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Stanford University’s Alvin Roth is a very rare thing: An economist who saves lives.
The co-recipient of the 2012 economics Nobel got his prize, in part, for helping to fix a long-standing problem with the market for kidney donations. Often family and friends were willing donors for someone who …Economics
After a perplexing start to the year, the economy is starting to make sense. That’s good news for workers and the Federal Reserve, but bad news for investors who are going to have to get used to some wrenching moves in the financial markets.
Data out in the last week has begun to help solve three …Economics
Low oil prices and economic growth have helped drive up consumer demand for energy across the world in 2015, the International Energy Agency said Thursday, a phenomenon seen from U.S. gasoline stations to Chinese auto dealerships.
The IEA’s closely watched oil market report lent some support to an …Economics
JINZHOU, China—Han Tianpei and his wife dozed in their truck one early morning, waiting for a denim factory to open to deliver 10 tons of industrial salt. They awoke with a tap at the window, surrounded by a dozen enforcers of China’s salt monopoly, men poised to defend their turf.
The 2013 standoff …Asia
That Yanis Varoufakis, the rakish Greek finance minister, would meet with senior European officials wearing a leather motorcycle jacket and open-collar shirt would probably have fascinated John F. Nash Jr., the Nobel prize -winning mathematician, game theorist and Princeton professor who was thrown …Game Theory
State taxes and inequality
States that boost income inequality the most:
1. Tennessee, offsets 32.7 percent of the progressiveness of the federal tax …
John F. Nash Jr., a mathematician who shared a Nobel in 1994 for work that greatly extended the reach and power of modern economic theory and whose long descent into severe mental illness and eventual recovery were the subject of a book and a film, both titled “A Beautiful Mind,” was killed, along …Game Theory
Legislation that targets currency manipulation might make or break U.S. President Barack Obama’s signature Pacific trade deal. But calling out offenders for currency transgressions is far from a clear-cut exercise.
U.S. lawmakers, companies and unions are trying to use pending trade legislation to …World Politics
President Obama collided with his own party Tuesday when Senate Democrats stalled consideration of a trade measure that would give the administration greater authority to negotiate more freely with other countries.
The Senate vote was a sharp blow to the president’s efforts to win approval for a new …Government
NEW YORK—Economists at the Chicago Fed argue in a new paper the U.S. economy remains even farther from a truly hot labor market than many central bankers think.
The economy’s so-called natural unemployment rate likely lies at or below 5%, and it will go even lower over time, the analysts say in a …Jobless Rate
Early in my teaching career I managed to get most of the students in my class mad at me. A midterm exam caused the problem.
I wanted the exam to sort out the stars, the average Joes and the duds, so it had to be hard and have a wide dispersion of scores. I succeeded in writing such an exam, but when …Economics
MOSCOW—Every other month, retired teacher Natalya Atuchina cooks up a special pot of borscht in her home city of Omsk. A year ago, she bought the ingredients at local markets for 165 rubles ($3.20). In April, they cost nearly 247 rubles.
Ms. Atuchina’s soup is the benchmark for the “Borscht Index,” …Russia
About 340 pages into Henry M. Paulson’s new book on China, a sentence comes almost out of nowhere that stops readers in their tracks.
“Frankly, it’s not a question of if, but when, China’s financial system,” he writes, “will face a reckoning and have to contend with a wave of credit losses and debt …Asia
SEOUL—Asian countries borrowed heavily to maintain growth during the financial crisis, but couldn’t break the habit even as the global economy healed. Now they are feeling the hangover.
Growth is slowing fast across the continent as consumers and businesses focus on repaying debt. Central banks have …Asia
Tumbling interest rates in Europe have put some banks in an inconceivable position: owing money on loans to borrowers.
At least one Spanish bank, Bankinter SA, the country’s seventh-largest lender by market value, has been paying some customers interest on mortgages by deducting that amount from the …Europe
In response to the ongoing drought, California Governor Jerry Brown has set limits on urban water use—ordering cuts of as much as 25 percent. Cities …
Full employment is the point at which joblessness has fallen as low as it can go without fueling inflation pressures. It’s a point that changes over time as the economy evolves and can be hard to identify.
“It’s even more complicated than it was before,” Mr. Bernanke said in a question-and-answer …Ben Bernanke
CONGRESS long ago established a basic principle governing the extraction of coal from public lands by private companies: American taxpayers should be paid fair value for it. They own the coal, after all.
Lawmakers set a royalty payment of 12.5 percent of the sale price of the coal in 1976. Forty …Coal
THREE RIVERS, Mich.—U.S. auto production is nearing all-time highs on the back of strong domestic demand and steady export increases. But American-made cars and trucks are increasingly loaded with parts imported from Mexico, China and other nations.
The U.S. imported a record $138 billion in car …
In India, it is a leading electric utility, Jaiprakash Power Ventures, selling off facilities and negotiating with lenders to avoid a default, having increasing its debts thirtyfold in six years.
In China, it is one of the country’s largest real estate developers, the Kaisa Group, threatening to pay …Economics
The news in business and sports has been filled with surprising early retirements this week. Four men stepping away from lucrative careers while in their prime show a curious paradox of success.
Patrick Pichette, the 52-year-old chief financial officer of Google, will step down once a replacement is …Paradoxes
A few days ago Walmart, America’s largest employer, announced that it will raise wages for half a million workers. For many of those workers the gains will be small, but the announcement is nonetheless a very big deal, for two reasons. First, there will be spillovers: Walmart is so big that its …Walmart
How should Congress’s economists open a can of worms? Keith Hall, the new director of the Congressional Budget Office, is likely to be grappling with that odd question very soon.
Let’s start with some background. For the last six years, Douglas Elmendorf has been the director of the C.B.O. By my …Government
CAMPIONE D’ITALIA, Italy—Switzerland’s decision last month to lift the cap on the franc sent the currency flying 40% against the euro and roiled financial markets world-wide. But for Enrico Lironi, the decision hit painfully close to home.
The teacher and consultant lives in Campione d’Italia, a …Switzerland
Tumbling oil prices were supposed to boost growth in a host of major oil-importing economies. It isn’t necessarily working out that way.
Some governments have moved already to shore up their revenues by raising gasoline taxes or cutting fuel subsidies. At the same time, falling oil costs have pumped …Economics
FRANKFURT — The European Central Bank is widely expected to announce on Thursday that it will finally begin buying government bonds as part of a so-called quantitative easing program.
In principle, quantitative easing is simple — print money, buy bonds. The idea is to pump money into the economy, …Economics
Cheaper oil is good for the economy—it's basically the equivalent of a tax cut. Unless it's bad for the economy, which can be the case if falling …Energy
These are strange and unnerving times in global financial markets, and if Thursday’s jaw-dropping move in the Swiss currency didn’t prove it, nothing will.
It is not every day that the currency of an advanced, economically important country rises by double-digit percentages against the currencies of …Economics