Economics

Rockanomics and the US Economy: “It’s a Long Way to the Top . . .”

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Rockanomics and the US Economy: “It’s a Long Way to the Top . . .”

“. . . if you wanna rock ‘n’ roll.” This quote from AC/DC and Jack Black’s School of Rock is applicable to a short story by NPR’s Weekend Edition.  The segment discusses how the economics of the music industry can teach us lessons about the broader American economy.  Most notably, both are currently in a state of radical inequality. 

Here is a description of the story: 

White House economic adviser Alan Krueger took some ribbing from his boss this week. President Obama noted that Krueger will soon be leaving Washington to go back to his old job, teaching economics at Princeton.

“And now that Alan has some free time, he can return to another burning passion of his: ‘Rockanomics,’ the economics of rock and roll,” the president said. “This is something that Alan actually cares about.”

In fact, Krueger gave a speech this week at the Rock and Roll Hall of Fame in Cleveland, where he said the music business offers valuable lessons about the broader U.S. economy.

Father of High-Frequency Trading Advocates Slow Down

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Father of High-Frequency Trading Advocates Slow Down

NPR’s Planet Money recent re-aired the story of Thomas Peterffy, a financial innovator that helped chang how (fast) stock trading occurs.  Here is a description of the story:

Thomas Peterffy’s life story includes a typing robot, a proto-iPad, and a vast fortune he amassed as one of the first guys to use computers in financial markets.

On today’s show, Peterffy tells us his story — and he explains why he’s worried about the financial world he helped create.

Edith: Welfare Queen or Government Success Story

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Edith: Welfare Queen or Government Success Story

NPR’s Planet Money team recently explored the economic implications of government assistance. 

Here is a description of the story: 

On today’s Planet Money, we meet a single mother who makes $16,000 a year — and who managed to fund a vacation at a Caribbean resort with an interest-free loan from one of the world’s largest banks.

Edith Calzado gets credit cards with teaser zero-percent interest rates — then transfers her balance before the rate ticks up. She signs up for store cards to get discounts — then pays off her bill on time. She gets food stamps and lives in subsidized housing. Her son is doing well in school.

She may be the single most successful and productive beneficiary of government assistance you’ll ever meet.

Fracking: The Key to a Combating Climate Change?

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Fracking: The Key to a Combating Climate Change?

Fareed Zakaria recently disgusted how increase access to natural gas has led tode decreased CO2 admissions.  Zakaria posits further gains may be made by sharing our hydrofracturing technology with China.  Here is a description of the story: 

We have been thinking about an idea in the opinion pages of the New York Times to tackle one of the great challenges of our times: cutting carbon emissions to slow down climate change. It would result in the single largest reduction of CO2 emissions globally of any feasible idea out there. But there are a couple of hitches. Let’s explain.

Here’s the idea: it’s time to help China master fracking safely.

By now it’s clear that fracking (the process of extracting shale gas) has dramatically lowered America’s CO2 emissions. According to the U.S. Energy Information Administration, in 2006, a fifth of our electricity came from natural gas, while almost 50 percent came from coal. By 2012, natural gas had increased its share to 30 percent of our electricity. Coal’s share dropped to 37 percent. The change was because of fracking: over that same period, shale gas production grew 800 percent.