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Josh Hausman
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For those of you who may want to write your long essay on California politics, these references might be useful. 1. Kuttner, Robert. Revolt of the Haves. (Unfortunately, it may be difficult to obtain from the library.) 2. 3. O'Sullivan, Arthur, Sexton, Terri A., and Steven M. Sheffrin. Property Taxes and Tax Revolts: The Legacy of Proposition 13. 4. Continue reading
1. Government spending must be increased by an amount x, such that x*1.5 = 10 percent. Thus x = 10/1.5 = 6.67 percent. 2. 6.67 percent of 14 trillion is (roughly) 900 billion. (1 trillion was also a perfectly acceptable answer.) 3. Very low. 4. Different answers possible. Continue reading
My office hours this week will be Thursday (10/15) from 2:30-5 in Evan 608-3. Note the late start and end! I will hold a review session on Monday (10/19) from 5-6:30 in Evans 9. Continue reading
Optional, but highly recommended. Continue reading
From the New Yorker: Professor DeLong comments: Paul Krugman weighs in: Felix Salmon in praise of Larry Summers: Dean Baker disagrees: Continue reading
1929: U.S. Unemployment is 3%. August 1929: 'Official' start of the recession in the U.S.. Industrial production falls. But stock prices continue to rise. October 1929: The stock market crash. Industrial production resumes its decline. 1930: U.S. Unemployment is 9%. June: Hoover signs the Smoot-Hawley tarrif into law. October-December: The first banking panic. 1931: U.S. Unemployment is 16%. March-June: The second banking panic. September: Britain leaves the gold standard (devalues). Fearing an attack on the dollar, the Federal Reserve raises interest rates. The U.S. suffers it's worst banking panic yet. 1932: Decline continues. 1933 January-March: The worst and final banking... Continue reading
You should know all about these *before* you start taking this course--but if you don't, take a look... 101 Events in Background World History YearKey Events1896William Jennings Bryan [D] loses U.S. election to William McKinley [R] 1896Large-scale gold mining in South Africa's Witwatersrand 1899Start of the Boer War 1901Assassination of McKinley; Theodore Roosevelt becomes President of the United States 1905U.S. Supreme Court decides Lochner case: Constitution held to enact Herbert Spencers's “social statics” 1910Start of Mexican Revolution 1911Overthrow of the Qing Dynasty; declaration of the Chinese Republic 1912Theodore Roosevelt splits Republican Party; Woodrow... Continue reading
By 'growth rates' we mean annual growth rates. The preferred unit is percent, though for calculations you may have to use the actual number (i.e. the percent / 100). Two examples may help: Suppose GDP-per-capita in a country is $5000 and grows at 5% per year. What will GDP-per-capita be in 1 year? In 2 years? In 7 years? In 1 year, GDP per capita is simply $5000 + 0.05*$5000 = $5000*(1+0.05) = $5250 So clearly in two years, GDP per capita is $5250*(1+.05) = $5000*(1+.05)*(1+.05) = $5512.50 By analogy, for any number of years t, GDP per capita is... Continue reading