2007-10-14 19:35 If Manufacturing Creates a Middle Class, What Does a Service Economy Create
Dani Rodrik thinks about the Chinese billionaires and has this insight: I think because incomes from real estate are based on scarcity rents: you buy the right property at the right time, and you get rich very quick. No-one can dissipate your rents. But if you are in manufacturing, you have to compete not only with your international competitors, but also with copycats and imitators at home. So the rents from successful ideas get dissipated quickly. It's not that the overall gains are not large, …
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2007-10-10 17:44 Free Trade: Bhagwati Takes on the Critics with Harsh Rhetoric
Dani Rodrik makes the following observation about a recent op-ed from Jadesh Bhagwati :Jagdish Bhagwati is a sweet and courteous man in private, but his writing often makes me cringe. That is not because I frequently disagree with him, but because of the rhetoric he uses to attack his intellectual opponents. It's as if he has an evil twin that sometimes takes control of his writing hand. The passage that made Dani cringe seems to have been: But Mr Blinder seemed unaware of the fact that outsourc …
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2007-09-13 16:34 Top 25 Economics Blogs on Del.icio.us
number rank of saves 1 Freakonomics 3152 2 Marginal Revloution 1132 3 The Big Picture 890 4 The Becker-Posner Blog 707 5 Brad DeLong's Semi-Daily Journal 644 6 Greg Mankiw's Blog 570 7 Calculated Risk 296 8 Economist's View 292 9 EconLog 273 10 Mish's Global Economic Trend Analysis 259 11 Econbrowser 249 12 Cafe Hayek 228 13 Daniel Drezner 226 14 Asymmetrical Information 205 15 New Economist 189 16 Nouriel Roubini's Blog 189 17 Environmental Economics 156 18 Tim Harford 136 19 Free Exchange at E …
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2007-09-09 17:18 Dani Rodrik's weblog: Are labor market rigidities responsible for Europe's unemployment
We conclude that the evidence is consistent with a more complex reality in which a variety of labor market models can be consistent with good employment performance.
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2007-09-03 23:45 Insight from Blaug's History
Mark Blaug, in "The Fundamental Theorems of Modern Welfare Economics, Historically Contemplated" ( History of Political Economy, V. 39, N. 2 (2007): 185-203), offers some ideas relevant to comments on other economic blogs. Blaug considers the widely repeated claim that the first fundamental theorem of welfare economics formalizes Adam Smith's notion of the "invisible hand". And he finds this claim mistaken. Blaug cites Gavin Kennedy favorably. Dani Rodrik recently kicked off a discussion of two …
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2007-08-29 16:27 More from Subramanian on foreign aid
By Arvind Subramanian, guest blogger Referring to Nancy Birdsall s response to my Wall Street Journal piece on foreign aid, Dani says that the real issue is not whether aid works but figuring out when it works, and how the aid apparatus can be improved to make aid more effective. I would put it slightly differently. The real issue is figuring out the most effective ways that the rich world can help in boosting living standards and improving the other conditions of underdevelopment (poor health …
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2007-08-23 21:51 Dani Rodrik: The Value of Being Undervalued
The importance of a competitive currency for economic growth is undeniable. But the burden of maintaining a favorable exchange rate cannot be borne by central banks alone.
