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.

 

What if Country Bonds Were Linked to GDP Growth?

What if countries could have some built-in flexibility in repaying their debts: specifically, what if the repayment of the debt was linked to whether the domestic economy was growing? Thus, the burden of debt payments would fall in a recession, which is when government sees tax revenues fall and social expenditures rise. Imagine, for example, how the the situation of Greece with government debt would have been different if the country's lousy economic performance had automatically restructured its debt burden in away that reduced current payments. Of course, the tradeoff is that when the economy is going well, debt payments are higher -- but presumably also easier to bear.

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Opioids: Brought to You by the Medical Care Industry

There's a lot of talk about the opioid crisis, but I'm not confident that most people have internalized just how awful it is. To set the stage, here are a couple of figures from the 2018 Economic Report of the President.

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Early Childhood Education Fails Another Randomized Trial

Public programs for pre-K education have a worthy goal: reducing the gaps in educational achievement that manifest themselves in early grades. I find myself rooting for such programs to succeed. But there are now two major randomized control trial studies looking at the the results of publicly provided pre-K programs, and neither one finds lasting success. Mark W. Lipsey, Dale C. Farran, and Kelley Durkin report the results of the most recent study in "Effects of the Tennessee Prekindergarten Program on children’s achievement and behavior through third grade" (Early Childhood Research Quarterly, 2018, online version April 21, 2018). 

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Conflict Minerals and Unexpected Tradeoffs

The cause seemed worthy, and the policy mild. Militia groups in the Democratic Republic of the Congo (DRC) were taxing and extorting revenue from those who mined like tin, tungsten, and tantalum. Thus, Section 1502 of the Dodd-Frank Act of 2010 required companies to disclose the source of their purchases of such minerals. The hope was to reduce funding for the militias, and thus to benefit people in the area. Human rights advocacy groups supported the idea. The Good Intentions Paving Company was up and running.

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On Preferring A to B, While Also Preferring B to A

"In the last quarter-century, one of the most intriguing findings in behavioral science goes under the unlovely name of preference reversals between joint and separate evaluations of options. The basic idea is that when people evaluate options A and B separately, they prefer A to B, but when they evaluate the two jointly, they prefer B to A." Thus, Cass R. Sunstein begins his interesting and readable paper "On preferring A to B, while also preferring B to A" (Rationality and Society 2018,  first published July 11, 2018, subscription required). 

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