Edward Conard

Top Ten New York Times Bestselling Author

  • “Unintended Consequences provides a provocative interpretation of the causes of the global financial crisis and the policies needed to return to rapid growth. Whether you agree or not, this analysis is well worth reading.” - Nouriel Roubini, New York University; Chairman, Roubini Global Economics
  • “…a comprehensive explanation of the modern economy.” - Julian Robertson, Founder, Tiger Management
  • “…challenges misconceptions that distort our economic debates.” - Arthur Brooks, President of the American Enterprise Institute
  • “Unintended Consequences offers deep and well-argued analyses on almost every issue.” - The New York Times
  • “…serious thinking for serious thinkers. …a thought-provoking blueprint for growing middle- and working-class incomes.” - Mitt Romney, former Governor of Massachusetts
  • “…serious thinking for serious thinkers. …a thought-provoking blueprint for growing middle- and working-class incomes.” - Mitt Romney, former Governor of Massachusetts
  • “A full-throated defense of economic dynamism.” - The Wall Street Journal
  • “…a fresh argument for the productive value of inequality.” - David Autor, Professor of Economics, Massachusetts Institute of Technology
  • “…a fresh argument for the productive value of inequality.” - David Autor, Professor of Economics, Massachusetts Institute of Technology
  • “…a must-read for serious students of economic policy.” - Glenn Hubbard, Dean, Columbia Business School, and former Chairman of the Council of Economic Advisers
  • “…a must-read for serious students of economic policy.” - Glenn Hubbard, Dean, Columbia Business School, and former Chairman of the Council of Economic Advisers
  • “…reminds us that inequality sends a signal of what society lacks most, in America’s case, entrepreneurship and risk taking.” - Lawrence Lindsey, CEO, The Lindsey Group, former Director of the National Economic Council
Upside of Inequality Oxford Unintended Consequences

Macro Roundup


Monday, May 13, 2019

AI Summary. Facebook holds over 70% of the social networking market and generated more than $117bn in annual revenue, giving it broad influence over digital advertising. The author argues this concentration, reinforced by acquisitions such as Instagram and WhatsApp, limits competition and consumer choice, and calls for antitrust action to break up the company.

Chris Hughes New York Times
Date Posted:
Is Database:
Database

Facebook’s dominance stifles competition, innovation & choice. Breaking it up could restore balance, foster innovation & ensure a more equitable digital economy.

Should antitrust action break up a dominant social media company?

Core argument: Facebook holds more than 70% market share in social networking, a concentration the piece argues stifles competition, reduces innovation, and raises barriers for new entrants.

Facebook's dominance in the social media landscape has raised significant economic concerns, with its market share exceeding 70% in the social networking sector. This concentration stifles competition, leading to reduced innovation and higher barriers for new entrants. The company's annual revenue surpassed $117bn in 2021, reflecting its vast influence over digital advertising markets. Such economic power allows Facebook to acquire potential competitors, as seen in its acquisitions of Instagram and WhatsApp, further entrenching its monopoly. The lack of competition has implications for consumer choice and data privacy, as users have limited alternatives. Breaking up Facebook could restore competitive balance, fostering innovation and ensuring a more equitable digital economy. Policymakers are urged to consider antitrust actions to dismantle this tech giant, promoting a healthier market environment that benefits consumers and smaller businesses alike.

Takeaways by Macro Roundup® AI

  1. Facebook holds more than 70% market share in social networking, a concentration the piece argues stifles competition, reduces innovation, and raises barriers for new entrants.
  2. Facebook's annual revenue exceeded $117bn in 2021, reflecting influence over digital advertising markets and enabling acquisitions of potential competitors such as Instagram and WhatsApp.
  3. Breaking up Facebook through antitrust action could restore competitive balance and foster innovation, the piece argues, tying limited consumer choice and data privacy concerns to the absence of alternatives.

Chris Hughes, "It’s Time to Break Up Facebook,"New York Times, May 9, 2019, https://www.nytimes.com/2019/05/09/opinion/sunday/chris-hughes-facebook-zuckerberg.html

Wednesday, May 15, 2019

AI Summary. The share of US college graduates choosing career-oriented majors rose from 64% to 77% over recent decades. Liberal arts graduates earn less initially than those in science, technology, engineering, math, or business, but shift across occupations from sales and education into marketing and management, with social science majors showing higher career earnings potential.

Te-Ping Chen Wall Street Journal
Date Posted:
Is Database:
Database

Liberal arts graduates adaptability & potential for growth underscore the nuanced economic value of a liberal arts education in a dynamic labor market.

Do liberal arts graduates catch up in earnings over their careers?

Core argument: The share of college graduates choosing career-oriented majors rose from 64% in 1970 to 77% in 2016.

The value of a liberal arts degree is often debated, yet recent data highlights its evolving role in the job market. From 1970 to 2016, the share of college graduates opting for career-oriented majors increased from 64% to 77%, reflecting a shift in educational preferences. Despite earning less initially compared to STEM or business majors, liberal arts graduates demonstrate adaptability, transitioning from roles in sales and education to marketing and management. Notably, social science majors within the liberal arts category exhibit higher earning potential over their careers, suggesting that while initial earnings may lag, long-term trajectories can be favorable. This adaptability and potential for growth underscore the nuanced economic value of a liberal arts education in a dynamic labor market.

Takeaways by Macro Roundup® AI

  1. The share of college graduates choosing career-oriented majors rose from 64% in 1970 to 77% in 2016.
  2. Liberal arts graduates earn less initially than STEM or business majors but shift occupations over their careers, moving from sales and education roles into marketing and management.
  3. Social science majors within the liberal arts category show higher earning potential over the course of their careers, suggesting that lagging initial earnings can be followed by favorable long-term trajectories.

Te-Ping Chen and Hanna Sender, "What’s a Liberal Arts Degree Worth?," Wall Street Journal, May 10, 2019, https://www.wsj.com/articles/whats-a-liberal-arts-degree-worth-11557501301

What’s a Liberal Arts Degree Worth?

Whats a Liberal Arts Degree Worth?: Extended Excerpt Image 1


What’s the value of a liberal arts degree? In recent years, the percentage of college graduates choosing more career-oriented majors over the liberal arts has grown, rising from 64% in 1970 to 77% in 2016.

Whats a Liberal Arts Degree Worth?: Extended Excerpt Image 2


While it’s true that liberal arts graduates don’t earn as much as students who major in STEM or business, they show versatility in the job market, migrating over time from fields such as sales and education to marketing and management. And not all majors are created alike: graduates who studied the social sciences show higher earning potential over the course of their careers.