Timothy Taylor is an Americaneconomist. 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 other day I found myself, as one does, reading speeches given 50 years ago by Edward Levi, who was then the president of the University of Chicago. Here are some thoughts from "The University and the Modern Condition," which was delivered to the University of Chicago Citizen's Board on November 16, 1967, and reprinted in his 1969 collection Point of View: Talks on Education (magically available via Google Books). It is both comforting and disheartening that many of his comments could be delivered essentially unchanged by a speaker a half-century later.
Making predictions is hard, especially about the future. It's a comment that seems to have been attributed to everyone from Nostradamus to Niels Bohr to Yogi Berra. But it's deeply true. Most of us have a tendency to make statements about the future with a high level of self-belief, avoid later reconsidering how wrong we were, and then make more statements.
One can make a reasonable argument that the concept of an economy and the study of economics begins with the idea of specialization, in the sense that those who function within an economy specialize in one kind of production, but then trade with others to consume a broader array of good.
There's an old rueful line from firms that advertise: "We know that half of all we spend on advertising is wasted, but we don't know which half." It's not clear who originally coined the phrase. But we do know that the effects of advertising have changed dramatically in a digital age. Half of all advertising spending may still be wasted, but now it's for a very different reason.
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