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2007-08-23 21:00 Antigua 1, US Nil
Typically, international politics is an arena dominated by power. In conditions of anarchy, those who can do, and that rule is frequently followed by the US, which uses its hegemonic status to ignore rules that the US finds inimical to its interests. International institutions are the primary ways in which anarchy is mitigated in international politics, as strong institutions can create norms and rules that states must follow or risk falling afoul of the enforcement mechanism of the institution. …
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2007-08-23 19:47 WTO dispute system under fire
Today's New York Times has a lengthy article about the U.S.-Antigua gambling case at the WTO. It's unclear why they chose to run the article today, given there isn't any actual new news right now, but it's an interesting story about the dilemma that the WTO faces in trying to enforce its own rules. On his blog, Dani Rodrik responds to the article by questioning whether the WTO should have jurisdiction over this kind of domestic policy at all: To me, this is another example of how existing WTO pr …
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2007-08-23 19:44 Rodrik is wrong about the WTO's gambling decision
The WTO has ruled in favor of Antigua and Barbados again and again at the WTO, declaring that if the United States allows some forms of online gambling within its borders, then it must allow its citizens to gamble online across borders. This makes Dani Rodrik uncomfortable, but I don't understand why. Rodrik argues that the WTO is infringing upon US domestic policy space by interpreting "recreational services" to include online gambling, when "U.S. did not originally intend to include online gam …
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2007-08-23 18:22 Political Economy 101: Schedule and Readings
Political Economy 101: "Modern" Political Economy http://delong.typepad.com/pe101/ J. Bradford DeLong, 601 Evans, 925-708-0467, delong@econ.berkeley.edu, office hours T 12:30-2:30 and by appointment. TTh 11-12:30 Hearst Annex A1 August 28: Overview of the Course Readings: "Notes: Political Economy at Berkeley Overview" Assignments: Web assignment 0: introductions due by noon on August 29 August 30 and September 4: The World in 1900: Colonization, Democratization, Marketization, Industrialization …
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2007-08-23 05:19 Why, Yes, I Am Picking Up Another Course from Scratch, Now that You Mention It...
A very rough cut at the syllabus: Political Economy 101: "Modern" Political Economy http://delong.typepad.com/pe101/ J. Bradford DeLong, 601 Evans, 925-708-0467, delong@econ.berkeley.edu, T 12:30-2:30 and by appointment. TTh 11-12:30 Hearst Annex A1 August 28: Overview of the Course Readings: "Notes: Political Economy at Berkeley Overview" Assignments: Web assignment 0: introductions due by noon on August 29 August 30 and September 4: The World in 1900: Colonization, Democratization, Marketizati …
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2007-08-22 00:18 A Stock-Taking
I d like to thank Bruce Benson, Dani Rodrik, and Randy Holcombe for participating in this discussion and for offering their insightful comments. By way of concluding, I will offer a few final remarks that I hope tie together several of the threads of commentary that followed my opening essay. I want to highlight four major [...]
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2007-08-19 13:10 While I Was Out: The Ongoing Detroit Extinction Watch
Just before I saw this post by Ken, my brother told me that he'd picked up some Ford stock on the notions that it was relatively cheap at around $8 and that CEO Alan Mulally might bring half a clue to the place. He'd taken a similar gamble on Apple shortly after Steve Jobs's return, though sadly for his future progeny he unloaded his position with a gain, but one of a pre-iPod magnitude. I mostly agreed with my brother, insofar as I'd been under the impression that Mulally's inclination was to r …
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Fuelish,
German,
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Job,
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Michigan HQs,
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Steve Job,
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Three,
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2007-08-19 11:27 Who needs Government
" Who Needs Government Pirates, Collapsed States, and the Possibility of Anarchy ", discussão no Cato Unbound: Everybody seems to know we need government But pirates didn t! How did they manage without the state In this issue s thought-provoking lead essay, Peter T. Leeson .... explores what pirate œconstitutions, credit institutions among 19th century African bandit traders, and the well-being of Somalians after the collapse of the Somalian state have to tell us about the possibility of pract …
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2007-08-19 04:41 Foreign Press Review
Open University / nytcolumns CounterterrorismBlog Today in Iraq / OutSide the Beltway - InstaPundit - winds of change Kausfiles - Becker Posner-andrewsullivan.com - Registan - armscontrolwonk - IsraPundit Regime Change Iran Martin Kramer - Dani Rodrik
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2007-08-18 21:02 In defense of anti-dumping
Ever the contrarian, Dani Rodrik mounts a defense of anti-dumping rules ( pdf ): There are also some provisions of the GATT/WTO regime that are highly open to protectionist abuse, but these have had only limited impact on trade. The anti-dumping (AD) provisions of trade law are particularly notable in this respect, as they provide easy access to protection in circumstances where the economic case for protection is weak or non-existent. While countries do make use of AD, it is hard to argue that …
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2007-08-17 18:42 The Relevance of Anarchy
One interesting thing about this entire exchange is that it was nominally organized as a discussion about anarchy, proclaiming "anarchy unbound," and yet from the beginning anarchy has had little to do with the discussion. Leeson's opening essay discussed actual stateless situations in a few poor countries, and Dani Rodrik responded by noting, "There [...]
