Category: Economic News
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Global Grain Production at Record High Despite Extreme Climatic Events
World Watch: Global Grain Production at Record High Despite Extreme Climatic Events Global grain production is expected to reach a record high of 2.4 billion tons in 2012, an increase of 1 percent from 2011 levels, according to new research conducted by the Nourishing the Planet project for our Vital Signs Online service. According to…
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Current Recession vs Double Dip Recession in the Early 1980s
Conversable Economist: The Potential GDP Perspective on Business Cycles A few themes jump out from looking at the data in this way: 1) If the Great Recession is measured according to how far the economy had fallen below potential GDP, it is actually quite similar to the effects of the double-dip recession in the early…
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Russia reveals shiny state secret: It’s awash in diamonds
Christian Science Monitor: Russia reveals shiny state secret: It's awash in diamonds Russia has just declassified news that will shake world gem markets to their core: the discovery of a vast new diamond field containing "trillions of carats," enough to supply global markets for another 3,000 years. The Soviets discovered the bonanza back in the…
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US incomes fall to 1989 levels. How did that happen?
Christian Science Monitor: US incomes fall to 1989 levels. How did that happen? A Census report signals that for much of America, the economic downturn has produced not one lost decade but two. But the data also show that federal safety-net programs helped keep people out of poverty. … … Economists haven't reached a consensus…
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Recession: Why We’re So Gloomy
Time (via Carpe Diem): Recession: Why We're So Gloomy Well, why are Americans so gloomy, fearful and even panicked about the current economic slump? U.S. consumers seem suddenly disillusioned with the American Dream of rising prosperity. Hard times are forcing some people to turn their back on the American Dream. "Whining" hardly captures the extent…
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Graphing Changes in Income
The Monkey Cage: Choices in graphing parallel time series Earlier this week I posted the following chart: Economist Andrew Gelman looked at this and explored alternative presentations of the data and here is what he produced: Then I thought of plotting the incomes over time (all these income values are inflation-adjusted, of course): I like…
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60 Years of American Economic History, Told in 1 Graph
Atlantic: 60 Years of American Economic History, Told in 1 Graph
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China Confronts Mounting Piles of Unsold Goods
New York Times: China Confronts Mounting Piles of Unsold Goods GUANGZHOU, China — After three decades of torrid growth, China is encountering an unfamiliar problem with its newly struggling economy: a huge buildup of unsold goods that is cluttering shop floors, clogging car dealerships and filling factory warehouses. The glut of everything from steel and…
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In the Global Economy, All Job Creation Is Local
Atlantic Cities: In the Global Economy, All Job Creation Is Local But these are fairly predictable answers. So here's something weirder and more colorful: As economics went global, job creation went local. That sounds totally backward. But it's true. … Here is his graph showing job creation by year: Here is his conclusion: About half…