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ECONOMIC PERSPECTIVES A N I NTRO DUCTI O N TO U. S . MA CRO E CO NO MI C P O L I CY I S S UE S , S UCH A S HO W WE US E MO NE TA RY A ND FI S CA L P O L I CI E S TO P RO MO TE E CO NO MI C G RO WTH, L O W UNE MP L O Y ME NT, A ND L O W I NFL A TI O N.
MO NDA Y , A P RIL 1 2 , 2 0 1 0
U.S. PUBL IC DEBT
Tea Party Supporters of Smaller Government Advocate Volunteer State Militias
National Debt Clock
$20,842,884,138,434
One way to reduce the size of the U.S. federal government is to decrease military expenditures. Some people advocate a return to state militias as a response to increased federalism. According to the April 12, 2010 article
U.S. PUBL IC DEBT SINCE 1 9 4 0
"Okla. tea parties and lawmakers envision militia," members of the Oklahoma tea party movement are considering it. P O S TE D B Y J O HN B UCK A T 8 : 2 7 P M
L A B E L S : U. S . MI L I TA RY
1 COMME NT : QUALITY STOCKS UNDER 5 DOLLARS March 10, 2013 at 8:00 PM The tea party is a phoney party. Reply U.S. PUBL IC DEBT SINCE 1 9 4 0 ADJUSTED FOR INFL ATION
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ECONOMIC GROWTH 3.1% (3rd Quarter 2012) (Goal: 3%; perhaps more if it can be sustained without inducing inflation.) UNEMPLOYMENT 7.8% (December 2012) (Goal: less than 5.5%) INFLATION 1.74% (December 2012) (Goal: 1 to 2%) Economic Growth - Historical Data Unemployment - Historical Data Inflation - Historical Data
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TOPICS
Outline of Topics (brief) Outline of Topics (detailed) Part I: Introduction to Economics 1. What is Economics? 2. Economic Perspectives 3. Simple Economic Models 4. Supply & Demand Analysis 5. Personal Investments Part II: Macroeconomic Policy 6. Economic Growth 7. Low Unemployment 8. Low Inflation 9. Monetary Policy 10. Fiscal Policy Glossary of Economic Terms
L INKS
AP Economic Stress Index Brad DeLong's blog Bureau of Public Debt - U.S. Treasury Bush Tax Cuts - (Ecolanguage) Calculated Risk (blog) Center for Strategic & Budgetary Assessments Christmas Price Index Concord Coalition Congressional Budget Office (CBO) Council of Economic Advisers (White House) Dangerous Economist (Cyril Morong) Dear Economist (Tim Harford) Economic Report of the President Economist.com EconomistMom.com (Diane Lim Rogers) Economists Do It With Models Economix (New York Times) FactCheck.org Fox News Gallup (polls) Global Rich List Greg Mankiw's blog Happy Planet Index International Trade Examiner (Sarita Jackson) Kiva - loans that change lives Labor Market Data Media Matters For America National Economic Council (White House) National Priorities Project NationMaster - comparative data Newstin Paul Krugman's blog Peter G. Peterson Foundation Planet Money (National Public Radio) PolitiFact Truth-o-Meter Producing Ohio: Creating Our Economy Starting Point (teaching methods) Story of Stuff Tax Policy Center (Urban Institute/Brookings) U.S. Budget - Historical Tables U.S. Misery Index Unemployment Rate US Debt Clock White House - Economic Issues Z Facts
DATA
Brookings Institution Bureau of Economic Analysis (BEA) Bureau of Labor Statistics (BLS) Consumer Confidence Index Consumer Price Index (since 1957) EconData.net Economic Growth - Table B-4 Economic Report of the President federal funds rate FRED (Federal Reserve Economic Data) Gasoline Prices (U.S. & Canada) GeoFRED (Geographic Federal Reserve Economic Data) Gross Domestic Product - country rankings Gross Domestic Product - U.S. statistics Income, Poverty and Health Insurance Coverage in the United States: 2007 Inflation Calculator (BLS) Inflation Rate interest rates Labor Market Data - Employment Situation Report Labor Market Data - most recent month prime rate Producer Price Index (current) Unemployment Data - Historical Unemployment Rate (Bloomberg) Unemployment Rate (BLS chart) World Economic Outlook (IMF) World Factbook (CIA)
DO CUME NTA RY FIL MS
The Story of Stuff (21 minutes) I.O.U.S.A. (30 minutes)
MY O THE R B L O G S
Modern Economic Thought Joseph Schumpeter's Business Cycles Business Cycles The link above takes you to a pdf file of Joseph Schumpeter's book. 7 years ago
Comparative Economic Development Haiti completely devastated by earthquake - In the January 13, 2009 article "Quake-stunned Haitians pile bodies by fallen homes," Associated Press writer Jonathan M. Katz reports that the poorest cou... 8 years ago
Teaching & Learning at Jacksonville University Topics for Next Meeting (Oct. 2nd) As we discussed in Friday's meeting, rather than having a book club leader we are all going to bring questions related to the chapters we're reading in Doy... 8 years ago
Service-Learning at Jacksonville University Service Learning in English Composition: A Case Study - Journal of Scholarship of Teaching and Learning, Vol. 6, No. 2, October 2006, pp. 93 – 100. Service Learning in English Composition: A Case Study Maria M... 11 years ago
