The Budget Reform Pivot

From WSJ.

You Have a Great Idea. Now What Do You Do?

From WSJ.

How to Tell if You Would Be a Bad Entrepreneur

From WSJ.

• Why Entrepreneurs Can't Shut Up
• If You Can't Collaborate, Forget Entrepreneurship
• Entrepreneurs Can't Sit Still
• Entrepreneurship Isn't a Profession. It's an Obsession.
• Hate Changing Plans? Don't Be an Entrepreneur.
• What It's Really Like to Be Your Own Boss
• An Entrepreneur Who Hates Risk Isn't an Entrepreneur
• The Kiss of Death for Entrepreneurs: Passivity

Wall Street Is Losing the Best and Brightest

From WSJ.

Not long ago, Wall Street attracted many of the smartest people in America—brilliant economists and mathematicians, but also the nation's most promising college graduates. Not anymore. Five years after the financial crisis, evidence suggests that students have lost their enthusiasm for beginning careers in finance.

I think this is a natural development toward a right direction.

The Economic Recovery: A Novel Perspective from Ed Leamer

The Best Advice Fama Got

Here.

With formal statistics, you say something -- a hypothesis -- and then you test it. Harry always said that your criterion should be not whether or not you can reject or accept the hypothesis, but what you can learn from the data. The best thing you can do is use the data to enhance your description of the world. That has been the guiding light of my research. You should use market data to understand markets better, not to say this or that hypothesis is literally true or false. No model is ever strictly true. The real criterion should be: Do I know more about markets when I'm finished than I did when I started? Harry's lesson is one that I've passed on to my students over the 49 years that I've been a teacher.

Creativity and Discipline

Why tough teachers get good results? from WSJ.

I like this:

"Meanwhile, American students struggle with complex math problems because, as research makes abundantly clear, they lack fluency in basic addition and subtraction—and few of them were made to memorize their times tables."

"The bottom line, Prof. Weisberg told me, is that creativity goes back in many ways to the basics. "You have to immerse yourself in a discipline before you create in that discipline. It is built on a foundation of learning the discipline, which is what your music teacher was requiring of you."

Open-Government Laws Fuel Hedge-Fund Profit

Information can make money, even the public information. From WSJ.

Ukraine's Trouble Hit Bonds

From WSJ.

America's Toilet Turnaround

From WSJ.

Energy issues from WSJ

Six myths about renewable energy.

Oil firms seek to unlock big California field.

Chinese demand for coal is cooling.

The Long and Sorry Tale of Pension Promises

How did states and cities get into this mess? It's a simple case of human frailty; where to go from here.
From WSJ.

A Nation Built for Immigrants

From WSJ.
Will the recent surge of newcomers tear the U.S. apart? Not if history is any guide: From the beginning, America was made to unite citizens, even those with deep differences.

U.S. Textile Plants Return, With Floors Largely Empty of People

From NYT.

How the Tesla Model S is Made?

A pretty cool factory. Video here.

The Fed Makes a Mistake

My colleague, David, made a comment on the recent decision of the Fed.

Heckman on Early Childhood Education

Lifelines for poor children form NYT.

Bunnies talk about QE

With surprising no tapering today, I remembered this funny video about QE first released in 2010.
Here.

Top 200 Economics Blogs

Here.

-	1. The Conscience of a Liberal		100.0	100.0	1.2
New Entry ★	2. Economix		61.7	64.9	1.1
New Entry ★	3. FT Alphaville		60.8	52.0	1.4
New Entry ★	4. Vox		57.4	56.5	1.2
2 ↓	5. Marginal Revolution		53.1	63.4	1.0
2 ↓	6. Brad Delong		50.8	61.3	1.0
5 ↓	7. Economist’s View		50.6	62.8	1.0
9 ↑	8. Zero Hedge		49.0	57.7	1.0
2 ↓	9. Naked Capitalism		40.4	48.0	1.0
4 ↓	10. Econbrowser		36.2	42.0	1.0
-	11. The Big Picture		35.9	42.6	1.0
2 ↓	12. EconLog		35.9	45.3	0.9
4 ↓	13. The Money Illusion		30.2	48.0	0.7
9 ↓	14. Greg Mankiw’s Blog		30.1	36.6	1.0
5 ↑	15. Economic Policy Institute		28.7	35.7	0.9
3 ↓	16. Calculated Risk		28.6	25.5	1.3
23 ↑	17. Next New Deal		26.2	24.0	1.3
New Entry ★	18. On the Economy		25.1	33.3	0.9
4 ↓	19. Crooked Timber		24.5	26.4	1.1
6 ↓	20. Freakonomics		23.4	32.4	0.8

China companies feel the investment hangover

An alarming development.

The Global QE Exit Crisis

Here.

Why Americans Won't Do Dirty Jobs

An incredible report in Alabama for its immigration policy change.

Empire State of Mind

9/11 Tribute.

Calculated Risk's Links

Calculated Risk collects this wonderful links for economic data source.

Charting the American Debt Crisis

From NYT.

Bullish US Economy

The view from Robert Doll.

China's Rising Wages Propel U.S. Prices .

From WSJ:

During China's 30 years of economic growth, hundreds of millions of factory and urban jobs soaked up surplus rural farm labor. In the past three or four years, he says, that extra labor has been exhausted.

Many analysts predict that China's vast labor force will begin declining in the next year or two, the result of family-planning policies. Others say there's already a shortage of the most active members of the factory floor, workers aged 15 to 34. That group has been steadily declining since 2007, according to Jun Ma, Deutsche Bank's chief economist for Greater China. A shrinking work force will need higher salaries to support an expanding population of elderly.

Plans for Slashing Corporate Taxes Worry Some Firms .

From WSJ:

Under the current thinking, Treasury officials would propose lowering the U.S. corporate rate from the current 35%, among the world's highest, to the upper 20s.

To offset the lost revenue that would come with a major rate reduction, the plan would likely call for reducing or eliminating major business deductions, such as for accelerated depreciation.

But in addition, administration officials have been considering ideas that could result in different tax treatment and possibly higher taxes for some large businesses that are organized as small businesses, according to people familiar with the situation. In particular, small-business representatives worry that the administration will seek to force the largest of those businesses to pay corporate taxes in addition to what they pay now.

Taxing China's Assets

Foreign Affairs has this interesting article for a policy dealing with China's currency manipulation.

WSU Homepage

I like this homepage picture of Winona State University. It has a charming Midwest style: simple, pure, and vigorous.