How to meet me in Denver

If you are going to the Denver ASSA meeting next week, and if you would like to meet me for a discussion of the challenges facing economic policy, you might be interested to know that my publisher is arranging a couple of events. Click here to sign up.

I look forward to seeing you!

TAIPEI - ho yi, lien en & nin, shih chien university, 12/25/10

Econ Education at the ASSA Meeting

If you teach economics and are going to the upcoming ASSA meeting in Denver, you might find this list of the pedagogical sessions helpful.

One of the sessions includes an analysis of the leading economics textbooks.

Voting with Your Feet II

Ed Glaeser on regional population trends:

The future shape of America is being driven not by quality of life or economic success but by the obscure rules regulating local land use.  In a sense, the anti-regulation crowd is right that the laissez-faire attitude of the South and West explains their recent growth. But the usual argument focuses on the wrong regulations. Housing regulations, more than those that bind standard businesses, explain the Sun Belt�s population growth. If New York and Massachusetts want to stop losing Congressional seats, then they must revisit the rules that make it so difficult to build.

TAIPEI - lagi & aching, shih chien university / melody, zhongshan district, 12/25/10

Nokia N8

Key Features Fast 3G connectivity on both AT&T and T-Mobile with broadband-like speeds via 850/900/1700/1900/2100 MHz UMTS/HSDPA (with EDGE data connectivity where 3G not available).Integrated assisted GPS (A-GPS) receiver with free Ovi Maps enables you to find your route quickly and easily, whether walking or driving. Use the Walk pedestrian navigation to find your way, or the voice-guided

T-Mobile G2

Key Features Blazing fast 4G speeds on T-Mobile's HSPA+ network for up to 3 times faster than standard 3G networks, while allowing simultaneous voice and data capabilities for the ultimate wireless voice and data experience (1700/2100 MHz bands; see more about T-Mobile's 3G service below). Fast 3G connectivity accelerated data speeds and simultaneous voice and data capabilities in areas not

Malkiel's Recommended Asset Allocation

Source.

HONG KONG - fay, star ferry pier / declan, times square / zach & ronnie, kapok, 12/21-22/10

Photos of my Singapore & Kuala Lumpur trips on my visual diary.

Nokia E71 (White)

The latest email-optimized device from the Nokia E-Series, the sleek and slender Nokia E71 makes it easy to stay on top of your email inbox with a full QWERTY keyboard and support for corporate communication via Microsoft Exchange. It's ready to run on 3G networks in the U.S. (850/1900 MHz UMTS/HSDPA), enabling fast downloads and streaming multimedia while on the go. It also includes integrated

BlackBerry Original Travel Charger for BlackBerry Pearl 8220, Gemini 8520, Curve 8900, Storm2 9520, Storm 9530,Tour 9630, Bold 9700

Keep your phone charged and ready for use wherever you go. Lightweight and compact, this BlackBerry original high quality rapid travel charger has great portability and quickly charges your phone for use. The travel charger is easy to use, simply attach to your phone and plug into a convenient wall socket and your phone begins charging instantly.

T-Mobile myTouch 4G Android Phone

Key FeaturesBlazing fast 4G speeds on T-Mobile's HSPA+ network for up to 3 times faster than standard 3G networks, while allowing simultaneous voice and data capabilities for the ultimate wireless voice and data experience (1700/2100 MHz bands; see more about T-Mobile's 3G service below).Fast 3G connectivity accelerated data speeds and simultaneous voice and data capabilities in areas not yet

Samsung Galaxy Tab

Key FeaturesFast 3G connectivity via AT&T's HSPA/UMTS network (850/1900 MHz bands; 3.6/7.2 Mbps speeds with network availability).Pre-loaded AT&T Account Manager for easy on-device activation and usage viewing.Ultra-fast Wireless-N Wi-Fi networking (802.11b/g/n) for accessing home and corporate networks as well as hotspots while on the go. Connect for free using one of the over 20,000 AT&T Wi-Fi

Economists on Ebenezer Scrooge

• Paul Krugman
• David Henderson
• Steven Landsburg
• Joel Waldfogel

Voting with Your Feet

A fact from Michael Barone:

[Population] growth tends to be stronger where taxes are lower. Seven of the nine states that do not levy an income tax grew faster than the national average [over the past 10 years]. The other two, South Dakota and New Hampshire, had the fastest growth in their regions, the Midwest and New England.  Altogether, 35 percent of the nation's total population growth occurred in these nine non-taxing states, which accounted for just 19 percent of total population at the beginning of the decade.

