Tag Archive for economics

Grossman on Mitigating the Economic Fallout from the Coronavirus

Grossman

Richard Grossman

Richard Grossman, professor and chair of economics, is an expert in economic history as well as current policy issues in macroeconomics, banking, and finance. In this Q&A, we asked him about the economic fallout from the coronavirus pandemic, and how the government is responding in efforts to mitigate the damage.

Q: We’ve all seen the headlines about a coronavirus-induced recession. What is the current state of the economy, and what do you predict we’ll see over the coming months?

A: Prior to the virus outbreak, the American economy was doing well by conventional standards. The unemployment rate was 3.5% in March, down from a peak of 10% around a decade ago. According to the government’s most recent estimate (released on Feb. 27), real gross domestic product grew by 2.3% in 2019. Not stellar, but high relative to other developed economies. It is going to get substantially worse quite soon.

Skillman’s Article Published in the Review of Radical Political Economics

Gil Skillman, professor of economics, is the author of “Moseley’s ‘Macro-Monetary’ Reading of Marx’s Capital: Rejoinder and Further Discussion,” published in the Review of Radical Political Economics on Dec. 17, 2019.

According to the abstract:

Moseley (2018) offers a partial reply to Skillman’s review of his Money and Totality, addressing one comment at length while mentioning a second in passing and ignoring the third. In this rejoinder, Skillman responds to his replies and develops the three main arguments of his review in greater detail, with particular focus on the logical consistency of Moseley’s “algebraic summary” of his macro-monetary reading of Marx’s transformation analysis.

Wesleyan in the News

NewsIn this recurring feature in The Wesleyan Connection, we highlight some of the latest news stories about Wesleyan and our alumni.

Wesleyan in the News

1. The Washington Post: “How One College Is Helping Students Get Engaged in Elections—and, No, It’s Not Political”

President Michael Roth writes about Wesleyan’s initiative to engage students meaningfully in work in the public sphere ahead of the 2020 elections, and calls on other colleges and universities to do the same. He writes: “Now is the time for higher education leaders to commit their institutions to find their own paths for promoting student involvement in the 2020 elections. This kind of direct participation in civic life provides an educational benefit that will help students develop skills for lifelong active citizenship; participants will gain organizational skills, learn to engage productively with others with whom they disagree and learn about themselves.”

2. The Journal of Blacks in Higher Education: “Nicole Stanton Will Be the Next Provost at Wesleyan University in Middletown, Connecticut”

Professor of Dance Nicole Stanton will begin her new role as Wesleyan’s 12th provost and vice president for academic affairs on May 15. She joined Wesleyan in 2007 as associate professor of dance, and currently serves as dean of the Arts and Humanities.

Shasha ’50, P’82, Founder of Human Concerns Seminar, Is Remembered

James Shasha, the businessman and benefactor who founded and endowed the Shasha Seminar for Human Concerns at Wesleyan, died Oct. 21. He was 91.

Born in Baghdad, Iraq, in 1929, he emigrated to the United States when he was 15 and later attended Wesleyan, graduating in 1950 with a major in economics. In 1955 he moved to Argentina, where he pursued his business interests in the wool and carpet industries, serving as the country’s delegate to the International Wool and Textile organization. Later, at 73, he decided to delve into the hotel business without previous experience in this industry. He acquired four hotels: three in Argentina and one in Uruguay.

Always interested in education and the qualities of citizenship, he told Hebrew University in Jerusalem, an institution with which he was also affiliated: “After World War II there was a lot of idealism about how to build a better world and that was what made me understand and incorporate what a citizen’s responsibility should be: take responsibility for the environment, be it the community, the country, or culture in which it participates.”

He developed the Shasha Seminars first at the Hebrew University and then imported them to Wesleyan.

Wesleyan Places 1st in National Cybersecurity Competition

CSAW

Cher Qin ’21, Shuyuan Hung ’21, John Jiang ’21, and Kevin Koech ’21 took first place in a recent cybersecurity policy competition.

A team from Wesleyan took first place in the 2019 CSAW Policy Competition, the most comprehensive security competition in the world.

Hosted by the New York University Tandon School of Engineering and NYU School of Law Center for Cybersecurity on Nov. 6–8, the U.S.-Canada policy competition challenged contestants to think about the big picture of cybersecurity policy, economics, law, and governance. The purpose of the competition is to encourage students who are interested in the nexus of policy and emerging technology issues to think critically about major policy issues affecting society and to impact the cyber industry by presenting their ideas to leaders within the field.

Wesleyan’s team included College of Social Studies (CSS) and quantitative analysis center (QAC) major Cher Qin ’21; CSS and economics major Shuyuan Hung ’21; CSS and physics major John Jiang ’21; and computer science and economics major Kevin Koech ’21.

