Images are from the grand finale chapter of chicagopricetheory.com 2nd edition. 3/3
Chicago Price Theory
chicagopricetheory.com
the premium in absolute terms.
Their prediction holds up almost perfectly 40 YEARS LATER!! If they are correct, today’s large premium could easily increase another 1.5X over the next 20 years. Who wants to advise wide swaths of young people that Katz and Murphy will suddenly be wrong? 2/3
Their prediction holds up almost perfectly 40 YEARS LATER!! If they are correct, today’s large premium could easily increase another 1.5X over the next 20 years. Who wants to advise wide swaths of young people that Katz and Murphy will suddenly be wrong? 2/3
In defense of diplomas:
With 40-years old data, Katz & Murphy predicted that the skill premium in wages would grow 3 percent per year minus any movement down the demand curve due to increased skills in the workforce. 3 percent is a lot; rarely since WWII has skill accumulated enough to reduce...1/3
With 40-years old data, Katz & Murphy predicted that the skill premium in wages would grow 3 percent per year minus any movement down the demand curve due to increased skills in the workforce. 3 percent is a lot; rarely since WWII has skill accumulated enough to reduce...1/3
Reposted by: Casey B. Mulligan
Landsburg has this as Exhibit 15.11. Here are McCloskey and Pashigian. But the other dozen texts I know don't have it.
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by Casey B. Mulligan — Reposted by: Mariacristina De Nardi
This gem of price theory is useful for public, macro, and labor. Once seen, it's obvious. Yet is quite rare, at least in published textbooks or article.
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youtu.be/qv1JFjT8QeM?...
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youtu.be/qv1JFjT8QeM?...
Progress and Incidence: Output and factor incomes as areas under the marginal product schedules
YouTube video by Chicago Price Theory
youtu.be
Short and sweet from Cass Sunstein.
casssunstein.substack.com/p/a-note-on-...
casssunstein.substack.com/p/a-note-on-...
Based on the new Public Choice paper rdcu.be/dTe82
Equilibrium responses to price controls: a supply-chain approach
rdcu.be
Reposted by: Casey B. Mulligan
A thread by @dieworkwear.bsky.social argued that clothes are not made as well as in the past. IMO that is also the case for appliances. Now other durables as well according to WSJ. Why a reduction in durability of durables, as tech progress advances?
www.wsj.com/lifestyle/co...
www.wsj.com/lifestyle/co...
Your New $3,000 Couch Might Be Garbage in Three Years. This Is Why.
Furnishings that used to last for a decade or more fall apart much sooner now. Think fast fashion for furniture.
www.wsj.com
The prediction was based on anticipated regulatory activity, the costs of which proved to be unfairly distributed. Might that be why the 2024 voting patterns varied by household income?
Here is an interesting article that looks at it on a per capita basis. Pretty close to the -5.0% we predicted in 2020.
www.wsj.com/opinion/nobe...
www.wsj.com/opinion/nobe...
Price Theory is Essential for Causal Inference!
Don't miss out -- understanding these 18 minutes will change how you do economic measurement.
www.youtube.com/watch?v=1zcI...
Don't miss out -- understanding these 18 minutes will change how you do economic measurement.
www.youtube.com/watch?v=1zcI...
Difference-in-Differences in the Marketplace
YouTube video by Chicago Price Theory
www.youtube.com