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Beige Book The beige book consists of national and regional summaries of the current economic conditions in the United States as described by the Federal Reserve. New versions of the beige book are produced every month or two, in advance of the meetings of the Federal Open Market Committee (FOMC) (the most important monetary policy-making body of the Federal Reserve System). At any time, you can look at the current beige book and check up on the economic health of the U.S. or one of its twelve Federal Reserve districts. I think this is a much better way of understanding the economy and where it might be heading than depending on the writers and commentators in the popular press. Web:
Bureau of Economic Analysis The Bureau of Economic Analysis (BEA) is an agency of the United States Department of Commerce. The BEA's function is to analyze and integrate immense amounts of data in order to create a consistent model of the American economy. The BEA creates estimates and analyses dealing with regional, national and international areas of economic concern. Their best-known national measure is probably the gross domestic product (GDP), but they also produce a variety of less known but equally important measures. Personally, I find a lot of these numbers fascinating. For example, in 2001, the highest average per capita income in the U.S. was in Connecticut ($41,930), followed by the District of Columbia ($40,498) and Massachusetts ($38,845). The lowest per capita incomes were in Mississippi ($21,643), West Virginia ($22,725) and Arkansas ($22,912). Although California had the 11th highest per capita income ($32,678), it had, by far, the highest total personal income of any state in the country ($1.127 trillion). The state with the lowest total personal income was Wyoming ($14.24 billion). Web: Central Banks A "central bank" is an organization whose purpose is to guide and influence the economy of a particular country or region of the world. Traditionally, a central bank's most powerful tool is the ability to exert partial control over the money supply. Virtually every country in the world has a central bank. In the U.S., the central bank is the Federal Reserve System. In Europe, while each country has its own central bank, there is also one for the European Union as a whole. Most people do not understand the role of central banks -- indeed, many people do not even know of their existence -- but their power is an important force in the national economies of the world. The most important central banks in the world are those of the countries with the largest economies: United States, Japan, Germany, UK, France, China, Italy, Canada, Brazil and Mexico. In addition, two other important banking organizations are the European Central Bank (European Union) and the Bank for International Settlements (a central bank for central banks). Web:
Computational Economics Computational economics is a branch of economics that uses computers and numerical methods to solve economic problems. As such, computational economics does not lie within any particular branch of economics; rather, it touches many other areas. These Web sites contain links to a wide variety of related Internet resources. Since this area is such a disparate one, the resources sometimes go far afield, and as I followed the links I landed in some especially interesting and unexpected places. Web:
Economic Growth It is a characteristic of economic systems -- large and small -- that they must continually grow in order to stay healthy. Economic growth is a complex phenomenon that depends on many factors: development, technology, politics, and so on. These resources will help you find data relevant to understanding the global economy and how it is changing. Web:
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Economic Statistics When I was an undergraduate student, I spent a summer in Ottawa (the capital of Canada) working at a company that used statistics and complex mathematical models to forecast the economy of Canada. I wrote computer programs to perform what is called "optimal regression". The algorithms (methods) I used were so complex that it, literally, took me several months to understand what I was doing. One thing I learned is that statistics are the basic currency of economics. If you are an economist, you will find all kinds of economic statistics, both historical and current, on the Net. Web:
Economics Journals There are a great many economics journals that have some type of presence on the Net. Here is a list of well over 200 such journals, along with links to the corresponding Web sites. This is a great place to look for journals of which you may not already be aware. Web:
Economics Resources Let's face it, no one really understands the economy any more than anyone really understands, say, why beer comes in six-packs when people only have two hands. Still, that is no reason to feel left out in the financial cold. There are lots of economics resources out there, just waiting for you to explore, and here are some good places to start. After all, when we are living in a world where an American basketball player can sign a $120,000,000 contract and Internet authors have trouble making that much money in a good year, you know that things are getting out of control. Web:
Economics Talk and General Discussion For serious talk about the science of economics, join the discussion in the sci.econ Usenet group. For more specific discussion, there are two other groups, both of which are moderated: sci.econ.research for economic research, and sci.finance.abstracts for the posting of abstracts of unpublished research papers. If you want to debate economic issues in a less technical and more spirited environment, check out alt.politics.economics. Usenet:
