Monday, October 21, 2013

RAND Database

RAND Database has a lot of economic statistics about the state of Texas. I've used it to find average wages by industry and the state, exports out of Texas's ports, average prices of various products, bankruptcies and more,

There's also farm data in there like the value and changing inventory of crops, as well as net income and a lot more things.

In addition, there is a lot of information about health, demographics, traffic, pollution, quality of life, the environment and crime - among many other variables.

Monday, October 14, 2013

Getting Economic Statistics While The Govt is Shut Down

Perhaps you’ve heard that the government is closed right now.  If you go to statistical websites such as the bureau of economic analysis or the census, you’ll be told that the site is currently not operating.
Well, there’s a work around for this that will probably get you 98% of the data that you need.

There's FRED – the Federal Reserve’s online stats service.  Only data published in the last few days won’t be available 

Also: GDP, employment, military expenditures, research and development, wages, industry composition, the environment, capital investment, and many more statistics can be found in:

Marketline
Passport

The video, while organized around the concept of international statistics works just fine for the United States.

Thursday, October 10, 2013

Janet Yellen's Articles



Unless you’ve been living under a rock, you know that Janet Yellen will probably be the next head of the Federal Reserve.

I did a search on her publications and these are two of the most cited articles.


"The Fair Wage-Effort Hypothesis and Unemployment." Quarterly Journal of Economics 105.2 (1990): 255-83. 

Wednesday, October 9, 2013

Why the Next Keynes is Unlikely to Have a PhD

Interview with British economist John Kay, in which he states that the next Keynes is unlikely to have a PhD.

One of the great emerging narratives of the financial crisis, was how unprepared mainstream economics was to intellectually grapple with the crisis.  In fact, many would suggest that it remains so. This is the age of double down, not experimentation, new thinking and reform.

Kay’s message for actuaries is that we should distrust our models – what is not in our models is often more important than what is. And we should develop narratives of what might happen rather than relying on spuriously accurate mathematical projections based on past experience. Equally, we should not blindly follow methodologies implied by financial economics - See more at: http://www.theactuary.com/features/2013/04/the-mild-mannered-prophet-of-doom/#sthash.TYTIGras.dpuf
Kay’s message for actuaries is that we should distrust our models – what is not in our models is often more important than what is. And we should develop narratives of what might happen rather than relying on spuriously accurate mathematical projections based on past experience. Equally, we should not blindly follow methodologies implied by financial economics - See more at: http://www.theactuary.com/features/2013/04/the-mild-mannered-prophet-of-doom/#sthash.TYTIGras.dpuf

Monday, October 7, 2013

Book Review: The Chastening

The Chastening: Inside the Crisis That Rocked The Global Financial System and Humbled the IMF is a very good book that will help you understand the modern, interconnected global economy. There are complex relationships between monetary policy, emerging markets, and foreign direct investment.

This book is about how the crisis of (mostly) Asian currencies in the late 1990s (Russia and Brazil also figured in this) threatened to bring down the international system of money and capital. The International Monetary Fund intervened, with controversial results. Were they helping or seeking to preserve a privileged status quo? Both?

The Chastening is another opportunity to learn about the nature of money, the IMF and international currency valuation. But I think I also learned a lot about the perils of too much foreign investment and unrealistic expectations in emerging markets.


As an American, you haven't had to learn too much about how currency devaluation, capital flight or exchange rates can rock your world. Welcome to the planet, friends!

If you're looking for clues for what could be coming to a trash-strewn, zombie-infested street near you, pick up this book.

Wednesday, October 2, 2013

Tourism Industry

I have noticed an uptick in the number of people asking for this topic, so I ordered a boatload more books on the topic. I think, judging by the titles, they will be pretty good. Here's the e-books on tourism and here's the regular category.

Check out the related subjects and definitely do keyword searches as well.