Edward Conard

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  • “…a must-read for serious students of economic policy.” - Glenn Hubbard, Dean, Columbia Business School, and former Chairman of the Council of Economic Advisers
  • “Unintended Consequences is far smarter and more thought-provoking than most economics written for the general public” - Greg Mankiw, Harvard University, Former Chairman of the Council of Economic Advisors
  • “…a very valuable contribution.” - Larry Summers, former Secretary of the Treasury and director of the National Economic Council, president emeritus, Harvard University
  • “A full-throated defense of economic dynamism.” - The Wall Street Journal
  • “There are an amazing number of good ideas and interesting points made in Unintended Consequences. The thinking underlying it, and the obvious depth of understanding of the author, are very impressive.” - Steven Levitt, coauthor of Freakonomics; 2004 John Bates Clark Medal
  • “…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
  • “…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
  • “Unintended Consequences represents the most cogent and persuasive analysis of the Financial Crisis to date.” - Andrei Shleifer, 1999 John Bates Clark Medal Winner
  • “…a very valuable contribution.” - Larry Summers, former Secretary of the Treasury and director of the National Economic Council, president emeritus, Harvard University
  • “…serious thinking for serious thinkers. …a thought-provoking blueprint for growing middle- and working-class incomes.” - Mitt Romney, former Governor of Massachusetts
  • “…challenges misconceptions that distort our economic debates.” - Arthur Brooks, President of the American Enterprise Institute
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A Climate of Catastrophe

Editorial Board Wall Street Journal
Date Posted:
August 16, 2021
Is Database:
Database

The latest IPCC report indicates a revised climate sensitivity range of 2.5 to 4 degrees Celsius, higher than the late 1800s, reflecting a moderated top-end estimate compared to the 2013 range of 1.5 to 4.5 degrees. @WSJ.

The latest IPCC report indicates a revised climate sensitivity range of 2.5 to 4 degrees Celsius, higher than the late...
The latest IPCC report indicates a revised climate sensitivity range of 2.5 to 4 degrees Celsius, higher than the late 1800s, reflecting a moderated top-end estimate compared to the 2013 range of 1.5 to 4.5 degrees. This adjustment underscores the potential economic implications of continued CO2 emissions, as future temperature increases could significantly impact global GDP and necessitate costly adaptation measures. Despite the alarming rhetoric, the report suggests that the Earth has warmed by 1.1 degrees Celsius since the late 19th century, only 0.1 degree more than previous estimates. The economic challenge lies in balancing the need for CO2 reduction with maintaining economic growth, as trillions have been spent on renewable energy with limited climate impact. A pragmatic approach would involve leveraging innovation in low-cost natural gas and nuclear power to reduce emissions while fostering economic resilience and adaptation strategies.

Editorial Board, "A Climate of Catastrophe,"Wall Street Journal, August 9, 2021, https://www.wsj.com/articles/a-climate-of-catastrophe-united-nations-intergovernmental-panel-on-climate-change-report-11628546180

A Climate of Catastrophe

The world awoke Monday after a logy August weekend to some alarming news: The climate Apocalypse is nigh, humanity is to blame, and unless the world remakes the global economy, havoc and death are inevitable. Repent of your sins all ye who enter here.

That’s only a mild overstatement of the media’s fire-and-brimstone accounts of the latest report by the United Nations Intergovernmental Panel on Climate Change (IPCC), a collection of scientists and politicians who purport to offer the best evidence on climate change. Prepare for days of reading what a terrible person you are for using a natural gas stove.

The gargantuan report will take time to plow through, but a read of the 41-page “summary for policymakers” and perusal of the rest suggests that there is no good reason to sacrifice your life, or even your standard of living, to the climate gods. Hot rhetoric aside, the report doesn’t tell us much that’s new since its last report in 2013, and some of that is less dire.

“It is unequivocal that human influence has warmed the atmosphere, ocean and land,” says the report in its lead conclusion. But no one denies that the climate has been warming, and no one serious argues that humans play no role. How could eight billion people not? Adding the adjective “unequivocal” adds emphasis but not context.

The report says the Earth has warmed by 1.1 degree Celsius since the last half of the 19th century, which is 0.1 degree warmer than its last estimate. This is not apocalyptic. The five-alarm headlines arise from the predictions of future temperature increases if greenhouse gas emissions, especially CO2, continue to increase.

