Kyoto Commitment, which commits $10 billion dollars to reducing greenhouse gas emmisions. I'm still reading through the document and will publish... The Oil Supply and the FairTax Proposal About Economics April 13, 2005, 6:10 pm Another set of letters from readers on controversial issues dealt with on the site: Letters on the FairTax Letters on the Oil Supply... Is a Recession Coming? About Economics April 6, 2005, 10:10 pm The economies of Canada and the United States have been humming along nicely lately. However a recent article in The Australian suggests that their country could be headed for our recession: "THE nation's spiralling debt levels could force the country... Arbitrage and the Oil Supply About Economics April 6, 2005, 10:10 pm I usually think of arbitrage being something on financial markets. But, a recent article on Yahoo shows that it also occurs on commodity markets: "A trickle of Asian gasoline has started to flow to the U.S. this month, and this... A FairTax Critic About Economics April 6, 2005, 10:10 pm I risk all kinds of angry letters but linking to this, but I thought it was illustrates why the FairTax may not be the panacea many claim that it will be. " Against the FairTax Proposal" starts: "The proposal to... The Oil Supply About Economics April 3, 2005, 5:05 pm I've gotten a number of letters recently in response to the article "We Will Never Run Out of Oil". Here are is recent one: Letter on the Oil Supply... The FairTax Proposal About Economics March 29, 2005, 3:05 pm I've gotten a number of letters recently in response to the article "FairTax - Income Taxes vs. Sales Taxes". Here are is recent one: FairTax Letter 4... FairTax About Economics March 29, 2005, 11:05 am The New York Times has an interesting article on U.S. tax reform that I think you'll be interested in. In "Tax Reform Looks for a Passing Lane" Edmund L. Andrews writes: "But with resistance to the Social Security plan growing... Eight U.S. Economic Indicators Released About Economics March 23, 2005, 9:05 pm Eight important U.S. economic indicators were recently released by the Bureau of Labor Statistics. They are as follows: Consumer Price Index: February 2005: Up 0.6% Employer Costs for Employee Compensation: December 2004: Average employee cost $25.57 an hour. Job Openings... Federal Funds Rate Hiked 25 Basis Points - March 22, 2005 About Economics March 22, 2005, 7:05 pm As expected, the Federal Reserve hiked interest rates for the sixth consecutive time, bringing the Federal Funds rate up to 2.75 percent. See "Federal Funds Rate Hiked 25 Basis Points March 22, 2005" for the official announcement. If you... The FairTax Proposal About Economics March 19, 2005, 5:05 pm I've gotten a number of letters recently in response to the article "FairTax - Income Taxes vs. Sales Taxes". Here are three: FairTax Letter 1 FairTax Letter 2 FairTax Letter 3... Does a Currency Depreciation Cause a Worsening of a Country's Balance of Trade? About Economics March 19, 2005, 3:05 pm I've already received a number of entries for the Moffatt Prize. This is one of those - a piece by Ng Yi Chung titled "Does a Currency Depreciation Cause a Worsening of a Country's Balance of Trade?". I'm still accepting... Arbitrage About Economics March 17, 2005, 11:05 am In my newest article, "Arbitrage in the Sports Gambling Market" we look at the potential for arbitrage profits in the sports gambling market. If you're interested in arbitrage, be sure to see the article "What is Arbitrage?".... The Current Account About Economics March 16, 2005, 1:05 pm According to the recent Associated Press story "Current Account Deficit Hit Record $665.9 Billion in 2004", the current account has hit a record high: "The United States deficit in the broadest measure of international trade soared to an all-time high... The Oil Supply About Economics March 15, 2005, 9:05 pm We might be getting some relief at the pump according to a recent article in the New York Times with the title "OPEC Considers Plan to Raise Output Ceiling to Curb Prices": "OPEC's president, Sheik Ahmad Fahad al-Ahmad al-Sabah, said... Talk in Japan Shakes Dollar and Treasuries About Economics March 11, 2005, 9:05 am How much lower can the U.S. Dollar go? Quite a bit, if Jonathan Fuerbringer's "Talk in Japan Shakes Dollar and Treasuries" holds true: "The dollar fell and Treasury yields rose yesterday after the Japanese prime minister made remarks that suggested... Free of Trade Quotas, China Textiles Flood the U.S. About Economics March 10, 2005, 11:05 am To see the impact quotas and tariffs have on international trade, look no further than the now defunct quota on textiles. In "Free of Quota, China Textiles Flood the U.S." Barboza and Becker describe how a lack of tariffs have... Free Trade Proposal Splits Bolivian City About Economics March 9, 2005, 9:05 pm For those interested in free trade and globalization, I highly recommend a recent article in the New York Times titled "Free Trade Proposal Splits Bolivian City". It discussed the benefits and costs to Bolivia of free trade proposals issued by... Twelve U.S. Economic Indicators Released About Economics March 7, 2005, 1:05 pm Twelve important U.S. economic indicators were recently released by the Bureau of Labor Statistics. They are as follows: Business Employment Dynamics: Second Quarter 2004: 7.9 million jobs added, 7.3 million jobs eliminated. Consumer Price Index: January 2005: Up 0.2% Extended... The Oil Supply About Economics March 3, 2005, 11:05 am In an article titled "Drilling for Oil by the Yard", Simon Romero of the New York Times discusses how high oil prices are causing oil companies to work in areas once deemed uneconomical: "Oil drilling has long been a more... March 1: Bank of Canada Keeps Target for the Overnight Rate at 2 1/2 per cent About Economics March 2, 2005, 11:05 am I think this is a first for the site: Two consecutive announcements about Canada. As expected Canadian interest rates were held steady yesterday. This, along with rising U.S. interest rates, is acting to increase the "interest rate gap" between the... Information on the 2005 Canadian Budget About Economics February 23, 2005, 11:05 pm A few hours ago the Canadian government released their federal budget for the upcoming year. The media has announced some of the major details. In "Information on the 2005 Canadian Budget" we discuss where to find more information on the... Oregon's Mileage Tax: A Truly Bad Idea About Economics February 17, 2005, 11:05 am I've been getting an unbelievable amount of e-mail lately, which I appreciate greatly and wish I had more time to respond to. Almost all of the e-mail is on one of four topics: Mileage Tax In response to "Oregon's... The 2005 Moffatt Prize in Economic Writing About Economics February 7, 2005, 7:05 pm Since the 2004 contest was such a resounding success, we're holding another one this year with even more prizes! Are you interested in doing graduate work or in getting a job after you graduate? Are you interested in earning $100... Seven U.S. Economic Indicators Released About Economics February 3, 2005, 5:05 pm Seven important U.S. economic indicators were recently released by the Bureau of Labor Statistics. They are as follows: Consumer Price Index: December 2004: Down 0.4%. Real Earnings in December 2004: Up 0.5% Employment Cost Index: December 2004: Up 0.7% Mass... Federal Funds Rate Hiked 25 Basis Points - February 2, 2005 About Economics February 2, 2005, 5:05 pm As expected, the Federal Reserve hiked interest rates for the sixth consecutive time, bringing the Federal Funds rate up to 2.5 percent. See "Federal Funds Rate Hiked 25 Basis Points February 2, 2005" for the official announcement. If you... The Impact of the Upcoming Federal Funds Rate Annoucement About Economics February 1, 2005, 5:05 pm This Wednesday the Federal Open Market Committee of the Federal Reserve will conclude a meeting and issue decisions on key pieces of monetary policy, such as the target level of the Federal Funds rate, a key benchmark interest rate in... Can We Expect the Canadian Dollar to Fall? About Economics January 25, 2005, 3:05 pm As anticipated and discussed this morning, the Bank of Canada did not raise interest rates, which has already caused the value of the Canadian Dollar to fall. In "Can We Expect the Canadian Dollar to Fall?" I discuss what caused... Bank of Canada expected to leave interest rates unchanged About Economics January 25, 2005, 9:05 am The CBC reports that Canadians should not expect interest rates