A study by graduate student Evan Soltas and Gopi Shah Goda, deputy director of Stanford’s Institute for Economic Policy Research, underlines the pandemic’s impact on labor supply in the United States, reports Richard Luscombe for The Guardian. “Our estimates suggest Covid-19 illnesses have reduced the US labor force by approximately 500,000 people,” say Soltas and Goda.
Prof. Jonathan Parker and other researchers have found that Covid-19 relief payments have served as a form of insurance for families, reports Howard Schneider for Reuters. Although, “’the small short-term spending response and its pattern suggest that the (economic-impact payments) went to many people who did not need the additional funds,’” writes Schneider.
A study by graduate student Evan Soltas and Gopi Shah Goda, deputy director of Stanford’s Institute for Economic Policy Research, explores the economic toll of Covid-19, including acute illness and long Covid, reports Erin Prater for Fortune. The paper “also looks at the impact of other Covid-related medical consequences like organ damage, mental health issues, new kidney and heart problems, and the worsening of preexisting illness, in addition to the phenomenon of Covid forcing older workers into early retirement,” explains Prater.
Writing for The Hill, Prof. Jonathan Gruber, Representative Ro Khanna (D-California) and Matt Hourihan of the Federation of American Scientists write that there’s “an unfortunate history of Congress authorizing ambitious boosts for science only to fall short in appropriations. Congress deserves credit for getting the CHIPS and Science Act across the finish line, but legislators shouldn’t rest on their haunches. Instead, our leaders should sustain the moment they’ve started and ensure robust support for federal innovation — our future depends on it.”
A study co-authored by graduate student Evan J. Soltas finds that illness caused by Covid-19 shrank the U.S. labor force by around 500,000 people, reports Gwynn Guilford for The Wall Street Journal. “If we stay where we are with Covid infection rates going forward, we expect that 500,000-person loss to persist until either exposure goes down or severity goes down,” said Soltas.
Laila Shabir ’10 speaks with Washington Post reporters Jonathan Lee and Marlena Sloss about how the subtle cultural reinforcement of gender roles inspired her to found Girls Make Games, a summer camp where girls and nonbinary children learn the basics of video game development. “It makes sense that kids are attracted to video games because everything that games represent, kids are into,” Shabir said. “If we want to reach people, if we want to make a difference, I think video games have a massive societal influence and we should be tapping into that collectively. Not just on an individual level but as a society and as an employer.”
MIT and Harvard startup GiveDirectly, “identifies poor people and villages, usually in developing countries in sub-Saharan Africa, and distributes cash to them directly, usually via cellphone payment, instead of donations like food and livestock,” reports Dylan Matthews for Vox.
This summer’s heat waves and droughts have brought forth a series of issues including disruption of crop production, further inflation, and electrical issues, reports Colin Lodewick for Fortune. “I think it’s too early to quantify, but I have no doubt that these extreme events are contributing to high prices,” says Sergey Paltsev, deputy director of MIT’s Joint Program on the Science and Policy of Global Change. “In the future, if we don’t change the course of action, it’s going to be worse.”
Prof. Joshua Angrist speaks with CNBC about how his research on schooling and education has helped shaped government policy. “We don’t make specific policy recommendations, but we do encourage policy makers to look at the evidence,” says Angrist. “Whenever there is something on the public docket that is related to education policy, we always encourage both voters and politicians to look at the evidence.”
Prof. Daron Acemoglu notes that “the decline in popular support for democracy is greater in the United States than elsewhere, especially among the young,” reports Thomas B. Edsall for The New York Times. Acemoglu explains that “one way to address the discontent with contemporary democracy among so many voters on the right would be to implement traditional center-left economic policies, including many supported by the Biden administration,” writes Edsall.
A new proposed economic bill could provide “game-changing” incentives for the nuclear energy industry, reports Jennifer McDermott and Mary Katherine Wildeman for the Associated Press. The bill “is really substantial,” says Prof. Jacopo Buongiorno. “This should move the needle in terms of making these technologies economically viable right off the bat.”
Researchers at MIT have found that “for every nine adults who gained access to Medicaid in Oregon due to a special due to a special enrollment lottery, one previously eligible child was added to the rolls as well,” reports Dennis Thompson for U.S. News & World Report. The lottery “enabled us to look at the questions of what happens to children of adults who win the lottery, compared to children of adults who don’t win the lottery,” says Prof. Amy Finkelstein.
Prof. Anna Stansbury speaks with Tracy Alloway and Joe Weisenthal of Bloomberg’s Odd Lots podcast about her research on the labor market and worker power. “In my work, when I'm trying to measure worker power," says Stansbury, "I'm trying to say, ‘What would a given worker be paid in a kind of market situation without that power? And then how do different factors give that worker the ability to share in the profits of the firm?’"
Prof. Christopher Knittel speaks with Andy Uhler of Marketplace about gasoline process and the crack spread, the difference between the cost of oil and the cost to refine it. “Increases in the crack spread that we’ve seen recently has been just supply and demand,” said Knittel.
Prof. James Poterba speaks with Washington Post reporter Jeff Stein about his work with the National Bureau of Economic Research’s Business Cycle Dating Committee in determining if a recession is underway in the U.S. “By far, the most important thing to try to convey is that the committee is not trying to do real-time dating of whether we’re in a recession,” said Poterba. “There’s often enormous amount of interest in that question and what many people are hoping for, but the committee’s task is to create a consistent historical record of the turning points — the peaks and the troughs in the U.S. economy.”