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 Salubrious US Labor Market

The US unemployment rate has been less than 4% for the last couple of months, which might seem sufficient reason for breaking out the champagne. But the sense of celebration has been generally restrained.

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The Rising Importance of Soft Skills

What skills are most important for an employee to succeed at Google? Back in 2013, the company undertook Project Oxygen to answer that question. Cathy N. Davidson described the result in the Washington Post last month ("The surprising thing Google learned about its employees — and what it means for today’s students," December 20, 2017). She writes:

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The Shifting Connections from Education to Job Skills

The Council on Foreign Relations has published The Work Ahead Machines, Skills, and U.S. Leadership in the Twenty-First Century, which is an Independent Task Force Report chaired by John Engler and Penny Pritzker,  Some of the discussion goes over familiar ground: innovation is needed, technology is changing work, economic growth is important, we should redesign unemployment assistance and sick leave for the modern work force, we should do more to assist displaced workers, and so on.  But I want to focus on one chapter of the report, "Education, Training, and the Labor Market," and its discussion of that how the interaction between education and job training has been shifting.

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The Not-So-Triumphant Return of the Marshmallow Test

The marshmallow test is one of those legends of social science that a lot of non-social-scientists have heard about. Relatively young children are offered a choice: they can either eat a marshmallow (or some other attractive treat) right now, or they can wait for some period of time (maybe 15-20 minutes) and then have two marshmallows. If you follow up on these children some years later, the legend goes, you find that those who were able to defer gratification early in life will have more success later in life. A satisfyingly moralistic policy recommendation follows: If we could teach young children to defer gratification, that skill might help them as they advance in life.

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Sweden Heads Toward a Cash-Free Economy

Sweden seems headed toward a cash-free economy. Here are some comments from Stefan Ingves, Governor of Sveriges Riksbank, the central bank of Sweden, in a short essay called "Going Cashless:

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