Timothy Taylor Global Economy Expert

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.

 

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%.

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Corporations and Social Values

There is a long-standing debate over the goals of corporations. Should they focus mostly or exclusively on earning profits? Should they be willing to take on broader social missions? Should they be required to do so? What follows are some notes and snippets on this controversy, from various angles.

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Portability of Occupational Licenses?

About 25-30% of all US workers are in a job that requires an occupational license; for comparison, 10.7% of US wage and salary workers are in a union. The usual justification given for occupational licenses is that they are needed to protect the health and safety of the public. But economists going all the way back to Adam Smith in 1776 (who focused on the issue of how overly long apprenticeships limit labor market competition in Book I, Chapter 10 of the Wealth of Nations) have harbored the suspicion that they also might serve to reduce competition in the labor market and thus help those who have the license achieve higher pay.

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Rumination: Why Not a Military War on Trade?

As President Donald Trump's trade war continues to escalate, it's perhaps worth remembering his tweet from back in March:

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Corporate Debt and Leveraged Loans: Financial Snags Ahead?

It was 10 years ago in September 2008 that the worst of the financial panic crashed through the US economy. Where might the next financial crash be lurking? In a speech last week, Federal Reserve Governor Lael Brainard pointed to some possible candidates. She said:

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