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 Problem of College Completion Rates

There's one event that very often turns college enrollment into a poor financial decision with a negative payoff: not completing a degree. Then that happens, the student has spent both money and some years of time in a program that not only offers little financial payoff, but may also leave them saddled with student loans to repay for years to come. More broadly, society's investment in higher education isn't paying off. Two DC think-tanks, ThirdWay and the American Enterprise Institute, have published a set of five readable papers on the subject:

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US Homeownership Patterns

Homeownership rates in the US rebounded a bit in 2017, but remain near historically low levels. This is a source of concern for a number of reasons: homeownership is a savings vehicle that has worked for a number of households over time; being a homeowner encourages people to look after and contribute to their neighborhoods; and homeownership is part of that loose vision of the good life sometimes called the "American dream." I'll draw on evidence presented in The State of the Nation's Housing 2018, the 30th version of an report produced annually by the Joint Center for Housing Studies of Harvard University. For those who want an overview of US housing markets, including issues of rental markets and low-income affordability, it's a good place to start. Here, I'll focus on homeownership patterns.

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The Medical Bankruptcies Debate

The debate over the extent to which uninsured medical costs lead to personal bankruptcies is interesting for a couple of reasons. In terms of social science, it shows the difference between a naive reading of survey data and an actual research design. In terms of politics, it shows the allure of a more glamorous and striking claim, even when incorrect, over a similar claim that is less flashy but actually true.

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Brainstorming Anti-Poverty Programs

There are legitimate concerns about how the poverty line is set. It was set back in the early 1960s and adjusted for inflation since then, but without regard for other changes in the economy.

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Some Thoughts About Economic Exposition in Math and Words

Analysis in economics and other social sciences often uses a combination of words and mathematics. There is an ongoing critique by those who argue that while the math may sometimes be useful, it is too often deployed with insufficient regard for whether it captures the underlying economic reality. In such cases, the argument goes, math is used as a way of pretending that an argument about the real-world economy has been definitely made, or settled, when in reality only an equation of limited application has been solved.

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