Upcoming radio appearance:

Tuesday, September 22nd
AM 1070 WKOK
The "On the Mark" program from 9:00-10:00 AM.

You can listen live online at http://www.wqkx.com/1070_WKOK/WKOK_HOME.htm

What economics books should a non-economist read?

Economics Books for Non-Economists

Students (and sometimes non-students) will often ask for recommendations on books to read. Here are a few books I recommend for those who want to learn more about economics:

1. Anything by Thomas Sowell. He writes clearly, his assertions are well-backed by research, and his books are stunningly insightful. If you don't know where to start, try "Economic Facts and Fallacies", or "The Quest for Cosmic Justice". I am currently reading "Black Rednecks and White Liberals". What I have learned in the first 20 pages was worth the price of the book many times over. One note - Sowell isn't light reading - but it is well worth the time and effort.

2. Freakonomics. This is a fun-to-read book that discusses how Steven Levitt (and others) have used economic methods and thinking to examine many different issues. Freakonomics 2 (superfreakonomics is coming out this week). I will certainly be purchasing it ASAP. I am hoping it is as entertaining ast he first.

3. Free to Choose. Milton Friedman's classic about capitalism and the economy is now 30 years old, but it still seems relevant.

Some other good economics books include: Nudge, What it Means to be a Libertarian, and Discover your Inner Economist: Use Incentives to Fall in Love, Survive Your Next Meeting, and Motivate Your Dentist.

Some non-economics books I like and that have some academic value:

- Malcolm Gladwell books (The Tipping Point, Blink, and Outliers). His books are well-researched and thought provoking. He generalizes his conclusions to much, but other than that these books are terrific.

- Gang Leader for a Day. A fascinating book about a sociology doctoral student who does research with a street gang. While not an economics/business book, it is interesting to see how a gang operates and the incentives/disincentives the gang leaders provide their employees.

Daily Item article on Employment in the Valley

Region's jobless rate improves

By Tricia Pursell

The Daily Item

June 02, 2009 06:36 am— Regional unemployment improved in April, but was still worse than the state and national averages, according to the Pennsylvania Department of Labor & Industry.

"We have been hurt very hard with manufacturing losses here," said Matthew Rousu, assistant professor of economics at Susquehanna University in Selinsgrove. "There are some sectors of the economy that haven't been hit as hard."

Snyder County's unemployment rate for April was 8.7 percent, an improvement from 9.1 percent in March -- a difference of 100 jobs.

In Northumberland County, the April rate was 9.6 percent, compared to 9.7 percent in March, and in Union County, the April rate was 8.8 percent compared to 9.4 percent in March.

Montour County bucked the trend. Its jobless rate got worse, going from 6.3 percent in March to 6.8 percent in April.

The state unemployment rate is 7.6 percent, and the national jobless rate is 8.6 percent.

April was the most recent month for which seasonally adjusted figures were available.

The seasonally adjusted rate, according to Scott Meckley, with the Center for Workforce Information & Analysis, is used to check trends without the typical factors of job gain and loss at certain times of the year, such as construction declining in the winter and retail employment spiking over the holidays.

The unemployment rate numbers are not going to fluctuate too dramatically, Rousu said. They are numbers that move slowly beyond the overall economic condition of the nation. Little by little, the rates may drop, but "there are some areas that are still going to experience pain," he said.

A survey of economists that was published last week showed they all thought the recession would be over within nine months, Rousu said.

"Some are even thinking it's over," he said. "However, the unemployment rate is a lagging indicator. Even when the economy gets better, the unemployment rate is not going to improve as quickly as the economy improves.

"The reason is likely because employers err on the side of caution. "Firms are just trying to survive," he said. "It takes longer to catch up once the economy recovers."

When the most recent recession ended in 2001, the highest unemployment rate did not come until the middle of 2003, Rousu said.

Article - Should online poker be illegal?

This is from a couple years ago, but since it is new here I figured i would post it. This was originally published in the Daily Item in August, 2006.

Unemployment rate in Susquehanna Valley

This region has been hit quite a bit harder with high unemployment rates than the country as a whole - here's the story ...

http://www.dailyitem.com/archivesearch/local_story_090072237.html/resources_printstory

Valley’s jobless rate rises

By Jaime North
The Daily Item

March 31, 2009 07:20 am— Unemployment rose in the Valley for the fifth straight month in February and will probably get worse, a state official said Monday.

Northumberland County had the highest jobless rate at 10.9 percent, and Montour County posted the lowest at 9 percent. Snyder County’s rate was 10.4 percent, while Union County’s was 9.9, according to the state Department of Labor & Industry.

And the worst is yet to come, according to Scott Meckley, an analyst with state Department of Labor and Industry’s Center for Workforce Information and Analysis.

“It’s a broad-based decline right now with every area in the state pretty much acting the same way,” Meckley said. “Based on what other economic groups have forecasted, we’re probably not at the peak yet. How far it’s going to continue, we’re not sure. Prognosticating is not what we do.”

Meckley said there has been indications the national unemployment rate is expecting to continue to rise. As a result, Pennsylvania will likely follow suit, he said.

“To say we peaked may be a little early,” Meckley said. “I’d like to think that would be the case, but doubt that is the true forecast.”

Valley unemployment rates for February were higher than state and national rates, which were at 7.5 percent and 8.1 percent respectively.

Local unemployment rates ranged from 4.6 percent to 5.7 percent in September, according to state data.

According to Meckley, the health care sector appears to be the lone survivor of the current economic recession among the larger job markets.

The Department of Labor & Industry reported jobs in education and health services grew by 2.4 percent in the north central region, which includes the Valley, slightly ahead of the statewide gain of 1.9 percent in that area.

“It’s simply because of the demand for jobs,” Meckley said. “Pennsylvania has an older population, so there is a need for health care jobs.”

Meckley said a growing number of displaced workers are heading back to school.

“The best thing is to start looking at changing careers, maybe furthering education or taking advantage of training offers,” Meckley said. “We know the health care sector is recruiting people who are working in other industries.

“More people are starting to think about changing careers, instead of looking for another factory job or finance job.”

I will be in two upcoming panel discussions on the economy

I will be part of two panel discussions on the economy:

Wednesday, March 31st: 7:00 PM. Susquehanna University, Isaacs Auditorium.

Wednesday, May 13th: Time/location TBD.

Two Radio Interviews

Listen to me in two interviews. The March 10th interview is approximately 40 minutes long. The February interview is approximately 30 minutes long. (I was interviewed February 10th, but it was not broadcast until several days later.)

March 10, 2009

February 2009