Tuesday, October 03, 2006

The Beginning

I am creating this blog as a way to facilitate discussion about current events for my online students taking macroeconomics.

In addtion to the standard issues covered in macroeconomics (growth, unemployment, inflation, etc.) I also want to address/discuss some megatrends, which are not given sufficient attention in beginning macroeconomics text books. The unfolding trends that I want to highlight on this blog include:

o The implications of the globalization process on the U.S. economy.
o The rise of China and India (Chindia).
o Relentless technological change, including information technology, biotechnology, and nanotechnology.
o A new demography.
o The possibility of “peak oil”.

These trends are giving rise to structural changes in the global economy that is making traditional macroeconomic theory and policy less relevant. Most macro text books have not come to grips with the most deep-seated change brought about by globalization: the fact that the global labor force has doubled in size in the last generation. This is not your father’s economy any more.


Javaman said...

I am not enrolled in your class but plan to read this blog. I am really interested in the"New Demography" question. I am looking forward to reading your views on how Technology will effect the economy.
I might challenge you on the "Chindia" and globalization.

macromind said...

Welcome javaman. I was inspired by our talks to try out the blogosphere. Read Bernanke's speech today for some standard mainstream thoughts on the long run implications of aging society on the macroeconomy. I would welcome any challenges from you regarding my posts. Are you going to buy a Chinese Chery car?