How to Increase New Home Prices by $4,000 in CA
Professor Mark J. Perry's Blog for Economics and Finance
From the WSJ article "The Price of Taxing the Rich":
On an annual basis, real GDP grew by 2.9% in 2010, the highest annual gain since a 3.05% increase in 2005, according to today's BEA report. In dollars, real GDP in 2010 was $13.248 trillion, which set a new annual record for U.S. output, surpassing the $13.228 trillion levels in 2007 and 2008.
U.S. corporate profits reached a new record high in the fourth quarter 2010 at $1.25 trillion (at an annual rate), after taxes and adjustments for inventory valuation and capital consumption (see graph above, data here), according to today's BEA report. Compared to the third quarter, corporate profits increased by $39.5 billion last quarter, and that makes eight straight quarterly gains in profits going back to the first quarter of 2009. From the cyclical bottom of $774 billion of profits in the fourth quarter of 2008, profits for U.S. companies have rebounded by 61.5%, and by $476 billion.
The price of a New York City taxi medallion (the "priciest piece of aluminum in NYC") that allows a corporate owner to operate a single taxi in the Big Apple is approaching $1 million.
From Andrew Ferguson, writing in the Weekly Standard, "The Quotas Everyone Ignores: Why universities are quietly favoring white males once again":
Leading economic indexes for January increased in France (0.9%), Germany (0.4%) and Australia (0.1%), according to releases from the Conference Board over the last week. These increases in leading economic indexes follow recent reports of increases in the leading indexes of Spain, U.K., China, Korea, Japan and U.S.
In the new 6th edition of Greg Mankiw's economics textbook, Tiger Woods has been replaced with Tom Brady for the section above on opportunity cost titled: "Should Tiger Woods Mow His Own Lawn?" Here's an ABC News report and video.
|B. Percentage shares of richest 10%|
|1. Share of taxes of the richest 10%||2. Share of market income of the richest 10%||3. Ratio of shares for richest 10% (1/2)|
1. The book market is changing (more "creative destruction"), as ebook sales are growing exponentially and traditional book sales are in decline:
Ian Fletcher claims here that "Free Trade Isn't Helping World Poverty," and Don Boudreaux responds here. Here's some related research: