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.

 

Prescription Drug Prices are Falling

"[W]e conclude that the Bureau of Labor Statistics’ (BLS) CPI Prescription Drug Index (CPI-Rx) is the best available summary measure of the price changes of prescription drugs. According to this measure, not only are drug prices increasing more slowly than general price inflation; in the most recent period, drug prices have been decreasing. From the peak in June 2018 through August 2019, the CPI-Rx has declined by 1.9 percent. Figure 1 plots the year-over-year percentage change in the CPI-Rx. Through August 2019, the year-over-year change in the index has now been negative for 8 of the previous 9 months." 

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Interview with Douglas Holtz-Eakin: Career, Budgets, Deficits

Mark A. Wynne of the Dallas Fed has one-hour interview: "Douglas Holtz-Eakin on Economic Projections, Deficits and Climate Change" (December 12, 2019). Holtz-Eakin has had an eminent academic career at Columbia and currently at Syracuse, but he is perhaps most widely for his time as head of the Congressional Budget Office from 2003-2005. Audio is available, but no full transcript. Here are some comments from Holtz-Eakin:

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Carbon Capture and Storage

In my experience, carbon capture and storage (CCS) is often viewed as a quirky technological possibility, not of central significance to the overall issue of reducing the rise of atmospheric carbon. This perception is incorrect. The Global CCS Institute provides an overview in Global Status of CCS 2019. As the report notes: 

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Interview with Daron Acemoglu: Wellsprings of Growth

Tyler Cowen conducts one of his rich and illuminating "Conversations with Tyler" in "Daron Acemoglu on the Struggle Between State and Society" (Medium.com, December 4, 2019, both audio and transcript available). Here are a few tidbits from Acemoglu, but there's much more at the link:

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Remembering Paul Volcker: 1927-2019

Paul Volcker, who was chair of the Federal Reserve from August 1979 to August 1987 has died. He is generally credited, or in some cases blamed, for the set of monetary policies which both ended the inflationary period of the 1970s but also brought on the very deep double-dip recessions of 1980 and 1981-2. The New York Times obituary is here.

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