Friday, August 2, 2019

Economic Theory in the White House: An Index of 66 Instances in One Year

It is difficult to exaggerate the usefulness of Chicago Price Theory for economic analysis in the White House.  Below is an index of 66 instances that I can remember where Chicago Price Theory was directly and specifically applied to analysis (usually publicly released) of economic issues over a one year time frame.  As an example of what I mean by "directly and specifically," compare Chicago Price Theory's Figure 19-3 to Figure 7-2 in the 2019 Economic Report of the President.

Figure 19-3 from Chicago Price Theory

From the 2019 Economic Report of the President
(the second derivative of the after-AI demand curve is part of the discussion in both sources).



Economic issue analyzed by CEA CPT pages
ACA employer mandate 75 - 75
Agency Compliance with Circular A-4 131 - 132
Artificial Intelligence and the labor market 120 - 121
Artificial Intelligence and the labor market 132 - 133
Artificial Intelligence and the labor market 147 - 148
Artificial Intelligence and the labor market 176 - 179
Artificial Intelligence and the labor market 182 - 183
Artificial Intelligence and the labor market 186 - 186
Artificial Intelligence and the labor market 189 - 191
Artificial Intelligence and the labor market 195 - 196
CEA's sample of 20 deregulatory actions 7 - 9
CEA's sample of 20 deregulatory actions 59 - 61
CEA's sample of 20 deregulatory actions 131 - 132
CEA's sample of 20 deregulatory actions 135 - 138
CEA's sample of 20 deregulatory actions 140 - 144
Corporate-income taxation 184 - 185
Corporate-income taxation 185 - 186
Corporate-income taxation 210 - 210
Green New Deal 116 - 119
Green New Deal 131 - 132
Health insurance deregulation 59 - 61
Health insurance deregulation 102 - 103
Health insurance deregulation 131 - 132
Health insurance deregulation 150 - 150
HHS Removal of Safe Harbor for Rebates 66 - 72
HHS Removal of Safe Harbor for Rebates 140 - 144
Highly socialist countries 135 - 138
Highly socialist countries 150 - 150
Macro effects of trade policy 32 - 32
Macro effects of trade policy 176 - 179
Measuring Rx drug prices 48 - 55
Measuring Rx drug prices 55 - 57
Medicare for All 157 - 159
Medicare for All 160 - 161
Medicare for All 168 - 170
Medicare for All 176 - 179
Medicare for All 209 - 209
Opportunity Zones 98 - 99
Telecommunications deregulation 7 - 9
Telecommunications deregulation 79 - 81
Telecommunications deregulation 102 - 103
Telecommunications deregulation 140 - 144
Telecommunications deregulation 150 - 150
The "doubling effect" of switching from reg to dereg 106 - 107
The cumulative impact of regulation (conceptual) 116 - 119
The cumulative impact of regulation (conceptual) 120 - 121
The cumulative impact of regulation (conceptual) 131 - 132
The cumulative impact of regulation (conceptual) 132 - 133
The cumulative impact of regulation (conceptual) 135 - 138
The cumulative impact of regulation (conceptual) 147 - 148
The cumulative impact of regulation (conceptual) 176 - 179
The opioid epidemic 7 - 9
The opioid epidemic 44 - 45
The opioid epidemic 66 - 72
The opioid epidemic 74 - 75
The opioid epidemic 128 - 129
The opioid epidemic 131 - 132
The opioid epidemic 135 - 138
The opioid epidemic 204 - 206
USMCA 96 - 98
Wage growth 48 - 55
[redacted regulatory impact analysis] 48 - 55
[redacted regulatory impact analysis] 157 - 159
[redacted regulatory impact analysis] 186 - 188
[redacted trade deregulation] 131 - 132
[redacted trade deregulation] 135 - 138

I suspect that this is historically unusual.  For example, the neoclassical growth model (standard training in Economics PhD programs and on pages 176-196 of Chicago Price Theory) had never been mentioned in an Economic Report of the President until 2018.  In 2018 and 2019 that model was used to address several policy questions, especially those cited above. 

2 comments:

Eric Stoner said...

When I went to the Post Office website the cheapest rate I could find for send a 4 pound 6 ounce 12 inch cube from Fairfax, Virginia to China was $70. The rate from Fairfax to Anchorage was about $23. I lived abroad for many years and have never heard of such low international rates.

https://postcalc.usps.com/Calculator/MailServices?

Eric Stoner said...

China rates:

Mail Services
Package, weight 4 lb 6 oz (1.984 kg) to China
Price charts and complete information for China
Global Express Guaranteed® (GXG)**
Global Express Guaranteed® (GXG)**
Max. length 46", width 35", height 46" and max. length plus girth combined 108"
Value of contents can not exceed $2,499.00
See Service Guide Before Mailing
Min. length 9-1/2", height 5-1/2"
Select a Delivery Option Expected Delivery Day Retail Click-N-Ship®
Normal Delivery Time 1 - 3 business days to many major markets $202.65 $202.65
USPS GXG™ Envelopes**
USPS GXG™ Envelopes**
USPS-Produced regular size cardboard envelope (12-1/2" x 9-1/2"), the legal-sized cardboard envelope (15" x 9-1/2") and the GXG Tyvek envelope (15-1/2" x 12-1/2")
Value of contents can not exceed $2,499.00
See Service Guide Before Mailing
Select a Delivery Option Expected Delivery Day Retail Click-N-Ship®
Normal Delivery Time 1 - 3 business days to many major markets $150.65 $150.65
Priority Mail Express International™
Priority Mail Express International™
Max. length 60", max. length plus girth combined 108"
(Calculate Guaranteed Date)
Select a Delivery Option Scheduled Delivery Day Retail Click-N-Ship®
Normal Delivery Time 3 - 5 business days to many major markets $92.40 $92.40
Priority Mail International®
Priority Mail International®
Max. length 42", max. length plus girth combined 79"
Select a Delivery Option Expected Delivery Day Retail Click-N-Ship®
Normal Delivery Time 6 - 10 business days to many major markets2,3 $70.00 $70.00