Although I did not personally know of Alan Krueger, he is a very important economist, and someone I am glad to be impersonating while blogging. He was nominated a chair in the White House Council of Economic Advisors due to his diverse knowledge of Economics. One of Krueger's biggest assets is his expertise as a labor economist, since unemployment is a perpetual problem throughout the country being well regarded as a labor economist pays huge dividends. Krueger received a B.S. degree from Cornell, an A.M. in Economics from Harvard University, and a Ph.D. in Economics from Harvard University. He wrote a book titled, What Makes a Terrorist, which takes a look at the economics and roots of Terrorism. He claims that the assumption of terrorists coming from impoverished areas is actually false, and that terrorists actually often come from the college-educated backgrounds. I believe Krueger to be of major importance to this class, the fact that he served a chair in the White House Council of Economic advisors gives him a personal understanding of Economics within a major organization. He had to deal with the Economics of the government, all while studying and analyzing the Economy as a whole, and how different organizations played roles in affecting the Economy. All in all, Krueger is one of the most well regarded Economists of our time, he is someone that we can study and learn a lot from in this course.
Friday, September 2, 2016
Alan Krueger
Although I did not personally know of Alan Krueger, he is a very important economist, and someone I am glad to be impersonating while blogging. He was nominated a chair in the White House Council of Economic Advisors due to his diverse knowledge of Economics. One of Krueger's biggest assets is his expertise as a labor economist, since unemployment is a perpetual problem throughout the country being well regarded as a labor economist pays huge dividends. Krueger received a B.S. degree from Cornell, an A.M. in Economics from Harvard University, and a Ph.D. in Economics from Harvard University. He wrote a book titled, What Makes a Terrorist, which takes a look at the economics and roots of Terrorism. He claims that the assumption of terrorists coming from impoverished areas is actually false, and that terrorists actually often come from the college-educated backgrounds. I believe Krueger to be of major importance to this class, the fact that he served a chair in the White House Council of Economic advisors gives him a personal understanding of Economics within a major organization. He had to deal with the Economics of the government, all while studying and analyzing the Economy as a whole, and how different organizations played roles in affecting the Economy. All in all, Krueger is one of the most well regarded Economists of our time, he is someone that we can study and learn a lot from in this course.
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Krueger along with David Card made a splash with some research on the consequence of raising the minimum wage. They found it largely had no impact on employment, surprising many people with that result. We probably won't discuss that result in class, but you might want to consider it in respect to job search and aspiration levels. A minimum wage reduces uncertainty quite a bit regarding job search on the worker's side and on filling vacancies on the employer's side. That reduction of uncertainty probably boost employment and can offset the normal consequences of a price floor in a market.
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