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Daily Archives: March 1, 2014

Revisions to CBO’s Projection of Potential Output Since 2007

“As part of its economic and budgetary projections, CBO estimates past and future potential output—also called potential gross domestic product (GDP), and defined as the maximum sustainable amount of real (inflation-adjusted) output that the economy can produce. For various reasons, CBO’s projections for potential GDP in a specific year can change over time. This report examines a change in CBO’s projections of potential output for the year 2017, comparing the projection it published in January 2007 with the one it released in February 2014. From the earlier projection to the more recent, CBO’s projection for potential output in 2017 declined by 7.3 percent.”

Investor Sophistication and Capital Income Inequality

Kacperczyk, Marcin T. and Nosal, Jaromir and Stevens, Luminita, Investor Sophistication and Capital Income Inequality (February 27, 2014). Available at SSRN: “What contributes to the growing income inequality across U.S. households? We develop an information-based general equilibrium model that links capital income derived from financial assets to a level of investor sophistication. Our model… Continue Reading

Google Adds Restaurant Menus to Search Results

“Next time you’re planning a brunch or a date night, check to make sure the menu has something to satisfy everyone in your group, without having to browse through several restaurants’ websites. Just search Google to show you the menu for the eatery you’re considering and you can see it right on the top of… Continue Reading

Law review article – Fractured Legal Institutions

Hovenkamp, Herbert J., Fractured Legal Institutions (March 1, 2014). Iowa Law Review, Vol. 100, 2014. Available at SSRN: “This article considers a previously unexamined question: How can we improve the legal analysis of conflicts that occur in very small arenas? The conflicts can be of many kinds, including a nuisance dispute between neighbors, an… Continue Reading

Report – Preparer Fraud, High Fees, and Tax-Time Financial Products Plague Consumers

“As the tax season goes into full swing, advocates from the National Consumer Law Center and Consumer Federation of America have issued their annual report on the tax-time consumer issues: It’s a Wild World: Consumers at Risk from Tax-Time Financial Products and Unregulated Preparers. The biggest problem cited by the report is the lack of regulation for… Continue Reading

Cybersecurity and the North American Electric Grid

Cybersecurity and the North American Electric Grid: New Policy Approaches to Address an Evolving Threat. A Report from the Co-chairs of the Bipartisan Policy Center’s Electric Grid Cybersecurity Initiative, February 2014. “Protecting the nation’s electricity grid from cyber attacks is a critical national security issue. Evidence collected by the U.S. Department of Homeland Security (DHS) suggests that cyber attacks on key… Continue Reading

Starting to Demo the Wolfram Language

A knowledge based language: “We’re getting closer to the first official release of the Wolfram Language—so I am starting to demo it more publicly. Here’s a short video demo I just made. It’s amazing to me how much of this is based on things I hadn’t even thought of just a few months ago. Knowledge-based programming is going to be… Continue Reading