Current Events

A. Trouble with GDP

1. What does measuring GDP require?

2. Why is measurement tricky?

3. How did Kuznets and Keynes differ in their views?

4. What was Nordhaus and Tobin’s contribution?

5. What percent of the economy is services?

6. By convention what does GDP measure?

7. What is “rebasing”?

8. What is chain weighting?

9. What are the issues in measuring government services?

What is issue measuring?

10. Housing

11. Financial services

12. What is the big complication in measuring inflation?

13. Missing improvements in performance does what to inflation?

14. What did the Boskin commission point out?

15. What is Sir Charles Bean’s contribution?

16. According to the American Census Bureau, what has happened to median household income over the last 25 years?

B. When Economists Turn To Crime

17. The U.S. is home to ______% of the world’s population, but holds over _______% of the world’s prisoners.

18,19. What are two general characteristics of prisoners?

20. What are likely causes of lower crime rates?

21. What are more cost effective tools to more incarceration resources?

22. What is the punchline from the CEA report?

C. If It Ain’t Broke, Don’t Brexit

23. In Britain, what did joining the European Union do to GDP?

24. What did Hummels and Schaur determine in regards to goods in transit?

25. What percentage does Europe for Britain’s trade?

26. Interpret the chart

27. What are the two downsides to leaving the EU?

D. Party Like IT’s 1973

28. What does England claim is the best indicator of the health of the economy?

29,30. Give two indicators worse than 1973.

31. What has happened to wages?

E. Saving Capitalism

32. What percentage of capital from financial institutions is going to fund business investment?

33. What percentage of the economy does the financial sector represent?

34. What percentage of Corporate profits come from the financial sector?

35. What percentage of jobs come from the financial sector?

36. Define financialization

37. What is the author’s punchline?

F. It Pays to be White

For each area translate what it means:

38. The white school premium?

39. Being white on the streets?

40. The bonus of being white at work?

41. Restrictive housing covenants?

42. Give a policy that could change racial inequality.