BL OG ARCHIVE
1996 (1) 1998 (1) 1999 (4) 2000 (2) 2001 (2) 2002 (1) 2003 (2) 2004 (4) 2005 (3) 2006 (6) 2007 (16) 2008 (265) 2009 (657) t 2010 (110) January (32) February (7) March (13) t April (9) Signs the economy is really getting better Nearly half of US households escape fed income tax... Murdoch rips competitors for bias even as more Fox... Interest Rates Have Nowhere to Go but Up Tea Party Supporters of Smaller Government Advocat... AP survey: Recovery to remain sluggish into 2011 A Vote for Lower Taxes May Be a Vote for Higher Ta... Bill Clinton Sees 'More Immigrants' As A Way To Re... The Fed is not as Independent as Designers Planned... May (8) June (1) July (12) August (5) September (15) October (3) November (5) 2011 (10) 2012 (6) 2015 (23) 2017 (1)
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(Freddie Mac) Federal Insurance Contributions Act (FICA) Federal National Mortgage Association (Fannie Mae) Federal Open Market Committee (FOMC) Federal Reserve System Federal Reserve System (the Fed) federalism fiat lux fiat money Fifty Percent League final goods approach to measuring gross domestic product (GDP) finance financial capital financial crisis Financial Industry Regulatory Authority (FINRA) financial regulation fire First Coast Tea Party fiscal policy fiscal stimulus fiscal wake-up tour fish flat tax Flat Tax Revolution Florida amendment one Fonzie food Food and Drug Administration (FDA) food stamps food trucks Forbes 400 Forbes magazine foreign aid Fox News Channel fractional reserve banking free markets free trade Fresh Air frictional unemployment Frontline frugality FTSE 100 fulfillment fun theory functions of money future value G-20 G20 Gabriel Byrne games garbage piles gasoline prices gay marriage GDP GDP per capita George Bush George W. 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How the government dealt with past recessions how to lie with statistics hubris human capital human development index hunger Hungry Planet: What the World Eats Hurricane Katrina hyperinflation hypocrisy I.O.U.S.A. movie immigration importance of low inflation Important Concepts in Understanding Macroeconomics imports (M) In the long run we are all dead. In Treatment incentives income distribution income effect income inequality income taxes increasing opportunity costs Index of Leading Economic Indicators Index of Personal and Economic Freedom inflation inflation rate Informant informercials insurance integral politics interest on deposits at the Fed interest rates Internal Revenue Service (IRS) international finance International Monetary Fund (IMF) International Monetary Systems (IMS) Introduction to Economics investment (I) iPod Ira Glass Is conservatism dead? ITEX Jack and Suzy Welch Jackie Robinson Jacksonville Jacksonville University Jacob Kirkegaard James Inhofe James Piereson Jay Leno Jeanne Cummings Jimmy Carter job creation job market job satisfaction jobless claims Jodi Beggs Joe Biden Joe Klein Joe Scarborough Joel Slemrod John Linder John Maynard Keynes John Peyton John Stossel jokes Jon Stewart Jordan Palmer Joseph Schumpeter Judith D. Schwartz Jump into Economics jump the shark junk bonds junk food taxes Justin Fox Kaiser Family Foundation Keep America Beautiful Ken Wilber Keynesian economics Keynesian unemployment kibbutz Kimberley A. Strassel Kiva Kyoto Protocol labor Labor Day labor market Laffer curve laissez-faire Larry Summers Law Enforcement Against Prohibition (LEAP) Learning Objectives legalization of drugs Leigh W. Rutledge leisure libel liberalism liberals libertarian paternalism libertarianism libertarians lies lies and deceptions life expectancy Life Inc. limitations of economics limitations of unemployment data Lithuania lobbyists lottery low inflation low unemployment lucky duckies Ludwig von Mises Institute lump-sum tax M1 M2 M3 macroeconomic policy goals macroeconomic policy tools macroeconomics Mad Men Made in the USA Malcolm Gladwell Man Who Lives Without Money management Manhattan Institute for Policy Research Margaret Thatcher marginal tax rates marijuana marital infidelity Mark Sanford Mark Steyn Mark Zandi market failure market power market wage marketing markets Maryland Material World: A Global Family Portrait Matt Damon Matt Miller Matt Taibbi McAllen Texas McClatchy McDonald's measurement of economic growth measurement of inflation measurement of unemployment Media Matters for America Medicaid Medicare Medicare prescription drug plan Meet the Press menu costs of inflation Michael Bloomberg Michael Jordan Michael Moore Michael Steele Michael Zweig Mickey Edwards microeconomics microfinance microlending Microsoft middle class Mike Huckabee milk mind map minimum wage