to go up when the Bank of Canada makes their policy announcement today: "Canada's central bank is expected to leave interest rates unchanged on Tuesday when it makes its latest... Stocks Set to Open Higher After Declines About Economics January 24, 2005, 11:05 am Some good news from AP for those of us with investments in the American markets: "U.S. stocks are set to open higher Monday -- expected to rebound from three consecutive weeks of declines -- although oil prices may unsettle attempts... Eight U.S. Economic Indicators Released About Economics January 17, 2005, 9:05 pm Eight important U.S. economic indicators were recently released by the Bureau of Labor Statistics. They are as follows: County Employment and Wages: Second Quarter 2004: Employment up in 237 large counties, down in 65. Industrial Production and Capacity Utilization: December... Brown Urges End to 'Scandalous' Trade Barriers About Economics January 17, 2005, 1:05 pm Yesterday's article on free trade proved to be quite popular, so I thought I'd link to another one today. This one is by Rebecca Harrison of Reuters: "Rich countries must dismantle trade barriers and scrap "scandalous" subsidies for their own... Egypt, U.S. Consider Free Trade Talks About Economics January 16, 2005, 5:05 pm Here's a story I've heard absolutely nothing about in the North American media. From the English edition of Aljazeera: "The United States and Egypt are studying the possibility of opening talks for Free Trade Agreement (FTA) in 2005, a U.S.... Inflation's Pinch Creeping Closer About Economics January 16, 2005, 11:05 am Marc Levy of the Associated Press on the fear of rising prices: "After a decade of relatively tame prices, consumers are starting to feel the "ouch" of inflation as the cost of everything from coffee, candy and home appliances is... Canada Dollar Drops Sharply on US Data, Bonds Down About Economics January 15, 2005, 1:05 pm What a strange week for the American Dollar and the Canadian exchange rate. Cameron French of Reuters reports that: "The Canadian dollar dropped hard on Friday, giving up most of Wednesday's big gains as strong U.S. economic signals and hawkish... Canadian Dollar Up More Than a Cent About Economics January 13, 2005, 9:05 am My hometown London Free Press reports that: "The Canadian dollar rose more than a penny against the U.S. dollar yesterday after the United States reported a worse than expected monthly trade deficit while Canada had a near-record trade surplus. The... FairTax Would Replace Federal Tax System with Simple Alternative About Economics January 12, 2005, 7:05 pm That is, if you believe former baseball commissioner Peter Ueberroth, who recently wrote an editorial with the above title in the Whittier Daily News. I wrote an article on the pros and the cons of the FairTax that generated a... U.S. Dollar Drops Slightly After Gains About Economics January 10, 2005, 11:05 am It appears that the U.S. Dollar may be making up some of the ground it has lost to most major currencies over the last 12 months. The Associated Press has reported that: "The dollar eased back slightly Monday after gains... Chapter 4 of Outline of the U.S. Economy Available About Economics January 9, 2005, 1:05 pm Chapter 4 of Conte and Carr's Outline of the U.S. Economy is now on the site: CHAPTER 4: Small Business and the Corporation 1. The History of Small Business 2. Small Business in the United States 3. Small Business Structure... Canada Turns Up Heat on Softwood About Economics January 7, 2005, 9:15 am The Globe and Mail has reported that the softwood lumber dispute is heating up: "The Canadian government has raised the ante in the 40-month-old softwood lumber trade battle with the United States, asking a global trade body for the right... Chapter 3 of Outline of the U.S. Economy Available About Economics January 6, 2005, 11:38 pm I'm trying to get these up at the rate of one a day; so far, so good. Chapter 3 of Conte and Carr's Outline of the U.S. Economy is now on the site: CHAPTER 3: The U.S. Economy A... Chapter 2 of Outline of the U.S. Economy Available About Economics January 5, 2005, 9:42 pm Chapter 2 of Conte and Carr's Outline of the U.S. Economy is now on the site: CHAPTER 2: How the U.S. Economy Works 1. America's Capitalist