N. Dakota Oil Production to Pass CA and AK in 2012
Professor Mark J. Perry's Blog for Economics and Finance
Al Arabyia News -- "A bronze buttock from the statue of late Iraqi dictator Saddam Hussein toppled in Baghdad after the U.S.-led invasion in 2003 is to be auctioned in Britain, an auction house said Tuesday.
Math SAT Percentile Ranks: Males and Females, 2011
The Chicago Tribune reports that MBA students at Kellogg (Northwestern), Booth (Chicago) and Wharton (Pennsylvania) now all use bidding systems for graduate business classes as a way to allocate scarce resources and even provide a lesson in economics for course registration:
Intrade odds for Perry to be Republican Presidential Nominee: 10.1% and falling; vs. odds for Herman Cain: 10.0% and rising, see chart above.
Mercatus Center senior fellow Jerry Brito provides some highlights of the recent Washington Post interview with Google Chairman Eric Schmidt, as he reflected on his first time testifying before Congress in an antitrust hearing about Google. Here are some excerpts:
The oil boom in North Dakota is fueling a housing boom, which is putting upward pressure on rents in the oil-rich Western parts of the state. The Minot Daily News is reporting that monthly rents on the apartments at one local complex recently more than doubled from $422 to $900 for a 1-bedroom unit, from $485 to $1,100 for a 2-bedroom unit and from $541 to $1,300 for a 3-bedroom unit.
Based on early release tax data from the IRS for 2009, the chart above displays new average tax rates for various income groups and shows that federal income taxes are highly progressive as intended - the higher the taxable income the higher the tax rate, on average. Americans in the bottom 50% with incomes below $32,400 paid only 1.85% of their income in federal income taxes in 2009, while those in the top 1% with incomes above $344,000 paid an average of 24% of their income in federal taxes. Also in 2009, the IRS reports that the top 1% made less than 17% of gross income but paid almost 37% of all federal income taxes collected, and some of the members of this group are the ones who Warren Buffett claims are "undertaxed" relative to those in lower income groups like his secretary. (Note: Buffett is also considering payroll taxes which are not included in the chart above.)
Current Intrade Odds: 69.7% for Romney and 10.1% for Perry (corrected).
Oil production in N. Dakota set more monthly records in August:
NASHVILLE – "Economic recovery continues a slow pattern upward in Tennessee. Finance and Administration Commissioner Mark Emkes reported today that overall September revenues were $1.013 billion, which is 3.66% above September 2010 collections. It’s the fourteenth consecutive month in which total collections exceeded the budgeted estimates.
From Dan Pollatta writing in Harvard Business Review blog: