Illegal Markets and Economic Justice
(Readings 4)
People are Different: When we boil economic product down to its core elements we need land, capital (tools and machines), resources and labor to produce anything. Of the four, labor is treated differently in the market place. What is so special about labor that calls for so many local and transnational restrictions? Please explain through examples both contemporary and historical.
Refugee Data: Go to the website hosted by the United Nations Commissioner for Refugees and find some interesting “piece” of data and post it (or a link to it), please add your comments about what you found. It is best if you find a table, chart or other graphic that displays lots of data at once. https://www.unhcr.org/en-us/data.html
Immigration Policy: Why is immigration policy unlikely to be influenced by good economic data?
(Readings 5)
Fiscal Policy Predictions – stimulus with a red-hot economy: What does Keynesian fiscal policy theory predict will happen if a government increases its annual budget deficit when the economy has low unemployment?
Fiscal Policy Predictions – austerity in recession: What does Keynesian fiscal policy theory predict will happen if a government decreases its annual budget deficit when the economy has high unemployment?
Favorite Alternative: There are many alternatives to Gross Domestic Product as a measure of our economic well-being. What is your favorite, why? How would that measure’s widespread adoption change policy?
Data Work with FRED: Go to the website hosted by the Federal Reserve Bank of St. Louis and find some interesting ‘piece” of data and post it (or a link to it), please add your comments about what you found. It is best if you find a table, chart or other graphic that displays lots of data at once. Try to find data about the macro economy that does NOT include money or interest rates. https://fred.stlouisfed.org
(Readings 6.1 and 6.2)
Monetary Policy Prediction – liquidity trap: What does Keynesian monetary policy predict will happen when the government (through the central bank) wants to fight against recession but interest rates are already very close to zero.
Monetary Policy Prediction – politics get in the way: Suppose a national leader is up for reelection when the economy is doing well (low unemployment and reasonable inflation) and she wants to “boost” the economy through the use the central bank’s control over the money supply. Could this work and what are the consequences?
Money Creation is Not a Pyramid Scheme: Why is it okay for banks to create money through the process of holding fractional reserves and lending while it is not okay for fraudsters such as Bernie Madoff to run a pyramid scheme?
DATA work with FRED: Go back to the website hosted by the Federal Reserve Bank of St. Louis and find some interesting “piece” of data and post it (or a link to it), please add your comments about what you found. It is best if you find a table, chart or other graphic that displays lots of data at once. Now is the time to find data on money or interest rates! https://fred.stlouisfed.org