BANGKOK - dream, suan santi chai prakan & duang, soi sukhumvit 24,12/19-20/10

Motorola DROID Pro Android Phone (Verizon Wireless)

Representing a new breed of easy-to-use, intuitive smartphones designed for both work and personal use, the Motorola DROID PRO for Verizon Wireless provides business-ready solutions with enhanced features for a richer personal mobile experience. You'll get full-push corporate e-mail with corporate level security, a unified calendar with additional work features, and the DROID PRO comes

KUALA LUMPUR - book signing, palate palette, 12/18/10

Advances in Inflation Measurement

Chapter 24 of my favorite textbook discusses how economists measure the cost of living.  This article in Slate would provide a good supplementary reading.

Dr Young's Organic Omega 3, 6, and 9 Essential Oil Blend

The Omega 3, 6 and 9 groups of fatty acids all contain essential fatty acids necessary for good health. The difference between them lies in the position of the first double bond from the methyl end or the Omega end of the carbon chain. As its name implies, the Omega 3 fatty acids have their first double bond at the 3rd position from the end of the chain, and likewise with the other two. Omega 6 has its first double bond at the 6th position from the end and Omega 9 has it at the 9th position from the end of the chain.

The following table represents the main fatty acids found in Omega 3, 6 and 9 Essential Oil Blend:

The main components of Omega 3, 6, 9 Essential Oil Blend by pH Miracle Organic:

Omega 3

alpha-linolenic acid ALA Linolenic acid LA Oleic acid OA

Omega 6

eicosapentaenoic acid EPA Gamma-linolenic acid GLA
docosahexaenoic acid DHA Dihomogamma linolenic acid DLA

Omega 9

Arachidonic acid AA

The Most Important Omega 3 Oils

The most important 2 fatty acids in the Omega 3 family are EPA and DHA as these are in limited supply and found in real quantities of hemp oil. Although DHA is important for pregnant and nursing mothers and for young children for healthy development of the brain and vision, EPA can be considered the most important for everyone else as it is necessary for the efficient functioning of the brain and the body at a cellular level.
The Omega 3's have anti-inflammatory and anti-coagulant properties as well as many other important health benefits. They reduce inflammation and can provide protection against cardiovascular disease, arthritis, skin conditions, depression and other mood-related disorders.

Omega 6

Although Omega 6 is wrongfully classed as pro-inflammatory, paradoxically, GLA, when sourced dietetically, has anti-inflammatory properties. It can help the bloating and pain associated with PMS. It also maintains healthy skin, hair and nails and generally helps to bring about hormonal and emotional balance.
Omega 3 and Omega 6 interact with each other so the balance between them is crucial for good health at a 2 to 1 ratio. Together they affect the production of hormonal type messengers called eicosanoids, which has an impact on inflammation in the body and all functions at a cellular level.

Omega 9

Omega 9 also has many preventative qualities as its main component, Oleic acid, helps to reduce the risk of arteriosclerosis, cardiovascular disease and stroke. Borage oil contains both Omega 6 and Omega 9 in the form of Gamma-linolenic acid and Oleic acid and is in fact, one of the best sources of GLA.

Pure EPA therefore contains a blend of all 3 of the important fatty acids EPA, GLA and OA making it an excellent choice of omega 3 6 9 supplement.

Benefits of Omega Dr Young�s 3 6 9 Essential Oil Blend

Omega fatty acids are polyunsaturated fats. They are healthier than saturated fats and have many metabolic functions. There are many benefits of omega 3 6 9 supplementation.

Omega 3 and omega 6 fatty acids are essential fatty acids (EFA�s). Our bodies cannot manufacture them, and we must consume them in our diets. Omega 9 fatty acids are not essential. Our bodies need omega 9 fats, but we can manufacture them from other sources.

Omega 3 fatty acids prevent heart disease and the complications of heart attack. People who take omega 3 fatty acids have a lower mortality rate after heart attack than those who do not.

Omega 3 EFA�s improve cardiac risk factors, and help prevent CHD. They normalize lipid levels, lower blood pressure and improve glucose metabolism.

Omega 3�s may be helpful in a number of other conditions, to. Rheumatoid arthritis, depression, autism, and many other conditions may be improved by taking omega 3 EFA�s. They are necessary for growth and development, especially in the development of nervous tissue, and may improve cognitive function and emotional health.

Omega 6 fatty acids compete for enzymes with omega 3 EFA�s, so the amounts of the two need to be properly balanced. Less research has been done on omega 6 EFA�s than on omega 3�s. Most omega 6 fatty acids produce an inflammatory response that may be necessary for healthy immune system function. Research is beginning to indicate that one omega 6 EFA is, however, a powerful anti-inflammatory agent, and may be even more important for healthy hearts than omega 3 oils.

Omega 9, as mentioned, is not an essential fatty acid. Omega 9 oils are monounsaturated, and are found in olive oil. Olive oil is known to have beneficial health effects, and omega 9 oils may be necessary for healthy immune system functioning.

