Why Economists Usually Oppose New Light Rail and Subways
When it comes to urban mass transit, economists often find themselves arguing that, the ratio of benefits to costs in most is far better for buses than for rail-based system--unless there is a densely populated urban core where nearly-full trains can run a very frequent intervals. Matthew Turner explains why in "Local Transportation Policy and Economic Opportunity," written for the Hamilton Project at the Brookings Institution (January 31, 2019).
- 12/03/2019
- 7
Economics of Daylight Savings Time
Where I live in Minnesota, the short days of December have less than 9 hours of daylight, with sunrise around 7:50 am and sunset around 4:40 pm.
- 10/03/2019
- 5
Some Economic Consequences of the Near-Extinction of the Buffalo
The American buffalo population declined gradually through much of the 19th century; for example, they were almost entirely gone from the area east of the Mississippi River by the 1830s. But the near-extinction of the buffalo happened in a rush of about a decade, with a decline from 10-15 million in the early 1870s to only a few hundred by the late 1880s. Economic research from a few years ago suggests that the driving force was an 1872 innovation in tanning technology which happened in Europe, and an associated strong demand in Europe for buffalo hides. The 19th century buffalo herds were endangered by many factors, but it was pressure from globalization that drove them to near-extinction.
- 07/03/2019
- 6
Warning Signs of US Corporate Debt
Comparing the recession of 2001 and the recession of 2007-2009 reminded economists of an old lesson: A crash of asset prices in the stock market or housing can be a nasty hit for an economy, but when problems arise where many debts aren't going to be repaid in full or on time, the shock to the financial system and the economy can be much worse. For example, one study of the Great Recession found that about one-quarter or one-third of the decline in output was because of the fall in housing prices, while about two-thirds or three-quarters of the decline was related to how problems related to excessive debt worked their way through the financial system.
- 06/03/2019
- 4
What Newfangled Rent Control Looks Like
Oregon has just become the first to enact a statewide rent control law. Governor Kate Brown said: "This legislation will provide some immediate relief to Oregonians struggling to keep up with rising rents and a tight rental market." That statement is of course literally incorrect, because the Oregonians struggling with rising rents are in exactly the same position now as they were before the passage of the law. The new bill limits future increases in rents for existing renters to 7%, plus inflation, so it is clearly not a rigid limit. It will be interesting to see of that limit on future increases gets ratcheted back in the future.
- 03/03/2019
- 5
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