Economy 2. Basic Ingredients of the U.S. Economy 3. Managers in the American Workforce... Free Online Economics Textbooks About Economics January 4, 2005, 11:10 pm If you look at the "Essentials" box on the left-hand side of the screen, you'll see a new feature. The feature, "Free Economics Texts", includes two online textbooks you may already be familar with: Online Macroeconomics Textbook Online Microeconomics Textbook... Interest Rates Mixed in Treasury Bill Auction About Economics January 4, 2005, 9:10 am Interest rates in the United States have been following the lead of the Federal Funds Rate and have been rising over the last few months. The Associated Press has reported that "the average yield for one-year constant maturity Treasury bills,... Three U.S. Economic Indicators Released About Economics January 3, 2005, 11:10 pm Three important U.S. economic indicators were recently released by the Bureau of Labor Statistics. They are as follows: Mass Layoffs in November 2004: 1,399 mass layoff actions, lowest number in a November since 1999 Metropolitan Area Employment and Unemployment: November... Oil Prices Plunge on Mild Winter Weather About Economics January 3, 2005, 11:10 am The Associated Press is reporting that: "Crude futures fell sharply Monday amid milder U.S. winter weather on the first trading day of the new year and expectations of increased output from Canada and North Sea." Overall the price of a... Economics Articles Fixed About Economics January 2, 2005, 11:10 am There were some problems getting a few economics articles to display properly on all browsers, most notably the articles on price elasticicty of demand and price elasticity of supply. I belileve that they are all fixed now, but if you... 2004's Most Popular Economics Articles About Economics December 30, 2004, 11:10 am I was going through the site stats the other day and found it interesting to see what the 10 most popular articles were this year. You may want to check out any of these that you missed. Enjoy! 1. A... Seven U.S. Economic Indicators Released About Economics December 19, 2004, 9:10 pm Seven important U.S. economic indicators were recently released by the Bureau of Labor Statistics. They are as follows: Consumer Price Index: November 2004:CPI up 3.5% over last year U.S. Import and Export Price Indexes: November 2004: Import prices up 0.2%,... New Economics From A-to-Z About Economics December 15, 2004, 11:10 pm The old economics from A-to-Z (consistently one of the 3 most popular features of the site) was incredibly difficult to update, thus it hasn't been revised in over six months and is terribly out of date. So I'm replacing it... Federal Funds Rate Hiked 25 Basis Points - December 14, 2004 About Economics December 14, 2004, 9:10 pm Today the Federal Reserve raised the federal funds rate, a key interest rate by 25 basis points to 2 1/4 percent. The Fed also raised the discount rate by 25 basis points to 3 1/4 percent. The Federal Reserve press... Five U.S. Economic Indicators Released About Economics December 9, 2004, 11:10 am Five important U.S. economic indicators were recently released by the Bureau of Labor Statistics. They are as follows: Business Employment Dynamics: First Quarter 2004: Job Gains: 7.7 million, Job Losses: 7.3 million Mass Layoffs in October 2004: 1,241 mass layoffs... Online Macroeconomics Textbook About Economics December 7, 2004, 3:10 pm There's a great deal of macroeconomics content on this website, but it's often difficult for a first-time student in economics to find. In the new "Online Macroeconomics Textbook" I organize the macroeconomics content of this site in a similar fashion... Exchange Rates About Economics December 2, 2004, 11:10 am Because of how much the U.S. Dollar has fallen in the last few months, I've been inundated with e-mails questions but exchange rates. I'll get to as many of them as I can, but until that happens you may want... Five U.S. Economic Indicators Released About Economics November 23, 2004, 9:10 pm Five important U.S. economic indicators were recently released by the Bureau of Labor Statistics and the U.S. Federal Reserve. They are as follows: Industrial Production and Capacity Utilization: October 2004: Up 0.7% Consumer Price Index: October 2004: