Archives: November 2008

The Textbook is Here!

Posted by: Michael Mandel on November 23, Categories: Teaching

Sorry to interrupt this stream of gloom, but my textbook is finally here! It's called "Economics:The Basics" and I wrote it for the typical person who wants to learn about...

The Pitfalls of Obama's Plan

Posted by: Michael Mandel on November 22, Categories: Fiscal Policy

Now it begins. This morning President-elect Obama took the first step towards asserting himself economically. He laid out not a detailed plan but a goal: To save or create 2.5...

Should Obama announce his economic plan soon?

Posted by: Michael Mandel on November 21, Categories: Political Economy

[Saturday morning: That didn't take long, did it?] Now that it seems likely that President-elect Barack Obama will select Tim Geithner as his next Treasury Secretary, should he soon announce...

Not Enough Yet

Posted by: Michael Mandel on November 21, Categories: Macro

Summarizing my current views: --$3 trillion in overspending and overborrowing by U.S. consumers. Out of that: --$1 trillion in losses already absorbed by financial institutions. That's gone. --$1 trillion in...

GM: The More Things Change...

Posted by: Michael Mandel on November 19, Categories: Corporations

Looking back through old Businessweeks, I came on this cover story from November 1, 1993: GM: Can Jack Smith Fix It? The answer, I guess, was no....

P.S. I Was Right About Deflation

Posted by: Michael Mandel on November 19, Categories: Macro

Just to point out...back in July I wrote a post entitled "Yes, still deflation" in which I predicted that: Maybe I’m crazy, but this morning’s CPI number actually improves the...

Real Wages Up by Near Record--Good News?

Posted by: Michael Mandel on November 19, Categories: Labor Market

I've been on this kick about falling real wages for most workers being a major cause of the crisis (see here for example). The cost of all sorts of things,...

The Problem with the Auto Industry

Posted by: Michael Mandel on November 16, Categories: Labor Market

I wasn't going to write about the auto industry today...but then I came on a column entitled "Where's the love? I never knew Detroit was a dirty word," by Susan...

Understanding the Dismal Science

Posted by: Michael Mandel on November 14, Categories: Growth

As we think about digging our way out of our current hole, it's important to remember why economics is often called the 'dismal science'. Yes, there's a history behind the...

How Far Will Consumption Fall?

Posted by: Michael Mandel on November 13, Categories: Macro

Menzie Chinn at Econobrowser does a back of the envelope calculation and comes with this: a 3% y/y decline in consumption by 09Q3; the only comparable instance of such a...

Definition of Depression

Posted by: Michael Mandel on November 12, Categories: Macro

When I was writing my 2000 book The Coming Internet Depression, I researched the definition of 'depression.' And of course what I found out was that there was no common...

Paulson faces reality

Posted by: Michael Mandel on November 12, Categories: Financial markets

Listening to Hank Paulson’s speech today, one is impressed both by his flexibility and a barely-controlled underlying sense of panic. In a few short weeks, the Treasury Secretary has gone...

Do Crises and Growth Go Together?

Posted by: Michael Mandel on November 10, Categories: Financial Crisis

Nobody likes a financial crisis. But I was just reading an interesting piece by three economists, Romain Rancière, Aaron Tornell, and Frank Westermann. They argue that ...the bottom line remains...

To Economics Unbound Commenters

Posted by: Michael Mandel on November 10, Categories: Journalism

I just wanted to say that I really enjoy reading the thoughts and comments of all the people who respond here. I like that we have a diversity of opinions....

The Revenge of the Healthcare Economy

Posted by: Michael Mandel on November 07, Categories: Labor Market

In 2006 I did a story on healthcare jobs called "What's Really Propping Up The Economy." Well, here we are again. Here's a piece that I just posted online. Call...

Real Wages Continue to Fall

Posted by: Michael Mandel on November 03, Categories:

Last week the employment cost index for the third quarter was released by the BLS. It showed that real wages and salaries dropped by an astonishing 1.8% in the third...

About

Michael Mandel, BW's award-winning chief economist, provides his unique perspective on the hot economic issues of the day. From globalization to the future of work to the ups and downs of the financial markets, Mandel-named 2006 economic journalist of the year by the World Leadership Forum-offers cutting edge analysis and commentary.

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