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Politics : Politics for Pros- moderated

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From: LindyBill	10/21/2008 11:41:23 AM
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Secondary Sources: More on Krugman; the Child Trade-Off WSJ.COM Economist vs. Columnist: David Warsh writes at Economic Principals about Nobel economics award winner Paul Krugman's two hats. "[T]he fact that the Swedish prize authorities moved Krugman's contribution to trade theory to the top of their list, ahead of several other skeins of earlier work in other fields that are awaiting recognition, coupled with their decision to give it to him alone ... was a clear indication that the Swedes wanted to send a message along with the stardust: that they enjoy reading the penetrating and acerbic commentary that he writes in his second career as a twice-a-week newspaper columnist. ... For decades, economists [such as Milton Friedman and Paul Samuelson] have written regularly for the public ... but no economist in modern times has ever abandoned research in order to take a day job on a newspaper until Krugman did it in 2000. ... Will Krugman win a Pulitzer Prize for commentary next spring? In January, I doubted it. Today, it is an even more interesting question, one that has as much to do with the freefall in which the industry finds itself as with the columns themselves." The Child Dividend: Why do couples in industrialized societies have fewer children than they used to? Studying Italian pension reforms of the 1990s that suddenly decreased pension prospects for a large group of individuals, at the Centre for Economic Policy Research, authors Francesco C. Billari and Vincenzo Galasso find that people with lower pension income prospects as a result of the lower pensions have significantly higher fertility. The authors say the findings support the "old-age security" theory, in which children are seen as a source of future financial support, as opposed to the "consumption" motive, under which a reduced pension income should lead to a reduction in parents' consumption and fertility.

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