Ammo for Michael
After reading this and other perceptive comments that Michael wrote on Dave Schuler’s blog, I ran across this post by noted economist Tyler Cowen today:
Charles I. Jones, an economist at Stanford University, has “disassembled” American economic growth into component parts, such as increases in capital investment, increases in work hours, increases in research and development, and other factors. Looking at 1950–1993, he found that 80 percent of the growth from that period came from the application of previously discovered ideas, combined with heavy additional investment in education and research, in a manner that cannot be easily repeated for the future. In other words, we’ve been riding off the past. Even more worryingly, he finds that now that we are done exhausting this accumulated stock of benefits, we are discovering new ideas at a speed that will drive a future growth rate of less than one-third of a percent (that’s a rough estimate, not an exact one, but it is consistent with the basic message here). It could be worse yet if the idea-generating countries continue to lose population, as we are seeing in Western Europe and Japan.
(The quote is from Cowen’s soon to be released eBook, The Great Stagnation.)
What’s in a Name?
Wondering if our resident copy editor has any reaction to the news that Reince Priebus has been elected Chairman of the Republican National Committee.
The reaction of those in the news industry is probably best summed up here:
Rest in Peace, Jacques
I thought friends who visit here but not Twitter ought to know that late last night Annie relayed sad news:
J. died at 10:48 PM tonight. Pretty peacefully. Thanks to all who have sent thoughts and prayers.
As Theo said this morning:
Please know that you and J are in our thoughts and prayers. I think you’ve taught us all something about caring, love and devotion.
Entitlement Spending
According to USA Today:
Federal Employees earning over $150,000/years:
- 2005: 7,420
- 2010: 82,034
Since 2000, federal pay and benefits have increased 3% annually above inflation compared with 0.8% for private workers, according to the Bureau of Economic Analysis.
Here’s another USA Today article detailing how federal workers are now earning twice what the privately employed earn.
Ambiance 