Yet the report’s estimate of “climate sensitivity”—its response to a doubling of CO2—has moderated at the top end. The likely sensitivity range, says the report, is 2.5 to 4 degrees Celsius higher than in the late 1800s. The likely range was 1.5 to 4.5 in the 2013 report.

The new report offers five climate scenarios based on estimates of CO2 emissions. The intermediate scenario’s “best estimate” is a 1.5 degree increase by 2040 and a range of 2.1 to 3.5 by 2100. This is a highly speculative estimate on which to bet the U.S. economy.

The biggest difference is the new report’s direct linkage of warming to catastrophic weather events such as hurricanes, severe heat waves or rain events, drought and so on. The summary says this is based on “new methodology” and evidence, which means computer models. We await what independent climate experts say as they dig into these models.

But we know climate models are far from perfect, which explains the varying “confidence” levels attached to the report’s predictions. Steven Koonin, the scientist and former Obama official, devotes an illuminating chapter to “many muddled models” in his recent book about climate science, “Unsettled.”

The report also downplays some of the disaster scenarios you read about. It has “low confidence” that the Antarctic sea ice will melt. It says it is likely that tropical cyclones have increased around the world, but there is “low confidence in long-term (multi-decadal to centennial) trends in the frequency of all-category tropical cyclones.” Keep that in mind when the next hurricane becomes proof in the press of climate catastrophe.

Even the report’s prediction that warming oceans will melt Arctic sea ice doesn’t sound like a scene from “Waterworld.” The “Arctic is likely to be practically sea ice free in September at least once before 2050” under the five scenarios. Only once in 29 years, and not the rest of the fall and winter? Further thawing of the permafrost is said to be likely but how much or to what effect is uncertain.

Keep in mind that the IPCC report is a political document. It is intended to scare the public and motivate politicians to reduce CO2 emissions no matter the cost, which by the way the report summary never mentions. No less than Al Gore admitted this on PBS in October 2018 when the IPCC issued an interim report: “The language the IPCC used in presenting it was torqued up a little bit, appropriately. How do they get the attention of policymakers around the world?”

Torqued up is right. The U.N. Secretary-General called the new report a “code red for humanity.” And someone at Reuters actually wrote this sentence: “Further warming could mean that in some places, people could die just from going outside.”

If they really believe this, the policy response has failed miserably. Politicians have spent trillions of dollars subsidizing renewable energy with no effect on climate. Nuclear power, which would sharply reduce CO2, is taboo among the greens. Innovation in developing low-cost natural gas, which substitutes for coal, may have done more than any government policy to reduce U.S. emissions. Yet President Biden wants to crush the gas industry with regulation.

The IPCC report doesn’t justify putting the U.S. economy into the hands of government. A sensible climate policy will continue to monitor trends, while allowing a free economy to find solutions and build the wealth that will allow for adaptation and amelioration if the worst happens. This lacks the drama of the Apocalypse, but it will better serve the world.

“…The report says the Earth has warmed by 1.1 degree Celsius since the last half of the 19th century, which is 0.1 degree warmer than its last estimate. This is not apocalyptic. The five-alarm headlines arise from the predictions of future temperature increases if greenhouse gas emissions, especially CO2, continue to increase. Yet the report’s estimate of “climate sensitivity”—its response to a doubling of CO2—has moderated at the top end. The likely sensitivity range, says the report, is 2.5 to 4 degrees Celsius higher than in the late 1800s. The likely range was 1.5 to 4.5 in the 2013 report….”

Ed Comment: Here's a factoid about global warming that I didn't know: "The likely sensitivity range, says the report, is 2.5 to 4 degrees Celsius higher than in the late 1800s." I thought the range was relative to today. Weren't we still in the mini ice age then? Didn't NYC Harbor freeze back then? According to the op-ed, "The report says the Earth has warmed by 1.1 degree Celsius since the last half of the 19th century."So is the likely range 1.4 to 2.9 degrees warner than today? That's less than I thought.

  • Politics
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Previous articleAugust 16, 2021When unemployment insurance benefits are rolled back: Impacts on job finding and the recipients of the Pandemic Unemployment Assistance ProgramExpanded UI had a modest job search disincentive, $600 reduced employment by <.8%, $300 reduced employment by <.5%.Next articleAugust 16, 2021Dont buy the latest climate-change alarmismBy 2100, the average person worldwide is projected to be 436% better off compared to 450% without climate change, indicating a modest reduction in prosperity growth.
Showing 187 database articles primarily about Politics

Who Sees Themselves as Working Class?