Up 0.5% Extended... Purchasing Power Parity: Link Between Exchange Rates and Inflation About Economics November 22, 2004, 9:10 pm I can't believe the response to my article "Why A Shrinking Trade Deficit Will Drive Down the U.S. Dollar". Over the span of 48 hours I received three dozen e-mails asking various questions about exchange rates. In "Purchasing Power Parity:... Why A Shrinking Trade Deficit Will Drive Down the U.S. Dollar About Economics November 19, 2004, 3:10 pm Today in Frankfurt Fed Chairman Alan Greenspan made some comments about the U.S. current account deficit that caused the value of the U.S. Dollar to drop sharply. In the span of 45 minutes the U.S. Dollar lost an entire cent... Economics Resources for Students About Economics November 18, 2004, 11:10 am I've gotten a lot of e-mails lately from students having trouble with their economics term papers and studying for their econ exams. If you're in one of these situations you'll want to check out the following: "How To Study For... Two Letters From Readers About Economics November 14, 2004, 11:10 pm The best part of this job is reading the hundreds of great e-mails that come to my inbox each week. Although due to time constraints I can only respond to a handful each week, I do read them all. Well,... Two U.S. Economic Indicators Released About Economics November 11, 2004, 11:10 pm We've got two more U.S. economic indicators for you today. The first deals with employment and unemployment and the second one with inflation: Job Openings and Labor Turnover: September 2004 U.S. Import and Export Price Indexes: October 2004... Federal Funds Rate Hiked 25 Basis Points - November 10, 2004 About Economics November 10, 2004, 11:10 pm Today the Federal Reserve raised the federal funds rate, a key interest rate by 25 basis points to an even 2 percent. The Fed also raised the discount rate by 25 basis points to an even 3 percent. The Federal... Canadian Monetary Policy - Remarks by David Longworth About Economics November 8, 2004, 11:10 pm With the Canadian Dollar reaching a 12 year high of 83.73 cents U.S. (or alternatively 1 USD = 1.19 Canadian) this couldn't be any more timely. In "Canadian Monetary Policy - Remarks by David Longworth" the Deputy Governor of the... Another Four U.S. Economic Indicators Released About Economics November 7, 2004, 3:10 pm Before we get to the economic indicators, I'd like to thank the dozens of people who have emailed me to thank me for collecting these releases and putting them in one easy to access place. Thanks! It makes it all... The Canadian and U.S. Economies: Integration, Not Convergence About Economics November 6, 2004, 11:10 pm I found this very interesting and I think many of you will too. It's a speech given by Sheryl Kennedy at the Bank of Canada about the economic relationship between the United States and Canada. Issues such as trade and... Who Are These Nobel Prize Winning Economists Supporting Bush or Kerry? About Economics November 1, 2004, 7:10 pm It has been said that if you put 10 different economists in a room together and ask their opinion on an proposed economic policy, you'll receive at least 11 different answers. Then it should come at no surpise that Nobel... Four U.S. Economic Indicators Released About Economics October 29, 2004, 7:10 pm With an incredibly tight U.S. Presidential race, all eyes are on the various economic indicators, so voters can determine for themselves if President Bush should be re-elected. Here are the four economic indicators released this week by the Bureau of... Is the Canadian Dollar Going Up in Value, or is the U.S. Dollar Going Down? About Economics October 27, 2004, 11:10 pm Citizens on both sides of the border have noticed that the value of the Canadian Dollar has risen in value over the last six months relative to the U.S. Dollar. A reader wonders if it's because the U.S. Dollar is... Canadian Monetary Policy Report – October 2004 About Economics October 27, 2004, 11:10 am Our friends at the Bank of Canada recently released their quarterly Canadian Monetary Policy Report. It's a great snapshot of the Canadian economy, and worth reading if you live in Canada or do a little bit of business with Canadian... Three Important Economic Statistics Released About