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Supply and Demand (in that order)
The basic tools of supply and demand -- presented and extended in Chicago Price Theory -- help immensely to understand and predict everyday events in our world. These events relate to, among other things, macroeconomics, fiscal policy, health and labor markets, and industrial organization.
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Blog Archive
-
▼
2010
(213)
-
▼
April
(22)
- Housing Price Index Overview
- Good News from the Housing Sector
- Are You Ready to Get Punched in the Face? It Depe...
- Housing PPI: Wow!
- Gender Roles and Comparative Advantage
- Invisible Tax Work by Professor Galle
- Don't Fear the Invisible Tax
- Cartoon About Work Incentives
- A Rare Newspaper Article about Supply
- Housing Construction Update
- Mortgage Modifcation Data Update
- The Upside of an Impenetrable Tax Code
- More Estimates of the Effect of UI on the Unemploy...
- Lack of Demand?
- The Marginal Products of Residential and Non-resid...
- Labor, Losing Influence?
- It Worked for Obama and Bernanke
- Honoring Reagan, Twice
- Apple Does It, Fed Government Doesn't
- Demand Shock Autopsy
- Why Did Investment Fall During the Recession?
- Labor and Consumption Data Compared with My Forecasts
-
▼
April
(22)
About Me
- Casey B. Mulligan
- Chicago, IL, United States
1 comment:
I'm a little befuddled. It may be because I don't understand the terms, so please correct me if I am wrong.
"Permits" are permits granted before any construction begins (flow). "Starts" are ground-breakings (flow). "Under construction" is any building in-between starts and under-construction (stock). "Completed" are number of buildings that are finished in a time period (flow).
How can the number of buildings under construction be falling as the number that are started is increasing and the number completed is decreasing or remaining the same?
That is, the change in the stock "under construction" should be the difference between "starts" and "completed" (both flows).
Thanks for any clarification!
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