Everyone knows that economic inequality has increased dramatically since the 1970s, and this has created a new cottage industry: dissecting "the top 1 percent." We now have a study from three economists that broadens what we know about these top earners. The study's biggest news: Economic inequality is becoming more gender-neutral.
When economist Richard Sandor founded the Chicago Climate Exchange more than a decade ago, the term "carbon market" wasn't part of the environmental lexicon, and the notion of placing a dollar value on carbon dioxide and other greenhouse gases was considered revolutionary by his friends and radical by his critics.
A group of noted economists are in the Twin Cities this week to discuss how to apply principals from the world of finance and economics to the problem of climate change. The conference is hosted by the Heller-Hurwicz Economics Institute at the University of Minnesota. In this edition of Climate Cast, Bob Litterman, the former head of the risk department at Goldman Sachs, explains how risk models common to the financial industry can help craft climate policy.
Diversity is turning out to be a key ingredient of a healthy and durable regional economy. Unemployment has fallen sharply across the U.S. over the past year, sitting at 6.5% in July without adjusting for seasonal differences, down from 7.7% a year earlier. But labor-market conditions vary greatly across the U.S., hinging largely on how diversified a local economy is.