Interesting reads
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The China Shock: Learning from Labor-Market Adjustment to Large Changes in Trade
China’s emergence as a great economic power has induced an epochal shift in patterns of world trade. Simultaneously, it has challenged much of the received empirical wisdom about how labor markets adjust to trade shocks. Alongside the heralded consumer benefits of expanded trade are substantial adjustment costs and distributional consequences. These impacts are most visible in the local labor markets in which the industries exposed to foreign competition are concentrated. Adjustment in local labor markets is remarkably slow, with wages and labor-force participation rates remaining depressed and unemployment rates remaining elevated for at least a full decade after the China trade shock commences. Exposed workers experience greater job churning and reduced lifetime income. At the national level, employment has fallen in U.S. industries more exposed to import competition, as expected, but offsetting employment gains in other industries have yet to materialize. Better understanding when and where trade is costly, and how and why it may be beneficial, are key items on the research agenda for trade and labor economists.
Tyler Cowen commented:
This is some of the most important work done by economists in the last twenty years.
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There are no good options. But some are worse than others.
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@Tim said in Interesting reads:
There are no good options. But some are worse than others.
Cheers , I'm a Mark Bowden fanboy and after reading the article it says he has another book out.
Btw if you haven't read Worm yet add it to your list. -
Amid a surging opiate crisis, the maker of the anti-addiction drug Vivitrol skirted the usual sales channels. It found a captive market for its once-a-month injection in the criminal justice system.
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Horrible but interesting read about one of the worst tragedies within the 2011 earthquake. Drove through thidS town last week - they have signs all up the coast showing where the water stopped. It's so surprisingly high that even that changed my mind about tsunamis and tsunami warnings, which until now I'd almost always ignored.
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@gt12 I remember watching it unfold in real time on tv. Just ridiculous power that swept up everything in its path. I read about places similar to that village where there are stone markers that indicated where the water got to during previous tsunamis. Terrible that these warnings are forgotten over time and similar mistakes are repeated