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NEW! – 11-13-26 Podcast – Will AI Raise or Reduce Wages & Employment? Hubbard and O’Brien Take On This Question.
Students are already asking about AI, and Glenn Hubbard and Tony O’Brien have the economics to answer them. The authors connect today’s headlines to the principles you teach every semester: whether AI will raise or displace wages, why entrepreneurs like NVIDIA’s Jensen Huang matter but aren’t irreplaceable, how national security shapes chip regulation, and why…
Glenn’s Thoughts on Economic Policy Going Forward
Image created by ChatGPT of the floor of the U.S. House of Representatives The following opinion column appeared in the Financial Times. A New Economic Agenda for America The results of last week’s midterm elections amounted to a significant rejection of the current trajectory of US economic policy. Voters were anxious about the impact that…
CPI Inflation Slows in October but Not as Much as Expected
Image created by ChatGPT Today’s report on the consumer price index (CPI) from the Bureau of Labor Statistics (BLS) provided mixed news about inflation. The rate of inflation slowed in October as energy inflation eased, but food inflation accelerated and inflation in other goods and services remained high. The report makes it likely that members…
An Unexpectedly Strong October Jobs Report
Image created by ChatGPT This morning (November 6), the Bureau of Labor Statistics (BLS) released its “Employment Situation” report (often called the “jobs report”) for October. Following September’s disappointing report, October brought better news: Payroll employment increased by 165,000, well above the 65,000 increase economists surveyed by the Wall Street Journal had forecast. The unemployment…
Solved Problem: Anthropic Is Losing Money So How Can It Be Worth $1.5 Trillion?
Supports: Microeconomics, Chapter 8, Macroeconomics, Chapter 6, and Money, Banking, and the Financial System, Chapter 6 Image created by ChatGPT A firm’s initial public offering (IPO) is the first time it sell stock to the public. The total value of a firm’s outstanding shares of stock is called the firm’s market capitalization, or market cap.…
Are Worker Income Gains Being Eaten Up by Medical Expenses?
Image created by ChatGPT The real incomes of U.S. workers can fluctuate in the short run, but over the long run, incomes have steadily increased. We usually think of income as the wages and salaries that people receive, but as we discuss in Microeconomics, Chapter 7, Section 7.4, when workers choose among jobs, they take…
How Should We Measure the Underlying Inflation Rate?
Photo of a meeting of the Federal Open Market Committee earlier this year from federalreserve.gov What’s inflation? The answer seems easy: Inflation means that prices are rising …. but there are complications. When we experience inflation, does every price rise? If not, does it matter which prices or how many prices are rising? If a…
New BEA Data Releases Show Higher GDP Growth and Higher Inflation
Image created by ChatGPT This morning (October 29), the Bureau of Economic Analysis (BEA) released two reports that show economic growth increased in the third quarter of 2026 compared with the second quarter and that inflation in September as measured by the percentage increase in personal consumption expenditures (PCE) price index also increased. The BEA…
FOMC Votes with Two Dissents to Keep Its Target for the Federal Funds Rate Unchanged
Photo of Fed Chair Kevin Warsh from federalreserve.gov Today, the Federal Open Market Committee (FOMC) met expectations by keeping its target range for the federal funds rate unchanged at 3.75 percent to 4.00 percent. As of yesterday, trading in the federal funds rate futures market had implied a 93.4 percent probability that the target range…
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