The benefits of omega 3 6 9 include all of the benefits of all three types of fatty oils. The amounts and ratios of each fatty acid are balanced to optimal levels of each. Taking an omega 3 6 9 supplement is a good way to ensure that you are getting essential nutrients for your good health.

The pH Miracle Organic Omega 3, 6, and 9 Essential Oil Blend is a fantastic balance of omega oils with an ideal ratio of 2 to 1 to 1!

An Occupational Hazard

The Value of Good Teachers

From Eric Hanushek:

A teacher one standard deviation above the mean effectiveness annually generates marginal gains of over $400,000 in present value of student future earnings with a class size of 20 and proportionately higher with larger class sizes. Alternatively, replacing the bottom 5-8 percent of teachers with average teachers could move the U.S. near the top of international math and science rankings with a present value of $100 trillion.

KUALA LUMPUR - natasha & azrol, palate palette / sarah, grafa, 12/17-18/10

The Charitable Deduction

Richard Thaler takes on the tax deduction for charitable giving.  He suggests that there is little reason for it and that a refundable tax credit would be more justified.

I think there is a bit more logic to current policy than Thaler does.  Suppose you believe, as I do, that consumption is a better tax base than is income.  Then, starting with a measurement of income, it makes sense to allow deductions for "non-consumed income"--specifically, saving such as IRA and 401k contributions and charitable giving.

Some may argue that giving to charity is itself a form of consumption.  After all, the person who gives is doing so voluntarily, so there must be some utility to the giver.  Perhaps, but there seems something fundmentally different about consumption in the form of charitable giving and consumption in the form of large homes and fast cars.  But maybe that is the puritan, rather than the economist, inside me speaking.

Econ Books for Young Children

Click here for five recommendations.  Just in time for Christmas.

I must confess that I have not read any of them with my kids, which makes me start to question my parenting skills.  (I have, however, read all seven volumes of the Harry Potter series out loud.)   By the way, here are some of my favorite childrens' books, which are not economics-related.

SYDNEY - my last day in surry hills, 12/15/10

Menu Costs during Hyperinflation

A reader sends this photo along, with the following explanation:

In January of 2009 I traveled to Africa and we took a side trip to Victoria Falls in Zimbabwe.  I snapped the attached photo at the entry to the falls.  Notice how the price of entry in Zimbabwe Dollars is written in chalk.  This was so that they could change the price throughout the day as the ZW Dollar lost value.

The Economics of Seinfeld

Linda Ghent, author of the instructor's manual to accompany my favorite textbook, is also coauthor of an intriguing website that uses one of the best sitcoms ever to help teach the principles of economics. Check it out.

SINGAPORE - audrey ling, ion / min, red dot traffic building / aiwei & tracy, a curious teepee, 12/16/10

Photos of my little trip to the white sand beaches of Jervis Bay, somewhere in Australia, on my visual diary.

Avinash Dixit

A profile of the great economist.

SYDNEY - leni by me and me (wearing her jacket) by leni, paddington & quill, darlinghurst, 12/11-14/10

An Economists' Hanukkah Song

ASIAN TOUR 2010

Dec. 16: Singapore
book signing and Q&A from 7 to 9PM
@ A Curious Teepee, 2 Orchard Link, #02-24

Dec. 17-18: Kuala Lumpur
17th: TAG party from 11PM @Barsonic, Zouk CLub, 113, Jalan Ampang
18th: Tongue in Chic x Facehunter book signing party
@ Patate Patate, 21 Jalan Mesui
from 4 to 6PM

Dec. 19-20: Bangkok
19th: Book talk & book signing
@ Asia Books, Siam Discovery
from 3 to 5PM

Dec. 21-23: Hong Kong
21st: book signing
@ Page One, Shop 3002, Level 3, Zone A, Harbour City
from 1 to 3PM
22nd: book signing & party
@Kapok, g/f 3, Sun Street, Wanchai
from 5 to 8PM

Dec. 24-26: Taipei
24th: book signing
@ VVG Something, No.13, Aly. 40, Ln. 181, Sec. 4, Zhongxiao E. Rd., Da�an Dist.
from 8PM
party to be announced soon

Dec. 27-29: Manila
29th: book signing
@ Fully Booked, 902 Bonifacio High Street, Bonifacio Global City
from 7 to 9PM
+ party @ Kyss from 10PM

Dec. 30- Jan. 3: Beijing
30th: talk & book signing presented by Triple-Major
@ Beijing Come & Go Center for Art, 46 Fangjia Hutong, Dongcheng District
Guest speaker: Jian Cui (Media Veteran, Artist)
from 7 to 9PM
2nd: opening of exhibition (open until Jan. 16th) & party
@ Triple-Major, 81 Baochao Hutong, Dongcheng District
from 8 to 10PM