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.

 

Germany's Prosperity: How Stable are the Foundations?

Germany is the fourth-largest economy in the world (after the US, China, and Japan). And it's economy is doing extremely well. For example, consider the conclusion of the IMF staff in "Germany: Staff Concluding Statement of the 2018 Article IV Mission" (May 14, 2018):

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China Worries: Echoes of Japan, and the Soviet Union

There seems to be an ongoing fear in the psyche of Americans that an economy based on intensive government planning will inevitably outstrip a US economy that lacks such a degree of central planning. I first remember encountering this fear with respect to the Soviet Union, which was greatly feared as an economic competitor to the US from the 1930s up through the 1980s. Sometime in the 1970s and 1980s, US fears of a government-directed economy transferred over to Japan. And in recent years, those fears seem to have transferred to China.

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US Lagging in Labor Force Participation

Not all that long ago in 1990, the share of :"prime-age" workers from 25-54 who were participating in the labor force was basically the same in the United States, Germany, Canada, and Japan. But since then, labor force participation in this group has fallen in the United States while rising in the other countries. Mary C. Daly lays out the pattern in "Raising the Speed Limit on Future Growth" (Federal Reserve Bank of San Franciso Economic Letter, April 2, 2018).

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The Global Rise of Internet Access and Digital Government

What happens if you mix government and the digital revolution? The answer is Chapter 2 of the April 2018 IMF publication Fiscal Monitor, called "Digital Government." The report offers some striking insights about access to digital technology in the global economy and how government may use this technology.

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Global Debt Hits All-Time High

"At $164 trillion—equivalent to 225 percent of global GDP—global debt continues to hit new record highs almost a decade after the collapse of Lehman Brothers. Compared with the previous peak in 2009, the world is now 12 percent of GDP deeper in debt, reflecting a pickup in both public and nonfinancial private sector debt after a short hiatus (Figure 1.1.1). All income groups have experienced increases in total debt but, by far, emerging market economies are in the lead. Only three countries (China, Japan, United States) account for more than half of global debt (Table 1.1.1)—significantly greater than their share of global output."

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