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Behavioural economics in a nutshell.

ianbroyles:

How to increase tips courtesy of Starbucks Sherman Oaks.

Death to pennies!

"A mischievous person might even ask whether ‘supply-side economics’ really was just a sort of code word for ‘Keynesianism.’"

Peter Thiel, “The End of the Future,” National Review, Oct 3, 2011

Chart from Galina Hale and Bart Hobijn at the Federal Reserve Bank of San Francisco showing U.S. personal consumer expenditures (PCE) in 2010. The authors note,

Of the 2.7% of U.S. consumer purchases going to goods labeled “Made in China,” only 1.2% actually represents China-produced content. If we take into account imported intermediate goods, about 13.9% of U.S. consumer spending is attributable to imports, including 1.9% imported from China.

"[We’re] pretty darn fucked."

Christina Romer, Obama’s former CEA chair, on the ratings downgrade

"Never forget, never forget, and I think it’s very important for Democrats especially to remember this, that if Hitler had not come along, Franklin Roosevelt would have left office in 1941 with an unemployment rate in excess of 15 percent and an economic recovery strategy that had basically failed."

Lawrence Summers on Charlie Rose 7/12/2011 (via Greg Mankiw)