Timothy Taylor Global Economy Guru

Timothy Taylor is an American economist. He is managing editor of the Journal of Economic Perspectives, a quarterly academic journal produced at Macalester College and published by the American Economic Association. Taylor received his Bachelor of Arts degree from Haverford College and a master's degree in economics from Stanford University. At Stanford, he was winner of the award for excellent teaching in a large class (more than 30 students) given by the Associated Students of Stanford University. At Minnesota, he was named a Distinguished Lecturer by the Department of Economics and voted Teacher of the Year by the master's degree students at the Hubert H. Humphrey Institute of Public Affairs. Taylor has been a guest speaker for groups of teachers of high school economics, visiting diplomats from eastern Europe, talk-radio shows, and community groups. From 1989 to 1997, Professor Taylor wrote an economics opinion column for the San Jose Mercury-News. He has published multiple lectures on economics through The Teaching Company. With Rudolph Penner and Isabel Sawhill, he is co-author of Updating America's Social Contract (2000), whose first chapter provided an early radical centrist perspective, "An Agenda for the Radical Middle". Taylor is also the author of The Instant Economist: Everything You Need to Know About How the Economy Works, published by the Penguin Group in 2012. The fourth edition of Taylor's Principles of Economics textbook was published by Textbook Media in 2017.

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Economics of Climate Change: Three Recent Takes

Most economists took their last course in physical science many years ago, back in college days, and lack any particular in-depth knowledge of how to model weather or climate. But economists can contribute usefully to the climate change debate in other ways. At least some economists do have expertise in patterns of energy use, potential for substitution, and technology, and thus have something to say about likely future paths for the emissions of carbon (and other greenhouse gases), and what it might take to change these paths. And at least some economists have expertise in thinking about how changes to climate would affect economic and human outcomes, ranging from crop yields to human mortality. Here are a few recent examples.

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Asset Prices and the Real Economy

Back in the late 1990s there was a mini-argument about whether something should be done about the run-up in the stock market. As a reminder, the Dow Jones Industrial Average was at about 4,000 in spring 1995, but reached 11,700 by January 2000. On one side, there was an argument that financial regulators or the central bank should do something to slow down or limit the rise. On the other side, the standard argument at the time (with which I agreed) was that: 1) giving government the power to decide an "appropriate" level for the stock-market seemed unwise for several reasons; 2) acting to choke off the stock market raised a danger of creating a near-term recession; 3) even if/when the bubble burst, the effects of a stock market collapse on the real economy would be muted. Indeed, the 2001 recession was fairly shallow and only eight months long, and while unemployment continued to rise for a time after the recession had ended, the monthly rate peaked at 6.3%.

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Should Professors Share Returns from Innovation with their Employers?

When a professor working at a university or college develops has an innovation that may lead to a new product or a new company, who should own the intellectual property? The professor? The university? Some mixture of the two? 

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A Primer on the Jones Act and American Shipping

The Jones Act pops into public consciousness every few years, perhaps most recently in fall 2017 when President Trump suspended the law for 10 days to help hurricane assistance in Puerto Rico. Colin Grabow, Inu Manak, and Daniel Ikenson offer background on the law and make the case for its repeal in in "The Jones Act: A Burden America Can No Longer Bear" (Cato Institute Policy Analysis #845, June 28, 2018). They begin:

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What Should an Economics Research Article Look Like?

The shape of an economics research article is changing: much longer, and with more co-authors.

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