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Azamat Abdoullaev5 Exploring the Idea of Replacing Federal Taxes with a National Sales Tax
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More in Global Economy
When Hayek Opposed the Nobel Prize in Economics
As the pedants among us never tire of pointing out, the so-called "Nobel Prize in economics" is not literally a "Nobel prize." It was not established by the original bequest from Alfred Nobel, but instead was first given in 1969, with the prize money provided by a grant from Sweden's central bank as part of the 300th anniversary of the founding of the bank. Thus, the award is officially "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel." (Justin Fox gives a nice brief overview of the history here.) Although I am pedantic in many matters, this doesn't happen to be one of them, so I will continue following the conventional usage in calling it the "Nobel prize in economics."
- 4
Black & White Racial Inequality: A Place-Based Look
The black population is not equally distributed across the United States: not equally across regions of the country, nor within metropolitan areas. This unequal distribution is in substantial part a result of historical event and policy decisions, many of them rooted in racism. As a result, policies that certain regions of the country more than others, or certain parts of metropolitan areas more than others, will inevitably have disparate racial effects.
- 5
Biggest US Export to China? Spending by Chinese Tourists
International tourism is counted in the official economic statistics as an export industry. We don't always think about it that way. But when, say, Chinese tourists in the US purchase goods and services, then Chinese consumers are buying goods and services produced in the United States--which is what "exports" means.
- 6
The Eurozone Slowdown: Five Charts And A Warning
1. Manufacturing PMI fell to the lowest level since December
- 6
When Information Flows Became Fast: The Trans-Atlantic Telegraph
When the first trans-Atlantic telegraph message was sent in 1858, the tough question was how to follow up on the famous terse line that Samuel Morse had sent in 1844 over the telegraph between Baltimore and Washington: "What hath God wrought?"
The Outsized US Suspicions about Trade: International Comparisons
The US economy, because of its enormous internal domestic market, is actually much less exposed to the effects of international trade than smaller economies around the world. For the world economy as a whole, the ratio of imports/GDP is about 28%, using World Bank data. For the US economy, the ratio of imports/GDP is 15%, about the same as Japan. For China, the import/GDP ratio is 18%; for Korea, it's 38%; for Germany, with all of its within-the-European-Union trade, the import/GDP ratio is 40%.
- 4
Should Governments Tax Products That Are Fun But Harmful?
Should you face an extra tax if you drink soda? Eat potato chips? Uncork some wine? Light up a cigarette or joint? Toast yourself in a tanning booth? Many governments think so. Mexico taxes junk food. Berkeley taxes sugary soft drinks. Countless governments tax alcohol and tobacco. Several states tax marijuana. And thanks to health reform, the U.S. government taxes indoor tanning.
- 3
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