Global Stock Markets Increase By 26% in 2010
Professor Mark J. Perry's Blog for Economics and Finance
The Economist has a great interactive map that compares the economic output of American states to the economic output (GDP) of entire countries, which helps put the ridiculously large U.S. economy (GDP of about $15,000,000,000,000) into perspective. The map also compares the population of U.S. states to comparable countries. I featured a similar map on CD back in 2007, but it wasn't interactive.
Here's another pretty new index for Carpe Diem, I've only reported on this once before, it's the Ceridian-UCLA Pulse of Commerce Index," here's a description:
The Heritage Foundation and WSJ released the 2011 Index of Economic Freedom today. Here's the Top Ten (U.S. ranks #9, with a slight drop from last year's index level). From the Executive Summary:
1. Offshore Gold Rush: "AngloGold Ashanti and De Beers, two of the world’s largest metals and minerals mining companies, are searching for gold deposits under the Atlantic sea. Both companies are currently carrying out lots of research into the technical feasibilities of carrying out gold exploration under the seas." Just as Julian Simon and ECON 101 would have predicted - higher commodity prices stimulate exploration and discovery, often then leading to greater supply and lower prices, i.e. high prices today frequently lead to lower prices tomorrow.
North Dakota pumped another record amount of oil in November, at an average daily rate of 355,038 barrels, which is double the amount of oil produced as recently as the summer of 2008, and 44% higher than a year ago (data here). Experts predict that production could double to 700,000 barrels per day within four to seven years in the Peace Garden State, which would put North Dakota ahead of both Alaska and California, and second only to Texas in oil production for American states.
(Reuters) - "Tax collections in most U.S. states continued to grow at the close of 2010 as employment conditions improved, a survey released on Thursday showed.