What role does structural change play in the fall of the US labor share? 🧵 1/n Ben Bridgman (Benjamin Bridgman) and Berthold Herrendorf offer an illuminating framework built on Input-Output links in their 🚨 new draft 🚨! dropbox.com/scl/fi/he0m428…

OK John von Neumann, a machine cannot make a correct non-empty list of things that machines cannot do.

You cannot send aid for decades to a country without relaxing the de facto government's budget constraint. Money is fungible. Governments have 1 budget constraint and a bunch of objectives. If you help them meet one objective, that leaves more dollars for others.

#NewProfilePic

Last January, I noticed something peculiar in my 2yo’s bedroom that - after a year of obsessive reporting - led me to a profound cosmic revelation about what’s even possible in our universe. A 🧵.

I feel like my ideal research output mix for personal happiness is something like ~50% full-length articles, ~50% AER-insights-length, overviews, short notes, and other stuff like that. Like the long format is useful for some things but a lot of stuff also fits shorter format

"Math is for smart people", wrong. Math is for people who like to be confused a lot, and who like to think a lot.

I had more fears than I could count before coming to UChicago but they’ve all been unfounded. I’ve met some of the best people here, the dept has been supportive and helpful. The place has changed a lot in the last few years. I would’t let an outdated reputation hold you back.

I want to advise professional athletes on managing their money - for free - as my research on intergenerational wealth goes along with a curiosity to hear their perspective on this. Let’s see if anyone can connect me, or just like/retweet until it happens!

Student: Will the exam be open-book or closed-book? Topology professor: Well actually

Occasional reminder that we should do this:

Privately held firms have higher returns than publicly traded firms. Why is this? They are either taking greater risks or gaining market power. My work with James Traina Carter Davis and Alexandre Sollaci is now published!

Really interesting paper out by James Traina et al answering the "profit puzzle" IE why a rising spread between the risk free rate (falling) and the return on capital (flat). Some have argued this was market power (nope), but the answer is surprising: frbsf.org/research-and-i…

Demand actually matters

Kindness on Twitter 😃

Great lesson for researchers, but also great lesson for life!

I cannot say this enough: when countries get richer, they should spend more on healthcare. Modern healthcare is amazing! People show these rising healthcare as a fraction of GDP charts like it’s terrible, but it’s great! I get the markups point, but I don’t think its all markup

It would be cool if I could make a negative donation to a campaign, where every dollar I use wipes out a dollar of their donations. Then both our dollars would go to some mix of GiveWell charities, doing stuff like giving malaria nets and deworming pills.

I am also a member of the Rising Scholars Committee for #EasternFinanceAssociation, will be a great year! Submission deadline is tomorrow!

Wait, retail shopping isn't dead? 🤯 1. Offline spending on consumer packaged goods (CPG) was flat from 2006-2016 2. Yes, online is growing. To a whole 3%! It's just not that big to matter for aggregate trends. Super interesting paper from Uyen Tran. dropbox.com/scl/fi/73pozfv…