Economics October 19, 2004, 11:10 pm The U.S. Presidential election race looks like a dead heat right now, so small changes in the economy could cause undecided voters to swing to a particular candidate. This week there have been three very important economic indicators released in... Bank of Canada raises overnight rate target by 1/4 percentage point to 2 1/2 per cent About Economics October 19, 2004, 11:10 am The bank of Canada just announced this morning that their overnight rate, the benchmark interest rate for the Canadian economy has risen by 1/4 of a percentage point. One of the causes for this rate hike is that "world oil... Online Microeconomics Textbook About Economics October 18, 2004, 11:43 pm There's a great deal of microeconomics content on this website, but it's often difficult for a first-time student in economics to find. In the new "Online Microeconomics Textbook" I organize the microeconomics content of this site in a similar fashion... Productivity and Costs: Second Quarter 2004 About Economics October 13, 2004, 11:20 pm The U.S. Bureau of Labor Statistics just released revised productivity statistics for the 2nd quarter of 2004. It turns out that "increases in productivity were smaller than reported on Aug. 10, as output was revised down and hours were revised... U.S. Job Openings and Labor Turnover: August 2004" About Economics October 13, 2004, 11:20 pm The U.S. Bureau of Labor Statistics just issued a couple of releases today indicating that jobs are not growing very quickly. See: "U.S. Job Openings and Labor Turnover: August 2004" and "Productivity and Costs: Second Quarter 2004" It will be... Kydland and Prescott win Economics Nobel Prize About Economics October 11, 2004, 11:20 am The Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel 2004 was just awarded this morning to Finn E Kydland and Edward C Prescott "for their contributions to dynamic macroeconomics: the time consistency of economic policy and... September 2004 - Commissioner's Statement on the Employment Situation About Economics October 8, 2004, 12:41 pm A lot of political pundits were anxiously awaiting for this Friday. Why? Because that's when the final job report would be released before the election. You can what the Bureau of Labor Statistics has to say about the current jobs/unemployment... Who Will Win the Nobel Prize in Economics? About Economics October 7, 2004, 3:20 pm On this Monday - October 11th the winner(s) of the The Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel will be announced. Last year I wrote an article with the title "Who Will Win the 2003... Grants For Developing Country Researchers Studying Poverty Issues About Economics September 30, 2004, 3:20 pm One of the hardest things to do when you're starting out your economic research career is to find grant money. If you're in that position, I think you'll want to read "Grants For Developing Country Researchers Studying Poverty Issues". The... Your Responses - What do the Economic Indicators Say About Dubya's Chances? About Economics September 23, 2004, 3:20 pm I received dozens and dozens of e-mails on the article "What do the Economic Indicators Say About Dubya's Chances?". In the follow-up article "Your Responses - What do the Economic Indicators Say About Dubya's Chances?" we see what people thought... Indifference Curves - How Do I Use and Understand Them? About Economics September 20, 2004, 3:20 pm A reader asks: "I'm taking an economics class and I'm puzzled about indifference curves. How do I draw them, what are they used for, and what do indifference curves tell us?". In "Indifference Curves - How Do I Use and... What do the Economic Indicators Say About Dubya's Chances? About Economics September 16, 2004, 3:20 pm In "Presidential Elections and the Economy" we examined the relationship between the economy, job growth, and a President's chances of getting reelected. In a follow up article with the title "What do the Economic Indicators Say About Dubya's Chances?" we... Three Letters by Readers on Taxes About Economics September 9, 2004, 9:20 pm One of the most enjoyable aspects of this job is reading all the e-mails visitors to the site send me every day. I've noticed that whenever I write an article on taxes, I get quite a few