laws misery index models monetary policy money Moneytopia More Sex is Safer Sex Mortimer B. Zuckerman most lucrative college degrees multiplier mutual funds names Nancy-Ann DeParle National Bureau of Economic Research (NBER) National Economic Council National Football League (NFL) National Public Radio (NPR) national sales tax nationalization natural resources Neal Boortz neo-liberalism net exports (X-M) net worth Netscape Network New Deal New Testament New York City New York Mercantile Exchange New York Mets New York Post New York Stock Exchange New York Times news media NewsHour with Jim Lehrer Newt Gingrich Niall Ferguson nihilism Nikkei stock average Nintendo Wii Nobel prize nominal GDP per capita nominal variables nonrenewable resources normative analysis North Korea nudge Obama Obama travel Office of Management and Budget (OMB) offshoring oil Old Testament open market operations opportunity costs Oprah Winfrey orange juice Organization of Petroleum Exporting Countries (OPEC) Outliers outline overeating paper airplane models paper bills paradox of thrift paranoia patents Paul Krugman pay-as-you-go (PAYGO) rules PBS Peddling Prosperity Peddling Prosperity: Economic Sense and Nonsense in the Age of Diminished Expectations pencil pennies pensions People of Walmart People's Initiative to Limit Property Taxation personal income personal investments Peter G. Peterson Foundation Peter Menzel Peter Orszag Peterson Institute pharmaceutical companies photographs physical capital pink flamingos pink ties Pittsburgh Summit 2009 Playstation 3 Political Compass political spectrum quiz politicians PolitiFact; St. Petersburg Times poll poll tax pollution Portability of Save Our Homes positive analysis Post hoc ergo propter hoc pot poverty poverty guidelines poverty line PPF prescription drugs price ceiling price controls price fixing price floor price index primates prisoners' dilemma producer price index (PPI) Producing Ohio production possibilities frontier (PPF) productivity property rights property taxes Proposition 13 protectionism protest signs Public Broadcasting Service (PBS) public debt public resources purchasing power quality of life Queen Elizabeth II questions for further study Randy Newman rappers Reaganomics Real Clear Politics real estate Real GDP Real gross domestic product real rate of return real variables recession Reclaiming Conservatism reconciliation red wine regional currency regressive taxes regulation of markets religion remote area medical (RAM) renewable resources rent controls Republican National Committee Republican National Committee (RNC) Republican party Republican Party (GOP) reserve currency retail sales retirement Richard K. Armey right-wing lies and deceptions Robert H. Frank Robert M. Gates Robert Reich Rocket Ismail role of government Roman Catholic Church Ron Paul Ronald Reagan Rule of 70 RunPee.com Rush Limbaugh Russell 2000 Russia Rust Belt sacrifice Sam Tanenhaus Sarah Palin satellite photo savings rate school lunches Schoolhouse rock self-interest selfishness Serendip sex shoeleather costs of inflation shortage Sick Around the World simple economic models sin tax Slate Slim Thug Snap Judgement Soak the Rich Social Security socialism soda pop tax soft drinks Somalia song Sonia Sotomayor Sources of economic growth South Korea specialization speeding tickets Standard and Poor's 500 Standard and Poor's 500 index state and local government taxation Stephen Colbert Steve Forbes Steven E. Landsburg stimulus stimulus analogy stock market stocks Story of Stuff strategies for reducing unemployment structural unemployment subprime mortgage crisis subsidies substitution effect supply supply and demand analysis supply and demand quiz supply-side economics surplus Switzerland Syriana systems of allocation tariffs tax breaks tax burden tax cuts tax efficiency tax equity tax increases Tax Policy Center tax reform tax tea parties taxation taxes taxi tea party movement technology television temperature Ten Most Popular Jobs for Economics Majors terms terrorism Terry Gross Texas Cattlemen text messages The 1900 House The Atlantic The Daily Show The End of Overeating The Huffington Post The Myth of the Rational Market The New York Review of Books The Time Machine The truth The Tyranny of Dead Ideas The Week The West Wing the whole truth The World is Curved: Hidden Dangers to the Global Economy This American Life Thomas L. Friedman Tim Geithner Tim Harford Time dollars TIME magazine tires tobacco Tom Brokaw Tom Harkin Tom Patton tooth fairy topics trade Trade Adjustment Assistance (TAA) trade balance trade deficit trade protection trade war tradeoffs tradition tragedy of the commons traveler´s check Troubled Asset Relief Program (TARP) two wolves Tyler Cowen typewriter U.S. banking crisis U.S. Census Bureau U.S. Constitution