AI Summary. 60% of U.S. adults identify as working class, including half of college graduates and upper-income earners, making the label broadly adopted across economic lines rather than confined to lower-income or blue-collar workers.

Steven Shepard, Hannah Hartig, Andy Cerda and Jocelyn Kiley Pew Research Center
Date Posted:
September 1, 2026
Is Database:
Database

60% of Americans say “working class” describes them “extremely” or “very” well. Republicans are more likely than Democrats to identify as working class – strikingly 61% of Republicans who have a family income of at least $155,600 identify as working class, compared to 38% of such Democrats.

Does working class identity reflect actual economic status or cultural values?

Core argument: Sixty percent of U.S. adults identify as working class, a label adopted across income and education lines — including half of upper-income Americans and half of bachelor’s degree holders — signaling the term has lost its traditional socioeconomic boundaries.

Most Americans think of themselves as “working class” today: Overall, 60% of U.S. adults say the term describes them well. And the identity is widely adopted by people across all income and educational groups – including half of both Americans who have a bachelor’s degree and those who are upper-income. Those working in blue-collar occupations are particularly likely to identify as working class (77%), [as are] a majority of those working in other occupations (61%). White adults are more likely than Black adults to identify as working class. About six-in-ten White (62%) and Hispanic adults (59%) overall view themselves as working class, as do roughly half of Black (54%) and Asian adults (52%).

Takeaways by Macro Roundup® AI

  1. Sixty percent of U.S. adults identify as working class, a label adopted across income and education lines — including half of upper-income Americans and half of bachelor’s degree holders — signaling the term has lost its traditional socioeconomic boundaries.
  2. Blue-collar workers identify as working class at the highest rate (77%), yet a majority of workers in other occupations (61%) claim the same identity, indicating occupational type is a weak predictor of class self-perception.
  3. White adults identify as working class at a higher rate (62%) than Black (54%) or Asian adults (52%), with Hispanic adults (59%) closely tracking the White share.

Related Articles:

  • America’s Support for Capitalism Has Declined Over Last Decade — American confidence in capitalism has fallen from 60% to under 50% over the last decade, while only 12% believe democracy is working well and just 35% believe the economy offers a fair path to prosperity.
  • Political Representation Gaps and Populism — Surveys in 27 European countries show that MPs’ policy views generally match those of their voters on economic issues, but are systematically to the left on…
  • The DSA Sweet Spot: Highly Educated, Downwardly Mobile — Silver finds that the most liberal voters are highly educated and lower-income. Only 19% of Americans with a college degree had a household income of $60,000…
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The Rise of Anger: Emotions and Policy Views

Eva Davoine, Stefanie Stantcheva, Thomas Renault and Yann Algan Harvard University
Date Posted:
August 20, 2026
Is Database:
Database

Davoine, et al. show that angry policy-related tweets among voters rose from 34% to 46% over 2013–2025. Angry posts got ~60% more retweets, and experiments that induced anger showed it can move views on trade, immigration, redistribution and climate.

Figure 6 illustrates the monthly evolution of anger among Democratic- and Republican-affiliated X [Twitter] users. Each line reports the share of sentences classified as expressing anger within each political affiliation, and the plotted series are shown as six-month moving averages. It shows that Republican voters start with a higher baseline level of anger at the beginning of the period (about 38% compared to 27% for Democrats). Anger rises sharply for both groups after the 2016 election, but much more among Democrats. As a result, the initial partisan gap is much smaller by 2019. Both series then plateau from 2019 to 2022. Among Democratic partisans, anger declines slightly after Biden’s election but remains well above pre-2016 levels. Republican anger continues to rise during the Biden presidency, reaching approximately 50% by 2025.

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  • Zero-Sum Thinking and the Roots of US Political Differences — Surveying a large US sample, Chinoy et al built an index of “zero-sum thinking” using four questions as to whether one group’s gains come at others’ expense…
  • Life Under Two: Debt, Deficits, and the AI Discontinuity — Paul Kedrosky argues the American economy is undergoing a fundamental shift from > 3% mean annual real GDP growth to “life under two,” or below…
  • The DSA Sweet Spot: Highly Educated, Downwardly Mobile — Silver finds that the most liberal voters are highly educated and lower-income. Only 19% of Americans with a college degree had a household income of $60,000…
  • Politics

The DSA Sweet Spot: Highly Educated, Downwardly Mobile

Nate Silver Silver Bulletin
Date Posted:
July 22, 2026
Is Database:
Database
Is Important:
Important

Silver finds that the most liberal voters are highly educated and lower-income. Only 19% of Americans with a college degree had a household income of $60,000 or less, but responders to a DSA survey were ~ twice as likely to fall into that category.