The team took home a $1,000 prize for the first-place win. Teams from the United States Naval Academy took the second and third prizes.

“We did not expect that [we], coming out of a liberal arts university, would win, but having diverse backgrounds helped,” Hung said.

Read more about the competition in this QAC student blog.

Wesleyan in the News

In this recurring feature in The Wesleyan Connection, we highlight some of the latest news stories about Wesleyan and our alumni.

Wesleyan in the News

1. Marketplace Tech: “Twitter Bans Political Ads, But Is That All Good?”

Associate Professor of Government Erika Franklin Fowler, co-director of the Wesleyan Media Project, is interviewed about Twitter CEO Jack Dorsey’s announcement that the platform would no longer run political ads. Fowler says implementing this ban is likely to be more complicated than it sounds, and she is skeptical that it will help to reduce the impact of disinformation and improve political discourse. Fowler was also interviewed on Marketplace Morning Report and quoted in Quartz on the ban.

2. NPR’s Throughline: “Zombies”

On Halloween, NPR’s Throughline podcast interviewed Professor of Religion Elizabeth McAlister as part of a deep dive into the history of zombies. Now a global phenomenon in pop culture, the idea of zombies originated in Haiti, back when it was a French colony called Saint-Domingue and many enslaved Africans were worked to death on plantations. The Haitian people ultimately rose up in revolution and defeated their colonizers. But after the revolution, many Haitians were forced back onto plantations when the French demanded reparations in exchange for recognizing their independence. “I think that the figure of the zombie is a reminder that slavery happened to people, that they freed themselves from it, that it still happens in a kind of an afterlife, and it echoes in social practices,” said McAlister. An abbreviated version of the story also aired on NPR’s Morning Edition. 

3. Connecticut Public Radio’s Where We Live: “Acknowledging Middletown’s Ties to Slavery”

Annual Liberal Arts + Forum Highlight of Recent Trip to Asia

At the second annual Liberal Arts + forum in Beijing on Oct. 19, from left, Richard Adelstein, the Woodhouse/Sysco Professor of Economics, and Barry Chernoff, the Robert Schumann Professor of Environmental Studies, spoke on a panel moderated by Julia Zhu '91 about Wesleyan's unique interdisciplinary approach to teaching economics and environmental studies.

At the second annual Liberal Arts + Forum in Beijing on Oct. 19, Richard Adelstein, the Woodhouse/Sysco Professor of Economics, left, and Barry Chernoff, the Robert Schumann Professor of Environmental Studies, center, spoke on a panel moderated by Julia Zhu ’91, right, about Wesleyan’s unique interdisciplinary approach to teaching economics and environmental studies.

In October, President Michael Roth and other Wesleyan faculty and staff traveled to Asia to meet with alumni, parents, prospective families, and others. The trip included visits to Seoul, Beijing, and Taipei.

A highlight of the trip was Wesleyan’s second annual Liberal Arts + Sustainable Economic Development Forum, which took place in Beijing on Oct. 19. Last year, Wesleyan held the inaugural Liberal Arts + Forum in Shanghai, which highlighted film education and US-China collaborations. (Read the story here.)

Over 100 people attended this year’s forum, including prospective students and families, current parents, counselors, and alumni. The day started with an “admission 101” workshop by Associate Dean of Admission James Huerta that provided invaluable insights for prospective families preparing for the college admission process.

Attendees regrouped in the afternoon for Roth’s opening remarks, which highlighted the importance of interdisciplinary learning and how a liberal arts education equips students with a lifetime of important skills. This was followed by a panel discussion moderated by Julia Zhu ’91, entrepreneur and CEO of Phoenix TV Culture and Live Entertainment Company; Richard Adelstein, the Woodhouse/Sysco Professor of Economic; and Barry Chernoff, the Robert Schumann Professor of Environmental Studies. The speakers discussed Wesleyan’s unique interdisciplinary approach to teaching economics and environmental studies. Later, Tian Ai ’06 and Yinghai Xie ’97, alumni working in the financial services industry, shared their insights into the value of a liberal arts education in personal growth and careers in the second panel, moderated by Ted Plafker ’86, P’17, ’18.

Forum attendee and volunteer Tianhua Shao P’21 commented, “It’s such a privilege to serve as a parent volunteer. Although the forum took a day, I had the valuable opportunity to talk with President Roth, professors, and alumni, and enhance my understanding of liberal arts education and Wesleyan. As a transfer, my daughter is taking full advantage of Wesleyan’s open curriculum and thrives at Wesleyan each and every day!”

Wesleyan in the News

NewsIn this recurring feature in The Wesleyan Connection, we highlight some of the latest news stories about Wesleyan and our alumni.

