What does whale oil have to do with critical minerals? They both demonstrate the power of innovation to drive substitution of seemingly essential commodities. My new Substack describes the research and economic history on this underappreciated process. #econsky open.substack.com/pub/macroeco...

Substitution through innovation

How cycles of shocks and adaptation are the constant of economic history

open.substack.com

What does whale oil have to do with critical minerals? They both demonstrate the power of innovation to drive substitution of seemingly essential commodities. My new Substack describes the research and economic history on this underappreciated process. #econsky open.substack.com/pub/macroeco...

Substitution through innovation

How cycles of shocks and adaptation are the constant of economic history

open.substack.com

Though it isn't journals I thought it might be of interest if you don't already this register 👇 bsky.app/profile/czim...

Christian Zimmermann@czimm-economist.bsky.social · 2mo ago

Looking for economists on BlueSky? Here are about 1500, also organized by field, country and region. ideas.repec.org/i/ebluesky.h... #RePEc #EconSky

8/ You don't have to make the panels to get that security; you can import them, and the cheapest are Chinese. Making them is a separate, costlier bet—owning the industry, worth it where you can win. In solar you perhaps can't: China holds 80% of every stage. Buy and deploy.

7/ The advantage comes in two forms. The first is energy security. LNG has to keep arriving through straits a rival can close. A solar panel, once built, runs 25–30 years on sunlight no one can cut off. Cut the fuel and the power stops; cut the panels and the lights stay on.

🧵In Washington, analysts and politicians alike seem increasingly resigned to the idea that the only way the government will engage in fiscal consolidation is in the aftermath of a bond market crisis. #econsky #policysky www.ft.com/content/5ade...

Sooner or later, America is going to have to reckon with the debt

There is a bigger political constituency for fiscal consolidation than many think

ft.com

Wanted to draw your attention to GAO's audit of the accuracy of the BLS "Jobs Report": in short, a valued resource that is at risk due to the steady drop in response rates for key surveys. We made three recommendations to BLS and highlight some additional reform options www.gao.gov/products/gao...

U.S. GAO - Federal Statistics: Stakeholders Said Jobs Report Generally Meets Their Needs, but Opportunities Exist to Improve Data Quality

FEDERAL STATISTICS: Stakeholders Said Jobs Report Generally Meets Their Needs, but Opportunities Exist to Improve Data Quality The Bureau of Labor...

gao.gov

Federal Statistics: Stakeholders Said Jobs Report Generally Meets Their Needs, but Opportunities Exist to Improve Data Quality https://www.gao.gov/products/gao-26-107538?utm_medium=social&utm_source=bluesky&utm_campaign=usgao

The monthly Jobs Report provides employment information that can help businesses, financial institutions, and the government make important decisions. Today’s blog looks at how this report is made and what challenges this effort faces: https://ow.ly/kCfU50Z4TFX

📸 Great Falls is roaring — water in the "action" range this morning. Great Falls Park was packed. 💧 Track river levels in our new Forecast Lab 🌤️ June opens beautifully. Clouds build late tonight, lows 50s–60. Monday: Mostly sunny, highs mid-70s to 80. 📸 Kevin Ambrose

New Census Working Paper: "The Microstructure of AI Diffusion: Evidence from Firms, Business Functions, and Worker Tasks" by Kathryn Bonney, Cory Breaux, Emin Dinlersoz, Lucia Foster, John Haltiwanger, and Aditya Pande www.census.gov/library/work...

The Microstructure of AI Diffusion: Evidence from Firms, Business Functions, and Worker Tasks

Using new Business Trends and Outlook Survey data, we find AI use prevalent in large firms and knowledge-intensive sectors; augments tasks; labor declines rare.

census.gov

WatchBlog post: GAO Follows the Money—Everything You Should Know About Our Audits of Federal Financial Statements https://www.gao.gov/blog/gao-follows-money-everything-you-should-know-about-our-audits-federal-financial-statements?utm_medium=social&utm_source=twitter&utm_campaign=usgao

This is what I was referring to about people being negatively misinformed www.ft.com/content/9c79...

Go Blue! What a Final Four match. Team rising to the occasion.

Homeowners Insurance: Premiums Generally Tracked Inflation but Rose More in Disaster-Prone Areas https://www.gao.gov/products/gao-26-107867?utm_medium=social&utm_source=bluesky&utm_campaign=usgao

Federal Debt Management: Treasury Is Meeting Borrowing Needs but the Deteriorating Fiscal Outlook Poses Risks https://www.gao.gov/products/gao-26-107529?utm_medium=social&utm_source=bluesky&utm_campaign=usgao

Announcing the Economic Inquiry 2025 Best Article Award! This year’s standout, chosen by our editors: “Is economics self-correcting? Replications in the American Economic Review.” from Jörg Ankel-Peters, Nathan Fiala & Florian Neubauer. Read the open access article here: https://ow.ly/Getp50YAXAk

Spring is in the air and so are record numbers. Thursday marked the busiest day since 2020 at four stations, with NoMa-Gallaudet U setting a new all-time record! 🌸

Great discussion here that expertly illustrates the key trade-offs. No easy answers and many goals are in tension. But these kinds of discussions help us make more informed decisions amongst the tough trade-offs.

EconoFact@econofact.bsky.social · 4mo ago

How can we address supply chain vulnerabilities while maintaining the global linkages that foster innovation and prosperity? Chris Miller joined EconoFact Chats to discuss. econofact.org/podcast/the-...

Senior BIS economist Hyun Song Shin has been named by South Korea’s president to run the Bank of Korea www.bloomberg.com/news/article...

SKorea’s Lee Nominates BIS Official Shin as New BOK Governor

South Korea nominated Shin Hyun Song as the nation’s next central bank governor, charging the senior Bank for International Settlements official with steering monetary policy at a time of growing unce...

bloomberg.com

The reason the Dollar isn't stronger is because markets price a much more hawkish policy shift by central banks in the G10 compared to the Fed. That's moving rate differentials against the Dollar and tempering what otherwise would be an even bigger rise... robinjbrooks.substack.com/p/what-this-...

This new report examines economic shocks in the United States, providing insights that can help anticipate recessions and develop appropriate policy responses.

Understanding the Impacts of Economic Shocks in the United States

The ability to anticipate recessions and develop appropriate policy responses requires a strong understanding of economic shocks and their macroeconomic impacts. A new typology of 20 types of such sho...

bit.ly

WatchBlog post: What Are The Lowest-Performing Schools Doing to Improve? https://www.gao.gov/blog/what-are-lowest-performing-schools-doing-improve?utm_medium=social&utm_source=twitter&utm_campaign=usgao

I have a Substack up that encourages us to look past the illusion of scarcity to see the remarkable ability of the economy to create jobs, universities, housing and more. See how long run data and empirical research make the case for adaptation and innovation as the solution to scarcity. #Econsky

Zero Sum (Fixed Pie) Fallacies About the Economy

Taking the long view to reap the benefits of economic adaptation

macroeconomicdiscipline.substack.com

WatchBlog post: Why Fewer Insurers in Dental and Vision Markets Could Matter to You https://www.gao.gov/blog/why-fewer-insurers-dental-and-vision-markets-could-matter-you?utm_medium=social&utm_source=twitter&utm_campaign=usgao

Depending on where you live in the U.S., a small number of companies may control large portions of the dental and vision insurance markets. Today’s WatchBlog post looks at what this market concentration could mean for you: https://ow.ly/ZVK750YoQqI

I have a Substack up that encourages us to look past the illusion of scarcity to see the remarkable ability of the economy to create jobs, universities, housing and more. See how long run data and empirical research make the case for adaptation and innovation as the solution to scarcity. #Econsky

Zero Sum (Fixed Pie) Fallacies About the Economy

Taking the long view to reap the benefits of economic adaptation

macroeconomicdiscipline.substack.com

Very thoughtful overview of what is becoming a nuanced literature cataloging disparate effects.

The Hamilton Project@hamiltonproject.org · 5mo ago

“There is an enormous opportunity and need for more research on the relationship between AI and the labor market—and better data.” Read a new analysis from @jedkolko.bsky.social, and join our event this afternoon to learn more: www.hamiltonproject.org/event/unders...

"Happy Birthday, Wealth of Nations" www.econlib.org/econlog/happ...

Happy Birthday, Wealth of Nations - Econlib

Today marks the 250th anniversary of the publication of Adam Smith‘s An Inquiry into the Nature and Causes of the Wealth of Nations on March 9, 1776. Wealth of Nations remains a remarkable book, not…

econlib.org

Love this concept and hoping for robust participation by federal economists.

APPAM @appam.bsky.social · 5mo ago

New from APPAM: The Journal of Policy Implementation & Evaluation (JPIE)! JPIE will publish short, peer-reviewed articles with timely, real-world insights on policy design, implementation & evaluation. Learn more: https://ow.ly/TPNW50YmzVr