letters on the... Hermes Bancorp Examines the August Numbers About Economics September 9, 2004, 3:20 pm Given how close the current Presidential Election is, I've been spending a lot of time reading up on the recent financial numbers. In "Hermes Bancorp Examines the August Numbers", George Haligua of Hermes Bancorp gives his take on the numbers... More Family Farmers Failing Under Bush Administration About Economics September 8, 2004, 9:20 pm The group Global Resource Action Center for the Environment has kindly allowed me to reprint an article they published under the title "More Family Farmers Failing Under Bush Administration". I was quite surprised to learn how much in farm subsidies... August Job Numbers: SurePayroll's Thoughts About Economics September 7, 2004, 9:20 pm In "August Job Numbers: SurePayroll's Thoughts", Michael D. Alter President of SurePayroll discusses why recent job creation numbers are so flat.... Presidential Elections and the Economy About Economics August 26, 2004, 3:20 pm The number of stories on the economy seems to increase exponentially during an election year. But how much do jobs and the economy influence the outcome of a Presidential election? In "Presidential Elections and the Economy" we examine the relationship... Has Employment Decreased Over The Last 25 Years? About Economics August 19, 2004, 3:20 pm A reader recently wanted to know if the unemployment rate told the whole story: "I really enjoyed your article "Would 0% Unemployment Be a Good Thing?". I've heard though that the unemployment rate is a bad measure of how many... Do Richer People Pay a Higher Proportion of Tax Under a Flat Tax? About Economics August 15, 2004, 11:09 pm One of the most enjoyable parts of running this site is helping people settle disputes. Here's one that was recently sent to me: "My friend and I were discussing flat tax proposals where the income tax rate is the same... The 2004 Moffatt Prize in Economic Writing - Winners Announced About Economics August 8, 2004, 3:19 am The moment over 200 applicants have been waiting months for.... Should Governments Legalize and Tax Marijuana? About Economics August 8, 2004, 3:19 am A recent study for the Fraser Institute, Economist Stephen T. Easton attempted to calculate how much tax revenue the Canadian government could gain by legalizing marijuana. In "Should Governments Legalize and Tax Marijuana?" we look at the study and see... Two Reader Responses to Oregon's Mileage Tax: A Truly Bad Idea About Economics August 8, 2004, 3:19 am I've gotten quite a few responses to the article "Oregon's Mileage Tax: A Truly Bad Idea". I haven't gotten a single positive response to the idea of a mileage tax, but I've been sent a number of criticisms of the... Oregon's Mileage Tax: A Truly Bad Idea About Economics August 8, 2004, 3:19 am Sometimes I read policy proposals that are just so unbelievable, I have to pinch myself to make sure I'm not dreaming. In "Oregon's Mileage Tax: A Truly Bad Idea" I examine one such proposal. If you're interested in gasoline taxes,... Mileage Tax - First Letter For About Economics August 8, 2004, 3:19 am While I still believe that Oregon's Mileage Tax is still a truly bad idea (and over 100 of you also think so too as shown by my Inbox), I also believe that both sides of the story should be told.... Would 0% Unemployment Be a Good Thing? About Economics August 8, 2004, 3:19 am A reader recently asked me a question which I found quite interesting: While a high unemployment rate indicates an economy in distress, is a 0% rate really ideal for a country? I realize that a tiny percentage of unemployed is... Economic Growth Expected to Slow in Major Economies During 2005 About Economics August 8, 2004, 3:19 am I was recently sent a piece by Reuters which I found very informative, and the good people at that organization allowed us to reprint it on the site. "Economic Growth Expected to Slow in Major Economies During 2005" looks at... Mileage Tax - Second Letter For About Economics August 8, 2004, 3:19 am As promised, we have another letter in support of the idea behind Oregon's proposed Mileage Tax. "Mileage Tax - Second Letter For" is by Todd Littman of the Victoria Transport Policy Institute. Enjoy! If you want to read the original...