Wesleyan in the News

1. CT Post: “Former Wesleyan Provost is First Woman President at Hobart and William Smith Colleges”

Joyce Jacobsen, formerly Wesleyan’s provost and senior vice president for academic affairs and the Andrews Professor of Economics, was inaugurated Oct. 18 as the first woman president of Hobart and William Smith Colleges. At the ceremony, the chairman of the HWS Board of Trustees said: “Dr. Jacobsen enters the presidency of Hobart and William Smith at a time of increasing complexity in higher education both here on campus and nationally. It is my belief, and the unanimous belief of the Board of Trustees, that there is no one better to help us navigate this future than Dr. Joyce Jacobsen.” Read more coverage of the inauguration in Finger Lake Times.

2. Wilson Center Blog: “Victoria Smolkin: A History of Soviet Atheism”

In this Q&A, Associate Professor of History Victoria Smolkin discusses her book, A Sacred Space is Never Empty: A History of Soviet Atheism. She explains how religion in the former Soviet states has changed since the fall of the Soviet Union, and offers a preview of her second book project. Smolkin was a Title VIII Research Fellow at the Wilson Center’s Kennan Institute in 2014–15.

Grossman Discusses Latest Unemployment Trends on WTIC Radio

Grossman

Richard Grossman

On Oct. 16, Richard Grossman, chair and professor of economics, discussed the latest unemployment numbers and current state of the economy with Todd Feinburg at WTIC in Hartford. This month, the national unemployment rate has fallen to a new low—3.5%.

“Historically, and certainly for the last 10 years, the number peaked at 10% after the financial crisis, and it’s been working its way down ever since,” Grossman said. “That doesn’t mean all is wonderful if you’re in the labor force. There’s a lot of other things going on … people working part-time who would like to be working full-time … people who are doing contract work that would like to be having full-time jobs with benefits.”

Economists generally see an uptick in wages when unemployment goes down.

“Last month, the wage rate went up, but it went up by less than it had gone up in the previous month, so it suggests that even though the employment rate is low, that still hasn’t had an effect on wage. Normally we’d expect a really strong labor market to have some positive impact on wages.”

Grossman is an expert on economic history and current policy issues in macroeconomics, banking, and finance.

Hogendorn Presents Economics Papers in New York and Portugal

Christiaan Hogendorn

Christiaan Hogendorn

On Oct. 3, Christiaan Hogendorn, associate professor of economics, presented a paper titled “Unequal Growth in Local Wages: Rail versus Internet Infrastructure” for the City College of New York’s Economics Department. David Schwartz ’17 co-authored the paper.

And on Oct. 12, Hogendorn presented a paper titled “The Long Tail of Online News Visits” at the 17th Media Economics Workshop in Braga, Portugal. The paper was co-authored by Hengyi Zhu ’15 and Lisa George of Hunter College. He also served as a discussant for a panel on Network-Mediated Knowledge Spillovers in ICT/Information Security.

Khamis Speaks on Labor Markets

Melanie Khamis

Melanie Khamis

Melanie Khamis, associate professor of economics, recently presented two talks.

On Sept. 2, Khamis discussed “Migration and the Labor Market: New Evidence from Mexico” at the Council on Latin American and Iberian Studies at Yale University’s MacMillan Center.

On Sept. 20, she presented a paper titled “Personality, Gender, and the Labor Market” at the European Association of Labor Economists in Uppsala, Sweden. The paper addresses the topic of the effects of personality traits, both controlling for gender and interacting with gender, on labor market-related choices and outcomes.

Coauthors of the paper include Giovanni Hutchinson ’19 and Joyce Jacobsen, former Wesleyan provost and Andrews Professor of Economics.

Wesleyan in the News

NewsIn this recurring feature in The Wesleyan Connection, we highlight some of the latest news stories about Wesleyan and our alumni.

Wesleyan in the News

  1. The Hill: “Analysis: 2020 Digital Spending Vastly Outpaces TV Ads”

The Hill reports on a new analysis by the Wesleyan Media Project, which finds that 2020 presidential hopefuls have spent nearly six times more money on Facebook and Google advertising than on TV ads. President Donald Trump and the Republican National Committee lead the way in digital advertising, having spent nearly $16 million so far. All told, Facebook and Google have raked in over $60 million on online ads this cycle to date. “At this stage in the campaign, candidate spending is driven by supporter list-building and investing heavily to secure enough donors to qualify for the Democratic debates,” explained Associate Professor of Government Erika Franklin Fowler, co-director of the Wesleyan Media Project.

