Economic Report of the President for 2010

See CEA chair's explanantion.

China Bubble

Bubble surges, bubble poked, and then bubble busts.

Man-cession

Better education shields women from worst of job cuts from WSJ.

Stand-up Economists Play Off Finances for Laughs

From PBS.

Crisis Renews Concerns on Euro

From WSJ.

Salt Passage Research

Very funny article about social science research.

2010 World Economic Forum and China

A good article by Gideon Rachman.

.... Mr Summers was careful to say that the US remains committed to open trade and can gain from globalisation. But he also pointed out that Paul Samuelson, a famous economist (and uncle of Mr Summers), had argued that the case for free trade might not apply when countries were trading with nations that were pursuing mercantilist policies. The reference to China did not need to be spelled out.....

.....With the Americans and the Europeans experiencing a crisis of confidence, Davos man was keen to learn from China this year. American businessmen could be heard ruefully contrasting their own "dysfunctional" political system and flaky politicians with China's decisive and meritocratic leadership. China was also widely held up as an example of the virtues of "state capitalism" - in which government plays a bigger role in guiding the economy than has been fashionable in recent years. Given that China's economic take-off started when the state allowed a greater role for private enterprise, it seems odd to attribute the country's success to "state capitalism". But there is little doubt that bigger government was one of the big ideas at this year's World Economic Forum.....

Also, Paul Krugman's Analysis of China Currency Policy.

Hayek vs Keynes

A funny video.

In Fear the Boom and Bust, John Maynard Keynes and F. A. Hayek, two of the great economists of the 20th century, come back to life to attend an economics conference on the economic crisis. Before the conference begins, and at the insistence of Lord Keynes, they go out for a night on the town and sing about why there's a "boom and bust" cycle in modern economies and good reason to fear it.

China Battles the Information Barbarians

Read this good article from WSJ.

China often views the ideas of foreigners, from missionaries in the 17th century to 21st-century Internet entrepreneurs, as subversive imports. The tumultuous history behind the clash with Google.

.....

All Chinese schoolchildren are indoctrinated with the idea that China was humiliated for centuries by foreign powers, and that support of the Communist state is the only way for China to regain its greatness and never be humiliated again.

.....

A very similar debate is going on today between those who believe that applying Western notions of human rights and democracy to China is counterproductive. Many a politician, businessman or media tycoon has argued that adapting to special Chinese conditions is surely more effective if one wishes to have any influence in China. The fact that this argument is usually self-serving does not make it necessarily wrong, but so far it has certainly not been proven right.
Chinese human rights have not been noticeably advanced because of foreign
compromises with Chinese illiberalism.

A College Degree Will Help Your Marriage

Read this report.

Shiller on Rationality

Robert Shiller says those problems in the hearts and minds of workers and investors will hinder US economy recovery.

References in the article:
Machiavelli's Mistake (PDF) (PP) by Samuel Bowles
Economics and Identity by G. Akerlof and R. Kranton

Krugman on Bernake

Bernake Conundrum.

Miserables Behind China's Economic Boom

Tragedies from New York Times.

Again, mark my word. China's real estate bubble is about to bust big.

China vs Google

Free markets require free minds eventually.
Update: Short the Chinese Communist Party.

Financial Crisis Responsibility Fee

Obama proposed this tax on big banks. I think it is necessary and crucial in the whole financial reform. It is not easy to see that Makiw agrees with Obama on one thing. Of course Krugman thinks this is no brainer.

....Do the bankers really not understand what happened, or are they just talking
their self-interest? No matter. As I said, the important thing looking forward is to stop listening to financiers about financial reform.

Wall Street executives will tell you that the financial-reform bill the House passed last month would cripple the economy with overregulation (it’s actually quite mild).
They’ll insist that the tax on bank debt just proposed by the Obama administration is a crude concession to foolish populism. They’ll warn that action to tax or otherwise rein in financial-industry compensation is destructive and unjustified.

But what do they know? The answer, as far as I can tell, is: not much.

Contrarian Investor Sees Economic Crash in China

I totally agree with James Chanos on China.

Blogometrics

A ranking of economics blogs and its Source.

Keeping America's Edge

Very interesting article!

Lost Decade for Stocks

From James Hamliton.

US Treasury Stocks

A cool idea of government finance by issuing stocks from Robert Shiller.

Is There A Santa Claus?

A question from a little girl and the answer from New York Sun on Sept. 21, 1897.

Paul Samuelson Dies at 94

Paul Samuelson, the first American Nobel laureate in economics, died at 94.

What Makes a Nation Rich?

I think this is the best article I had read of the year. An article about institution, economic growth, and US foreign affairs from Daron Acemoglu.

Bob Shiller on the Economic Recovery

The ghost in the recovery machine.

Time Series of the US Political Spectrum

From WSJ.

Health Care Systems in Other Countries

PBS made a great program about helath care systems in UK, Japan, Taiwan, Germany and Switzerland.

Surprising and Interesting Freakconomics

The Impact of Minimum Wage Rates on Body Weight in the US.
NBER and SSRN.
In short, declining real minimum wage --> fast food stores prosper --> more obesity.

The Fed Is Already Transparent

By Anil Kashyap and Fred Mishkin

Market Prices for Health Care

I found a good website (Healthcare Blue Book) to real the market prices of health care services.
WSJ also have a good survey.

Efficient Market Theory and the Crisis

Jeremy Siegel makes it clear for this issue.