Economist Jokes You've just spent a hard day crunching numbers and making sense out of the latest economic indicators. The rest of the office staff is gone (you always are the last one to leave), and you are relaxing, your feet propped up on a copy of "The Wealth of Nations". What better way to take your mind off the vicissitudes of financial life than by enjoying a collection of economics jokes? To get you started, here's an original joke of my own. How many economists does it take to screw in a light bulb? The answer is two, as long as they have the Chairman of the Board of Governors of the U.S. Federal Reserve to help. The job of the chairman is to actually screw in the bulb, whereupon one economist predicts that the light will work, while the other economist predicts that the light won't work. Web:
Economists on the Web Wallow in this large list of economists on the Internet. If there is a better way to impress a hot date quickly with why the Internet is so important, I have yet to find it. Web:
Federal Reserve System The Federal Reserve System ("the Fed") was founded in 1913 to be the central bank of the United States. The Fed consists of a central Board of Governors in Washington, D.C., and twelve regional Federal Reserve Banks. (The twelve "banks" are really organizations, not regular banks that provide consumer services.) Each Federal Reserve Bank is located within a Federal Reserve District. The districts -- which are known by their numbers -- are as follows: (1) Boston, (2) New York, (3) Philadelphia, (4) Cleveland, (5) Richmond, (6) Atlanta, (7) Chicago, (8) St. Louis, (9) Minneapolis, (10) Kansas City, (11) Dallas and (12) San Francisco. As the central bank of the United States, the Federal Reserve System has important responsibilities, affecting not only the country, but the entire global economy. The main goal of the Fed is to maintain a safe, flexible and stable monetary system in the United States. To do so, the Fed directly and indirectly influences money and credit conditions and regulates America's banking institutions. Web:
Game Theory Game theory is a complex body of mathematical methods used for making decisions. The goal of game theory is to analyze a competitive situation in order to determine the optimal course of action. Game theory has applications in politics, economics and military science. Web:
Gross State Product Tables The gross state product data tables estimate the value of goods and services produced for 61 industries in 50 U.S. states, eight regions, and the U.S. as a whole. The value is the sum of four components: compensation of employees; proprietors' income with inventory valuation adjustment and capital consumption allowances; indirect business tax and non-tax liability; and other, mainly capital-related, charges. Web:
History of Economic Thought There have been many economists, but the large-scale schools of economic thought have been shaped by a relatively few important thinkers. For a student of economics, it is an invaluable experience to read historical papers to get a feeling for economic thinking at various times and places. Explore the writings of Babbage, Hobbes, Hume, Locke, Malthus, Marx, Swift, Toynbee, and many more. Web:
Household Economic Statistics How is it that They know more about you than you know about you? The United States Department of Census's Housing and Household Economic Statistics Division has lots of information about incomes and poverty, health insurance, the labor force, wealth and asset ownership of households. Web:
Inflation and the Consumer Price Index In the United States, the Consumer Price Index (CPI) is a measure of the average change over time of the prices paid by urban consumers for a specific collection of goods and services. The CPI is important as it allows us to track the change in cost of living over various time intervals. For example, I was born in 1952. (On December 21, to be exact, if you want to send a birthday present.) According to the U.S. CPI, if something cost $100 in 1952, it would cost $697 in 2003. You don't have to be an economist to find such numbers useful. For example, say you are reading a book that was written in 1952, and someone in the book gives $100 to someone else. How much money was that really? Well, in today's dollars, it was about $697. Web:
Law and Economics This is a great way to find Internet resources relating to the law and economics. You can use a search engine to search for the resources you need, as well as look at lists of links to research, publications, organizations, legal and government resources, directories of people involved in the law and economics, and much more. The mailing list is devoted to discussions of relevant topics in this area. Web:
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U.S. Census Bureau Economic Statistics The U.S. Census Bureau is one of the most prolific publishers of economic statistics. On this Web site, you can find the latest economic indicators, as well as lots of other important statistics relating to business, income and labor and a large collection of research reports. To help you plan, there is also a calendar showing when various economic indicators will be released. Web:
U.S. Economy at a Glance The other night, the Chairman of the Federal Reserve was over for dinner. After dessert, we had a disagreement as to whose turn it was to wash the dishes. (It was his, but he didn't want to admit it.) So I said to him, "I'll tell you what, let's see who can make the best guess as to the size of the civilian labor force in Montana. The loser washes the dishes." While he was thinking about it, I excused myself and checked with the Net. The poor guy never had a chance. (By the way, in case the Chairman of the Federal Reserve ever comes over to your place, the civilian labor force in Montana is 469,600 workers.) Web: |
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