The US voters most likely to identify as “very liberal” are those with postgraduate degrees but lower-to-middle household incomes of $30K to $60K per year. This is very much also the sweet spot for the DSA. In the DSA’s most recent member survey in 2021, 80% of members aged 25 or older had bachelor’s degrees, but 45% had household incomes below $60,000 per year. This is unusual because education and income are usually substantially positively correlated. In the composite CES data, only 19% of Americans with bachelor’s degrees or higher had household incomes of $60K or below, while respondents to the most recent DSA survey [were twice as likely to fall into this category].

Related Articles:

  • America’s Support for Capitalism Has Declined Over Last Decade — American confidence in capitalism has fallen from 60% to under 50% over the last decade, while only 12% believe democracy is working well and just 35% believe the economy offers a fair path to prosperity.
  • Zero-Sum Thinking and the Roots of US Political Differences — Surveying a large US sample, Chinoy et al built an index of “zero-sum thinking” using four questions as to whether one group’s gains come at others’ expense…
  • Political Representation Gaps and Populism — Surveys in 27 European countries show that MPs’ policy views generally match those of their voters on economic issues, but are systematically to the left on…
  • Politics

America’s Support for Capitalism Has Declined Over Last Decade

AI Summary. American confidence in capitalism has fallen from 60% to under 50% over the last decade, while only 12% believe democracy is working well and just 35% believe the economy offers a fair path to prosperity.

Aaron Zitner Wall Street Journal
Date Posted:
July 9, 2026
Is Database:
Database

A new WSJ poll finds only 35% of Americans think the assertion that “if you work hard, you’ll get ahead” still holds. Only 42% of respondents aged 18–34 think capitalism is working very or somewhat well, relative to 56% of those 65 or older.

Is capitalism losing support among Americans?

Core argument: Capitalism approval fell 10 pts to 50% over the past decade, driving erosion in confidence across core American institutions.

Americans are losing confidence in two main pillars of society: capitalism and democracy. Just under half of Americans say capitalism is working very well or even somewhat well, down from 60% who said so about a decade ago, according to a new Wall Street Journal-NORC survey. Only 35% are even fairly sure that the nation offers people the ability to get good jobs and achieve the American dream. Confidence in the nation’s system of government is even lower. Only 12% say democracy is working very well or extremely well, and a mere 16% say average citizens have considerable influence on politics. Two-thirds of Republicans said they were very proud of American history, three times the share of Democrats who said so. And Republicans in the survey stood apart in their belief in American exceptionalism, the long-held idea that the U.S. is unique or superior among nations. Nearly half of Republicans said that America stands above all other countries in the world, compared with only 8% of Democrats and 13% of independents.

Takeaways by Macro Roundup® AI

  1. Capitalism approval fell 10 pts to 50% over the past decade, driving erosion in confidence across core American institutions.
  2. Only 35% believe the U.S. offers pathways to good jobs and economic mobility, down from prior confidence levels, leading to.
  3. Republicans express 3x greater pride in American history than Democrats (67% vs. 22%), with 48% of Republicans believing America surpasses.

Related Articles:

  • Life Under Two: Debt, Deficits, and the AI Discontinuity — Paul Kedrosky argues the American economy is undergoing a fundamental shift from > 3% mean annual real GDP growth to “life under two,” or below…
  • Zero-Sum Thinking and the Roots of US Political Differences — Surveying a large US sample, Chinoy et al built an index of “zero-sum thinking” using four questions as to whether one group’s gains come at others’ expense…
  • Political Representation Gaps and Populism — Surveys in 27 European countries show that MPs’ policy views generally match those of their voters on economic issues, but are systematically to the left on…
  • Politics

America Used To Be Exceptionally Patriotic. Now We're Below Average

AI Summary. American patriotism, measured by those "extremely proud" to be American, tracks closely with which party controls the presidency, with partisan gaps widening sharply over time. Republican pride swings ~14 points between administrations, while Democratic pride has collapsed from 58% to 14% across the same period.

Eli McKown-Dawson and Nate Silver Silver Bulletin
Date Posted:
July 8, 2026
Is Database:
Database

Gallup finds only 17% of Democrats are “extremely proud” to be an American, versus 30% of independents and 74% of Republicans – notable declines from 2005–2009, when 58% of Democrats/independents and 79% of Republicans were “extremely proud” to be an American.

