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Econintersect: Every day our editors collect the most interesting things they find from around the internet and present a summary "reading list" which will include very brief summaries (and sometimes longer ones) of why each item has gotten our attention. Suggestions from readers for "reading list" items are gratefully reviewed, although sometimes space limits the number included.
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Articles about events, conflicts and disease around the world
30-year Mortgage Rates History (Chart of the Day) Here is a trip down memory lane, Did you ever have an 18% mortgage? We bet that refinancing was a top priority!
Fewer Americans Identify as Middle Class in Recent Years (Frank Newport, Gallup) More discussion on this article first noted yesterday in WWRT. Hat tip to Sig Silber. This table shows how dramatic some of the self-identified class memberships have changed. Since 2000 upper class has fallen by 2/3 and lower class has risen 500%. The shifts in the middle class are huge, but not the largest in terms of relative change.
Other Economics and Business Items of Note and Miscellanea
In ‘Misbehaving,’ an Economics Professor Isn’t Afraid to Attack His Own (The New York Times) This is an engrossing book review of a book by Richard Thaler, a professor at the University of Chicago Booth School of Business. According to the review Thaler thoroughly dissects the inconsistencies and errors of economics over his career in the book Misbehaving: The Making of Behavioral Economics.
Tesla's New Battery Doesn't Work That Well With Solar (Bloomberg) Even Elon Musk's SolarCity, the biggest supplier of rooftop in the U.S., isn't ready to install Tesla's home battery for daily users. Of the two battery sizes, 7kwh and 10 kwh, only the smaller battery can be charge recycled daily, And Solar City says the smaller battery doesn't make sense for home solar because the excess electrity can be sold back to the grid with power bought back from the grid when needed later. Econintersect: For true off-grid electric large arrays of batteries will be necessary at a cost of tens of thousands of dollars. Cost reductions for battery systems are expected to be steep in the next few years - and that is what it will take if battery storage for homes is to become used extensively.
Brad DeLong explains what getting NAFTA wrong taught him about TPP (Vox) Brad DeLong learned there is a lot more to trade agreements than Ricardian equivalence. The big winners for NAFTA were in the financial sector, especially in Mexico,
Top 25 hedge fund managers take pay cut, now average $400 million each (LA Times) Econintersect: We should take up a collection to help with the hardship. Oh, wait a minute, we already do. See next article.
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