Is Recession Good for Economists?
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The U.S. unemployment rate may be in the double-digits, but professional economists appear to be doing OK. Data from the Bureau of Labor Statistics is not sufficiently granular to offer any clues into the state of the job market for economists. Yet this bloated program for this weekend’s annual meeting of the American Economic Association, provides interesting anecdotal evidence. The conference boasts over 9,000 participants, 657 papers and some 158 sessions. As automatic stabilizers go, tenure sure is hard to beat.
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To stay in the field as an economist is easy. To be a good one is hard, and takes personal and business experience, plus being able to admit you were wrong. Lots of poor economists hiding on College and University payrolls. Also lots of poor economists hiding on Government payrolls. No responsibility or need to produce here either.
US housing will continue to plague the markets in 2010 as strategic foreclosures rise from the current 25% of total foreclosures they are today. Why stay in a mortgage when the rest of the neighborhood is renting at 1/3 your monthly cost?