American - Journalist | -
When you cover the economy as a reporter, there's one part of the job that is always easy: finding economists who disagree.
Adam Davidson
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The idea of confidence, of the emotions of the population, is an incredibly important one in economics. John Maynard Keynes called it 'animal spirit.' And if people are feeling generally good about the future, they're more likely to spend money, to start new companies; companies are more likely to hire people, make investments.
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What we want as an economy is companies and people, you know, working hard to come up with creative ways to be more productive. We don't want companies and people working hard to lobby government for special tax cuts.
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What there is no dispute about is whether or not China is a currency manipulator. They are a currency manipulator. They actively intervene every single day to keep the value of their currency less than it would be against the dollar than if it floated freely. We think. Even China barely disputes that.
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A rule of thumb: If the company you work for provides a product or service that's pretty much the same as what was offered last year and a few years before that, it might be time to start looking for something new.
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Whenever you hear news about jobless claims or the unemployment rate, you should translate that in your mind to one simple phrase: Stay in school.
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If the American government can't stand behind the dollar, the world's benchmark currency, then the global financial system will very likely enter a new era in which there is much less trade and much less economic growth. It would be, by most accounts, the largest self-imposed financial disaster in history.
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'Reinventing the Bazaar,' by John McMillan, is a great and fun introduction to the wild variety and importance of markets throughout history and around the world. I finally understood how a Middle Eastern souk actually works economically and how to compare that to modern-day telecom-spectrum auctions. I love that book.
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'The Old Social Classes and the Revolutionary Movement in Iraq,' by Hanna Batatu. Few may wish to take on this massive, obscure work, but it changed my life, and I love it.
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We tend in this country to talk about Democrats and Republicans, and think there's little group over there called Independents that's maybe 2%. That is not the case, and it has not been the case for most of modern American history.
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The Internet is, among other things, a massive, chaotic marketplace. Too much information, it turns out, is a lot like no information.
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The cardinal rule of taxation is that whatever you put a levy on, you'll inevitably get less of. Taxing corporate activity means less investing, less hiring, fewer jobs and a smaller economy, which hurts the rich, the poor and the middle class alike.
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