2. Religion News Service: “Sixty Years Later, Only Frank Lloyd Wright Synagogue Continues as ‘Work of Art'”

Joe Siry, Kenan Professor of the Humanities and professor of art history, speaks about Beth Sholom Synagogue, the only synagogue designed by the distinguished architect Frank Lloyd Wright, on the 60th anniversary of its opening. Siry is an expert on Wright’s work, and the author of Beth Sholom Synagogue: Frank Lloyd Wright and Modern Religious Architecture (The University of Chicago Press, 2011). Read an interview with Siry about the book.

3. KERA “Think”: “Do Colleges Really Need Safe Spaces?”

President Michael Roth joins host Kris Boyd for a wide-ranging conversation in connection with his book Safe Enough Spaces: A Pragmatist’s Approach to Inclusion, Free Speech, and Political Correctness on College Campuses. They discuss Roth’s ideas of how to balance students’ needs to feel safe and included on college campuses while keeping them open to exploring new ideas, as well as common misunderstandings about the concept of “safe spaces,” and the effects of the backlash against political correctness. Roth also recently spoke about his book on Tablet Magazine’s “Unorthodox” podcast. (Roth comes in around 49 minutes).

4. WTIC “Todd Feinberg”: “Richard Grossman”

Richard Grossman, professor and chair of economics, is interviewed about what’s going on with the US economy, why he’s not too worried about prolonged low interest rates, concerns over a recession, and what can be done to fix income inequality.

5. Exhale Lifestyle: “Award-Winning Boston Filmmaker Sparks Conversations About Change”

This profile describes how Tracy Heather Strain, professor of the practice in film studies and co-director of the Wesleyan Documentary Project, became a filmmaker specifically because she wanted to make a film about her longtime idol, Lorraine Hansberry. Like Hansberry, the author of the monumental play A Raisin in the Sun, about black families living under racial segregation in Chicago, Strain is “concerned with contemporary society’s obvious injustices.” Strain earned a Peabody Award for her 2017 documentary about Hansberry, Sighted Eyes/Feeling Heart.

Alumni in the News

1. Chicago Sun-Times: “The Music of Alsarah & The Nubatones Transcends Borders, Cultures”

Mary Houlihan profiles Sarah Elgadi ’04, noting, “From a young age, Alsarah, who fronts the Brooklyn group Alsarah & the Nubatones, found refuge in music.” Elgadi was 12 when her family arrived in United States. “Now, years later, the 37-year-old singer, songwriter, bandleader and ethnomusicologist (she has a degree from Wesleyan University) has forged a career with ties to her background, bringing a fresh sound to world music.”

2. Eureka Alert: ”Study: Adults’ Actions, Successes, Failures, and Words Affect Young Children’s Persistence”

The American Association for the Advancement of Science reports on the study led by Julia A. Leonard ’11, MindCore postdoctoral fellow at the University of Pennsylvania, who observes: “Our work shows that young children pay attention to the successes and failures of the adults around them and, reasonably, don’t persist long at tasks that adults themselves fail to achieve.”

3. Boston.gov: “Dr. Taylor Cain [’11] Appointed to Lead Boston’s Housing Innovation Lab”

In the release announcing her appointment, Cain said: “As the new director, I cannot wait to grow the threads of this work. I am looking forward to partnering with the many communities that care deeply about housing in Boston and exploring projects that grapple with the connections between housing, transportation, employment, and other important dimensions of urban life.”

4. NPR.org: “How UAW’s Strike Against GM May Affect Ford and Fiat-Chrysler”

In this interview with New York Times reporter Steven Greenhouse ’73, P’08, author of Beaten Down, Worked Up: The Past, Present and Future of American Labor, NPR host David Greene asks about the strike that the United Automobile Workers union launched earlier this month in more than 30 factories after failing to reach a deal with GM.

5. Core77: ”frog’s Francois Nguyen [’94] is Actively Helping Shape What the Future Looks Like

Writer Alexandra Alexa notes in this interview—which is part of a series on the presenters in this year’s Core77 Conference, exploring the future of the design industry—that Nguyen was one of the lead designers of the original “Beats Studio” headphones by Dr. Dre. She writes: “Even when he’s not working, Francois Nguyen never really stops envisioning what the world might look like. More than a decade into his industrial design career, Nguyen knows a thing or two about staying resilient and nimble as the discipline changes.”

6. International Examiner: “‘Carrie Yamaoka [’79]: recto/verso’ is Not So Much About What You See as How it Happens

Susan Kunimatsu writes about the artist’s retrospective, currently at University of Washington’s Henry Art Gallery through Nov. 3: “Yamaoka is fascinated with transformations, like the moment when exposed photo paper hits the developing chemical and an image starts to appear. Many of her artworks are about capturing that moment.”