The Unassuming Economist

A new IMF working paper finds that an addition of an oil rig “results in the creation of 37 jobs immediately and 224 jobs in the long run, though our robustness checks suggest that these multipliers could be bigger.” 

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In a new OCP Policy Center paper, Uri Dadush of Carnegie and OCP writes: “The paper has shown that, over the last thirty years, many economies have been able to double their per capita income and achieve large improvement in other development indicators without relying principally on manufacturing. The main policy implication is not that the manufacturing sector should be shunned or ignored, but that the view that a large manufacturing sector oriented towards world markets is essential to a rapid advance in living standards is mistaken. Read the full article…

The U.S jobs report to be released today is expected to show strong job creation. How do things look outside the U.S.? The new International Jobs Report shows that the global unemployment rate has returned to its pre-crisis level. But emerging economies are doing better than advanced economies; and within advanced economies, the U.S is doing better than the rest.

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According to Krugman, the secret of the universe is:

It’s like the sign you see outside some restaurants: “Come in and eat or we’ll both starve”

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“Labour mobility between countries within the European Union, and within the euro area, is relatively low, especially compared to mobility between States in the United States. Nevertheless, the enlargement of the EU over the previous decade led to substantial migration from new Member States of Eastern Europe to Member States in the west. Furthermore, since the crisis, there have been significant migration flows, as unemployment rose in the hardest hit countries and unemployment rates diverged widely within the euro area.” Read the full article…