U.S. dollar U.S. federal budget U.S. federal government spending U.S. government spending U.S. military U.S. News and World Report U.S. view of the world UN Development Programme (UNDP) Uncle Sam underemployment unemployment unemployment benefits unemployment compensation unemployment rate United for a Fair Economy United Nations (UN) universal health care unlimited needs and wants unregulated markets Urban Institute-Brookings Institution Tax Policy Center US Airways Flight 1549 crash US Global Change Research Program US Uncut USS John F. Kennedy Value-added tax (VAT) Vanity Fair Verizon Communications veterans video visualizing the U.S. economy voodoo economics voting wage rate wages and salaries Wal-Mart Wall Street Journal war Warren Buffett Washington Post wasteful government spending Ways to waste your money wealth Wealth of Nations wealthiest people in the U.S. well-being Wendell Potter Western U.S: What is Economics? When My Grandmother Was a Child Where the hell is Matt? White House white paint white-collar workers Why Study Economics? Wikipedia William G. Gale Wilmington Ohio wine Winston Churchill wishful thinking wolves World Economic Forum (WEF) World Food Program World Health Organization (WHO) World News Tonight World Trade Organization (WTO) writing well; YouTube Zimbabwe
RE CO MME NDE D RE A DING
The Predator State: How Conservatives Abandoned the Free Market and Why Liberals Should Too - James K. Galbraith The Return of Depression Economics and the Crisis of 2008 - Paul Krugman The Limits of Power: The End of American Exceptionalism - Andrew J. Bacevich Peddling Prosperity: Economic Sense and Nonsense in an Age of Diminished Expectations - Paul Krugman The New American Story - Bill Bradley Reclaiming Conservatism: How a Great American Political Movement Got Lost--And How It Can Find Its Way Back - Mickey Edwards The End of Prosperity: How Higher Taxes Will Doom the Economy--If We Let It Happen - Arthur Laffer, Stephen Moore, & Peter Tanous
Y O U WA NT THE TRUTH?
You Can´t Handle the Truth!
CO MME NTS
I welcome comments. Please keep them civil, short and to the point. Obscene, profane, abusive and off topic comments will be deleted. Repeat offenders will be blocked. Thanks for taking part — and abiding by these simple rules.
FO L L O WE RS
BIASES INHERENT IN THIS BL OG
I believe it is extremely important to consider the sources of information. No one should be surprised if news reports on MSNBC have a liberal slant or if Fox News has a conservative bias. Unfortunately, far too many people only seek information that supports existing opinions and they fail to consider all sides of issues. I strongly encourage everyone to seek a broad spectrum of opinions and information sources, carefully consider them all, and then reach one’s own conclusions rather than just parroting what a favorite cable news celebrity might say. The following information is provided to help you understand the biases that may be inherent in this blog. My primary U.S. economic policy concern is the fiscal irresponsibility of government. The Baby Boom generation, which I am part of, has spent the past 30 years accumulating massive public debt that will be passed to our children, grandchildren, and subsequent generations. I am not opposed to the reduction or elimination of any government spending program. Yet, politicians tend to call for reduced spending in general terms and fail to publicly declare specific cuts they would make. The primary cause of the massive U.S. public debt is revenue reductions (in the form of tax cuts) without similar decreases in government spending. I am willing to consider the expansion and addition of government programs as well. I do not mind how much or little the government provides to society as long as it is paid for. I am willing to pay higher taxes for services deemed worthy, whether they be national defense, homeland security, or income assistance to those less fortunate than I. And I am certainly willing to pay less in taxes or to deposit any government check I receive. My generation, the Baby Boomers, has been very good at cutting taxes and increasing the size of government, regardless of which political party is in power. This is a prescription for financial chaos that remains a horrible legacy for future generations.
A B O UT ME J O HN BUCK J ACKS O NV I LLE , FLO RI DA
I am a professor of economics at Jacksonville University, where I teach courses in introductory economics, comparative economic development, and globalization. I use this blog to keep in touch with my current and former students. Teachers and students at other schools, as well as others interested in economic issues, are welcome to use this resource. V I E W MY CO MP L E TE P RO FI L E
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