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Jodi Beggs

The Year in Review, Economics Edition...

By December 31, 2012

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Even though we are supposedly rational and thus should know better, economists are not immune to making the occasional New Year's resolution. (In case you're curious, it's economically "irrational" to view January 1st as different from any other day because there isn't really anything special about it besides the name.) Apparently we're not immune to making "year in review" type lists and articles either, but some of them are actually pretty helpful reviews of what we've learned (or haven't learned) over the last year.

Daniel Altman made a pretty good example of such a list. His highlights, each supported by academic research:

  • Fiscal stimulus helps the economy to grow during a downturn.
  • Obamacare may raise living standards.
  • Tax subsidies for retirement saving don't increase saving overall.
  • Social networks hold a key to economic growth.
  • It's time for microeconomics to get real.
Happy New Year!

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