The Econ Review

Economics News with a Historical Perspective

February 8, 2010

The Econ Review features a historical perspective on economics news and opinions with daily updates.  All original material is copyrighted.  Off-site references open in new windows.

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Opinions

U

U.S. Payroll Employment

Commentary on the latest U.S. payroll employment figures can be found at the Economics Roundtable.

 

In the News

Inflation &
Unemployment

The Phillips Curve
NEW FORMAT now covers
six countries plus the U.S.

Payroll Employment

Revised figures reveal a new low. Jobs are below the minimum reached in the previous recession.   Recent History   Long-Term Chart.

The Chart Room

Charts for GDP and payroll employment show the historical patterns in this relationship.  Custom select side-by-side charts for these variables and interest rates and yield curves.

Euro Roller Coaster

The wild ride continues.

Other data pages include Unemployment Rate, Federal Budget Deficit, Real Interest Rates and Inflation, and Fed Funds Rate.

Economics Roundtable

The latest news and views.

Features

Economics of President John Kennedy

President John F. Kennedy

1960.  The election of John F. Kennedy marked the entry of university professors (including a fair number of Keynesians) into the Federal government.  Kennedy's Council of Economic Advisors was Walter Heller, Kermit Gordon, and James Tobin.  The CEA staff included senior economists Arthur Okun and Robert Solow.  (Tobin and Solow later received Nobel Prizes.)  The major economic event arising from this influx was the Kennedy-Johnson tax cut, which took effect during the Johnson administration.

more

Canada Nearly Breaks Up 1995

The Phillips Curve

1958.  Phillips, A. W. H. "The Relation between Unemployment and the Rate of Change of Money Wage Rates in the United Kingdom, 1861-1957." Economica NS 25, no. 2 (1958): 283-99.

more

Bretton Woods Convention 1944

Bretton Woods Convention Reorganizes World Economy

July 22, 1944.  Meeting in the resort town of Bretton Woods, New Hampshire, representatives of forty-one nations established conditions for international economic linkages.  The conference created two new institutions, the International Monetary Fund and the World Bank. The centerpiece, however, was agreement on a system of fixed exchange rates specifically designed to avoid repeating the mistakes of the interwar period.

more

Models

The Mundell-Fleming Model

The Classical Model

The Classical Model of Production and Employment focuses on the supply and demand for a single factor of production, labor, assuming that capital is fixed in the short run.  Equilibrium in the labor market then determines the real wage rate and the level of output.  This model provides an important reference point for understanding the innovations in the Keynesian models.

more

Additional models of interest are available at Classic Economic Models.


Econ Clubs

Check the directory of economics clubs to see if your club is listed. Links are free.


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