Rich parents have rich children. Why is that the case?
The children of rich families tend to differ from their poorer peers in multiple ways. They have fewer siblings and more educated parents. Their parents spend more time with them and send them to better quality schools. Their cognitive skills are higher, and they complete more years of schooling. All of these channels have been found to affect an individual’s earnings (Blanden et al. 2007, Keane and Wolpin 2001, Cunha and Heckman 2008, Daruich and Kozlowski 2020). However, in order to design policies to improve intergenerational mobility, we need to understand how these channels interact with each other in generating correlations in lifetime income across generations.
Covid Has Made Orlando Less Affordable Than San Francisco
Justin Fox, Bloomberg
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Orlando, FloridaSongquan Deng // Shutterstock
Since the beginning of the pandemic, the price of housing has risen in some relatively cheap places in the U.S. and fallen in some expensive ones. These dynamics were already apparent before covid-19, as superstar cities in the U.S. and abroad began to price themselves out of reach for many of the workers who kept them going. Then came a contagious disease that (1) temporarily shut down most of the things that make superstar cities attractive and (2) led employers to experiment with remote work on an unprecedented scale, making it easier to disconnect superstar-city jobs from superstar-city real estate prices.
Andrew Oswald, Adam Nowakowski
The EU can become the world leader in the energy transition. It should be the explicit aim of this effort to provide the path towards an effective global approach to climate policy. To tap into a fruitful division of labour, research and investment projects entailing high European value added and policy instruments for setting incentives for the greening of the European economy should be coordinated at the European level. Previous work by the French Council of Economic Analysis (CAE) and the German Council of Economic Experts (GCEE) (GCEE 2019, CAE and GCEE 2019), as well as the interdisciplinary work of the German national academies of science (acatech et al. 2020), advocated the pricing of carbon as the leading instrument of European climate policy.
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The activities of economists-what they do and how and why they do it-are of at least as much interest and importance as the activities of the people economists themselves study: businessmen, housewives, bankers, finance ministers, and trade-union leaders.”
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Economists are now part, even often from their undergraduate years, of large, organized, internationally linked academic machines, with their subjects closely organized and defined.”
(Hutchinson 1955)
So, wrote T W Hutchinson over 65 years ago. And what applied then applies with equal force today. The focus of this column is on a very specific aspect of the “internationally organized machine” of economics, namely, the evolution and location of the top PhD programmes which underlie the profession.