By Paul Krugman, Robin Wells (main authors), Margaret Ray, David Anderson (auxiliary authors)
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Extra resources for Macroeconomics, 2nd Edition (in modules)
Other equally respected economists disagree. What are the sources of this difference of opinion? One important source of differences is in values: as in any diverse group of individuals, reasonable people can differ. In comparison to an income tax, a value-added tax typically falls more heavily on people with low incomes. So an economist who values a society with more social and income equality will likely oppose a value-added tax. An economist with different values will be less likely to oppose it.
This panel looks at a variety of economic indicators, with the main focus on employment and produc- module 2 tion, but ultimately, the panel makes a judgment call. Sometimes this judgment is controversial. In fact, there is lingering controversy over the 2001 recession. According to the NBER, that recession began in March 2001 and ended in November 2001, when output began rising. Some critics argue, however, that the recession really began several months earlier, when industrial production began falling.
Well, remember the saying “A penny saved is a penny earned”? Of course, there are other ways to earn money, so you must decide whether saving a penny is a productive use of your time. Could you earn more by devoting that time to other uses? 20 an hour. A penny was equivalent to 30 seconds’ worth of work, so it was worth saving a penny if doing so took less than 30 seconds. But wages have risen along with overall prices, Basic Economic Concepts Corbis Got a Penny? so that the average worker is now paid more than $18 per hour.
Macroeconomics, 2nd Edition (in modules) by Paul Krugman, Robin Wells (main authors), Margaret Ray, David Anderson (auxiliary authors)