Is American patriotism becoming a partisan identity rather than national sentiment?

Core argument: Democratic extreme pride fell 75% from 58% (2004–2008) to 14%, driving a 44-pt partisan gap vs. Republicans’ 74%, the widest.

During George W. Bush’s second term, an average of 58% of Democrats were extremely proud to be American according to Gallup, as was an identical share of independents — though Republicans were higher. The rough parity between Democrats and independents lasted through Barack Obama’s second term, but the share of extremely proud Democrats fell to an average of 30% during Trump’s first term and was just 14% in the most recent Gallup poll. Although Republicans are generally more patriotic, their opinions can shift based on who occupies 1600 Pennsylvania Avenue too. The share of Republicans extremely proud to be American fell from 79% on average during Bush’s second term to 60% during Biden’s term. What happened after Trump retook office? It jumped right back up to 74%.

Takeaways by Macro Roundup® AI

  1. Democratic extreme pride fell 75% from 58% (2004–2008) to 14%, driving a 44-pt partisan gap vs. Republicans’ 74%, the widest.
  2. Republican extreme pride dropped 24 pts from 79% under Bush to 60% under Biden, then rebounded 14 pts to 74%.
  3. Independents’ extreme pride collapsed from 58% parity with Democrats in 2008 to unmeasured levels, indicating depolarization of patriotic expression across.

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  • A Note on Factors Influencing Trust in Government — A Pew study finds that only 15% of Americans trust the Federal government to do what is right “most of the time,” down from ~75% in 1960. A secular drop…
  • Life Under Two: Debt, Deficits, and the AI Discontinuity — Paul Kedrosky argues the American economy is undergoing a fundamental shift from > 3% mean annual real GDP growth to “life under two,” or below…
  • Politics

Texas Is Becoming America Inc’s Centre Of Gravity

AI Summary. Texas leads all U.S. states in business investment and population growth, creating roughly 20% of net new jobs nationally from 2020 to 2025, and is on track to surpass California as the largest U.S. economy.

Economist Staff The Economist
Date Posted:
June 2, 2026
Is Database:
Database

According to CBRE, at least 184 American firms, including Tesla and Caterpillar, moved their headquarters to Austin, Dallas or Houston btw 2020 and 2025. During that period, Texas drove ~20% of all net job creation in the US.

Is Texas replacing California as America's economic powerhouse?

Core argument: Texas created ~20% of all net new U.S. jobs from 2020–2025, driving its emergence as the nation’s primary business investment.

On May 27th the shareholders of ExxonMobil approved a plan to cut its ties with New Jersey and reincorporate in Texas, where it has long had its headquarters. The oil giant is not alone. Texas is steadily establishing itself as America Inc’s new centre of gravity. No state receives more business investment or is adding more people to its population. From 2020 to 2025 it created roughly a fifth of all net new jobs in the country. It is only a matter of time before Texas overtakes California as the largest economy in America. Texas’s success should worry those in New York and California monitoring their tax take. At the same time it has spawned a raft of imitators. Legislators in North Carolina have passed a plan to get rid of its corporate-income tax by 2030. Tennessee has copied Texas’s strategy of offering firms shovel-ready mega-sites. Nevada is trying to launch its own business court.

Takeaways by Macro Roundup® AI

  1. Texas created ~20% of all net new U.S. jobs from 2020–2025, driving its emergence as the nation’s primary business investment.
  2. ExxonMobil’s reincorporation in Texas signals a broader corporate migration that leads to revenue losses for high-tax states like California and.
  3. Texas’s economic dominance positions it to surpass California’s GDP, prompting competitive tax and regulatory reforms across North Carolina, Tennessee, and.

Related Articles:

  • Where Americans Choose to Move and Where They Leave — Btw 2020 and 2024, 3.7% of California’s 2020 population moved out of state. The population of the “Texas Triangle” – the Dallas…
  • Fifty Shades of Growth — Looking at natural population growth @AzizSunderji finds that all five metros with the highest natural population growth, births net deaths, in the entire…
  • As New Jobs In Finance Dry Up, New York City’s Fiscal Model Is Wilting — Since January 2020, private sector real hourly earnings have fallen 9% in New York City, while increasing 3% nationally, as large firms based in NYC move jobs…
  • Politics
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    • Growth
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