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2007-08-17 00:06 links for 2007-08-17
Misplaced concern over sovereign wealth funds - Dani Rodrik World s investors scramble for safety - FT.com Mr. Bernanke s Moment - New York Times The Economics of Bill Richardson - The American Prospect Bernanke Finds Lessons in the Great Depression - Caroline Baum How Does the Fed Keep Rates Near Its Target A Primer -WSJ Economics Blog Subprime ˜crisis : observations on the emerging debate - Vox EU The European venture capital industry - Vox EU Italy s Pension Reform - Vox EU The Economics of S …
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2007-08-16 20:42 Self-enforcing agreements
Dani Rodrik, surrounded by anarcho-sympathizing libertarians at Cato Unbound, thoughtfully discusses the limits of self-enforcing agreements. In response to Peter Leeson's claim that we don't see "shriveling international commerce in the absence of supranational commercial law," Rodrik writes: It may be objected that the operation of the global economy is proof in itself that a high level of economic activity can be maintained without political institutions... But Leeson is overlooking several t …
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2007-08-16 17:55 On Fragility of the Financial System
Fragility seems to be the word on everyone's lips today. As reported in the Financial Times, UBS market strategist William O'Donnell said that the commercial paper markets had dried up and, "Now the buyers are only interested in Treasury bills." Overnight, Rams, an Australian home lender that, while not exposed to US subprime, had been making no-down-payment mortgages in Australia. Rams was unable to extend $5 billion of commercial paper and had to seek emergency funding. Similarly, in Canada, t …
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2007-08-15 02:25 Anarchy Rebound
At Cato Unbound, Peter Leeson has reignited the intra-libertarian debate on minarchism versus anarchism. Bruce Benson, Dani Rodrik, and Randall Holcombe all have responses up. When I argue with libertarian anarchists, it s often like an out-of-body experience: I suddenly feel like I know how others see me. I regard libertarian anarchists in much the same way that non-libertarians must regard libertarians in general: kinda wacky, often very smart and well-read, idealistic, lacking in political re …
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2007-08-14 18:46 A more perfect union
THIS week, The Nation's Chris Hayes takes a fascinating look at a movement within the conspiracy theory set opposing construction of the "NAFTA Superhighway," a massive supercorridor stretching from Mexico through the American heartland and into Canada. Mr. Hayes wastes no time pointing out that the project is a myth, and yet the public outcry grows, driven in part by fears that the road is a stalking horse for a future North American Union, a multinational superstate that would spell the end of …
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2007-08-12 17:07 Natural Liberty Was Not About Laissez Faire
There is a debate underway between Alex Tabarrok and Dani Rodrik ˜about the blinkers (or otherwise) of libertarianism, Henry reports from œCrooked Timber ( ˜ Out of the crooked timber of humanity, no straight thing was ever made ( here ) from which I picked out this paragraph: œ Now, I am the last person to deny that the invisible hand is a very powerful and valuable concept, and I m certainly not going to deny the fundamental theorems of welfare economics; Debreu s Theory of Value is one of my …
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2007-08-12 01:27 First-Best Vs Second-Best Worlds
On his blog, Dani Rodrik dives into why economists differ so much about so much. He thinks the answer lies in the fact that there are two genres of economists, economists who believe in a first-best world and economists who believe in a second-best world. The gut instinct of the members of the first group is to apply a simple supply-demand framework to the question at hand. In this world, every tax has an economic deadweight loss, every restriction on individual behavior reduces the size of the …
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