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Covering the Economy: How did we get here?<br />Louis D. Johnston<br />Presentation at the<br />Minnesota Newspaper Associ...
What is economics?<br />Frank and Bernanke: <br />“Economics is the study of how people make choices under conditions of s...
What is economics?<br />John Taylor: <br />"Economics is a way of thinking.  It entails accurately describing economic eve...
What is economics?<br />Macroeconomics<br />Microeconomics<br />
What is an economy?<br />It is NOT the same thing as a company<br />Company: open system, few feedbacks<br />Economy: clos...
What is an economy?<br />
The private sector<br />
Things to watch in the private sector:macroeconomics<br /><ul><li>GDP and its components (C, I, G, NX)
Personal income
Employment and unemployment
Prices and inflation</li></li></ul><li>Things to watch in the private sector:microeconomics<br /><ul><li>Individual indust...
Particular labor markets
Poverty and income inequality measures</li></li></ul><li>Adding in government<br />
Things to watch regarding government<br /><ul><li>Fiscal policy
Taxation
Spending
Monetary policy
Regulatory policies</li></li></ul><li>What about financial markets?<br />
Things to watch in the financial markets<br /><ul><li>Stock market trends
Bond market trends
Asset market trends(e.g. housing)
Interest rates (local, national)
Exchange rates</li></li></ul><li>Get to know your economy!<br />Learn as much as you can about<br />Private sector<br />Go...
How Did Minnesota Become “Above Average”?<br />
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Louis johnston mna 01 28-2011

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Presentation to Minnesota Newspaper Association and Minnesota Free Paper Association

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Transcript of "Louis johnston mna 01 28-2011"

  1. 1. Covering the Economy: How did we get here?<br />Louis D. Johnston<br />Presentation at the<br />Minnesota Newspaper Association &<br />Minnesota Free Paper Association Convention<br />January 28, 2011<br />
  2. 2. What is economics?<br />Frank and Bernanke: <br />“Economics is the study of how people make choices under conditions of scarcity and of the results of those choices for society (p. 4).”<br />
  3. 3. What is economics?<br />John Taylor: <br />"Economics is a way of thinking. It entails accurately describing economic events, such as the Great Depression, explaining why such events occur, predicting under what circumstances such events might take place in the future, and recommending appropriate courses of action (p. 6)."<br />
  4. 4. What is economics?<br />Macroeconomics<br />Microeconomics<br />
  5. 5. What is an economy?<br />It is NOT the same thing as a company<br />Company: open system, few feedbacks<br />Economy: closed system, lots of feedbacks<br />
  6. 6. What is an economy?<br />
  7. 7. The private sector<br />
  8. 8.
  9. 9.
  10. 10.
  11. 11.
  12. 12.
  13. 13.
  14. 14. Things to watch in the private sector:macroeconomics<br /><ul><li>GDP and its components (C, I, G, NX)
  15. 15. Personal income
  16. 16. Employment and unemployment
  17. 17. Prices and inflation</li></li></ul><li>Things to watch in the private sector:microeconomics<br /><ul><li>Individual industries
  18. 18. Particular labor markets
  19. 19. Poverty and income inequality measures</li></li></ul><li>Adding in government<br />
  20. 20.
  21. 21.
  22. 22. Things to watch regarding government<br /><ul><li>Fiscal policy
  23. 23. Taxation
  24. 24. Spending
  25. 25. Monetary policy
  26. 26. Regulatory policies</li></li></ul><li>What about financial markets?<br />
  27. 27.
  28. 28. Things to watch in the financial markets<br /><ul><li>Stock market trends
  29. 29. Bond market trends
  30. 30. Asset market trends(e.g. housing)
  31. 31. Interest rates (local, national)
  32. 32. Exchange rates</li></li></ul><li>Get to know your economy!<br />Learn as much as you can about<br />Private sector<br />Government<br />Financial markets<br />
  33. 33. How Did Minnesota Become “Above Average”?<br />
  34. 34.
  35. 35.
  36. 36.
  37. 37.
  38. 38.
  39. 39.
  40. 40.
  41. 41.
  42. 42.
  43. 43. How Minnesota Became Above Average<br />1950s-2000s <br />(Catching-up growth)<br />Growth in quantity of resources<br />Adoption and improvement of existing institutions and technologies from the technological frontier<br />2010 onward<br />(Endogenous growth)<br />Growth in quality of resources<br />Development of new institutions and technologies that expand the technological <br /> frontier<br />
  44. 44. The big questions for public policy: <br />Do people follow jobs?<br />or<br />Do jobs follow people?<br />
  45. 45. How Minnesota Became Above Average<br />1950s-2000s<br />(People follow jobs)<br />Public policy focus: <br />Accumulate and attract more human and physical capital<br />Technology transfer<br />2010 onward<br />(Jobs follow people)<br />Public policy focus:<br />Improve quality of human and physical capital<br />Technological innovation<br />
  46. 46. Thanks for your attention and participation!<br />
  47. 47. Questions?<br />
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