Rules of Academics are Changing

Technology is changing everything. As an undergraduate student this is evident in the position papers you write. Now you find reliable sources on the web which is much less time consuming then it was 15 years ago when you had to go to the library and pull up each article. This article from the Freakonomics blog explains how the world of high end Academics are changing as well. A good read for those interested in graduate school (especially those interested in a PhD).

The Landscape of an Uncapped NFL Season

Those that are interested in the NFL and how they deal with the salaries of their players should keep a close eye on whats around the corner. For more on this go to my previous post found here. This is the latest news. It does not sound very promising. The bottom line: An uncapped season sounds like its a win for the players union, but is actually a function of NFL owners infighting (the wealthier teams want to keep more of their money). My prediction is that there will be an uncapped season (a sentiment not shared by at least on other Sports Economist). Just what an uncapped NFL season would look like is anyone's guess.

Atlantic City

Atlantic City has appeared in trouble since the Pennsylvania casino's have opened. Increased competition drives down what economists call 'economic profit' (unusually large profits). What we should (and have) witnessed is the industry moving from one more monopolistic toward more competitive (look in your text for more on those types of industries). This article outlines the past few years in the industry and gives the general pessimistic tone for those who remember AC in its glory years. Should the government do anything about it? (like maybe legalize sports betting to give AC back its competitive edge... an issue more complicated than it appears... and a good one for a position paper in this class) Maybe a more relevant question is CAN New Jersey actually do anything about it. The money quote:

"Atlantic City is not a market in which we're currently exploring opportunities. We see the market there continuing to contract over the next couple of years," said Eric Schippers, a spokesman for Penn National Gaming Inc.

This type of industry (at least in AC) reminds me of the newspaper industry where a new business model needs to be implemented.

Political Contributions

We spoke earlier about the need to know where the voice is coming from (politically speaking). This article breaks down which companies give to which political party. I find the media graph very interesting.

(HT: Thanks Josh)

(BTW: Blogger has been giving me some problems with posts... when I resolve them there should be a steady flow of new material)

Trade with China

This classic post my Mankiw highlights how confidently economists feel about trade. That is why it is so frustrating to read this news. Usually these things are meet with retaliatory tariffs and in the end no one wins. It will be interesting to see how the US reacts.

Forclosure

An excellent link that helps connect the dots to how our housing crisis is linked to our financial crisis via NPR.