Pub Date : 2023-09-13DOI: 10.1146/annurev-economics-021423-031905
Jorge Luis García, James J. Heckman
This article compares early childhood enrichment programs that promote social mobility for disadvantaged children within and across generations. Instead of conducting a standard meta-analysis, we present a harmonized primary data analysis of programs that shape current policy. Our analysis is a template for rigorous syntheses and comparisons across programs. We analyze new long-run life-cycle data collected for iconic programs when participants are middle-aged and their children are in their twenties. The iconic programs are omnibus in nature and offer many services to children and their parents. We compare them with relatively low-cost, more focused home-visiting programs. Participants in programs that enrich home environments grow up with better skills, jobs, earnings, marital stability, and health, as well as reduced participation in crime. The long-run monetized gains are substantially greater than the costs of the iconic programs. A study of focused home-visiting programs that target parents enables us to isolate a crucial component of successful programs: They activate and promote the parenting skills of child caregivers. The home-visiting programs we analyze produce outcomes comparable to those of the iconic omnibus programs. National implementation of the programs with long-run follow-up that we analyze would substantially shrink the overall Black-White earnings gap in the United States.
{"title":"Parenting Promotes Social Mobility Within and Across Generations","authors":"Jorge Luis García, James J. Heckman","doi":"10.1146/annurev-economics-021423-031905","DOIUrl":"https://doi.org/10.1146/annurev-economics-021423-031905","url":null,"abstract":"This article compares early childhood enrichment programs that promote social mobility for disadvantaged children within and across generations. Instead of conducting a standard meta-analysis, we present a harmonized primary data analysis of programs that shape current policy. Our analysis is a template for rigorous syntheses and comparisons across programs. We analyze new long-run life-cycle data collected for iconic programs when participants are middle-aged and their children are in their twenties. The iconic programs are omnibus in nature and offer many services to children and their parents. We compare them with relatively low-cost, more focused home-visiting programs. Participants in programs that enrich home environments grow up with better skills, jobs, earnings, marital stability, and health, as well as reduced participation in crime. The long-run monetized gains are substantially greater than the costs of the iconic programs. A study of focused home-visiting programs that target parents enables us to isolate a crucial component of successful programs: They activate and promote the parenting skills of child caregivers. The home-visiting programs we analyze produce outcomes comparable to those of the iconic omnibus programs. National implementation of the programs with long-run follow-up that we analyze would substantially shrink the overall Black-White earnings gap in the United States.","PeriodicalId":47891,"journal":{"name":"Annual Review of Economics","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134990407","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-09-13DOI: 10.1146/annurev-economics-082322-014747
Clemens Fuest, Florian Neumeier
This article reviews economic research on business taxation, with a focus on corporate income taxation. We discuss what this research can contribute to current debates about corporate tax policy and where existing research is incomplete or inconclusive, so that clarification is needed. The issues we discuss include the incidence of the corporate income tax, its effect on investment and economic growth, the problem of international tax avoidance, and the role of corporate taxes in economic crises, including the current debate about taxes on windfall profits.
{"title":"Corporate Taxation","authors":"Clemens Fuest, Florian Neumeier","doi":"10.1146/annurev-economics-082322-014747","DOIUrl":"https://doi.org/10.1146/annurev-economics-082322-014747","url":null,"abstract":"This article reviews economic research on business taxation, with a focus on corporate income taxation. We discuss what this research can contribute to current debates about corporate tax policy and where existing research is incomplete or inconclusive, so that clarification is needed. The issues we discuss include the incidence of the corporate income tax, its effect on investment and economic growth, the problem of international tax avoidance, and the role of corporate taxes in economic crises, including the current debate about taxes on windfall profits.","PeriodicalId":47891,"journal":{"name":"Annual Review of Economics","volume":"50 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134990126","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-09-13DOI: 10.1146/annurev-economics-082322-014346
Avi Goldfarb, Verina F. Que
There has been increasing attention to privacy in the media and in regulatory discussions. This is a consequence of the increased usefulness of digital data. The literature has emphasized the benefits and costs of digital data flows to consumers and firms. The benefits arise in the form of data-driven innovation, higher-quality products and services that match consumer needs, and increased profits. The costs relate to the intrinsic and instrumental values of privacy. Under standard economic assumptions, this framing of a cost-benefit trade-off might suggest little role for regulation beyond ensuring consumers are appropriately informed in a robust competitive environment. The empirical literature thus far has focused on this direct cost-benefit assessment, examining how privacy regulations have affected various market outcomes. However, an increasing body of theory work emphasizes externalities related to data flows. These externalities, both positive and negative, suggest benefits to the targeted regulation of digital privacy.
{"title":"The Economics of Digital Privacy","authors":"Avi Goldfarb, Verina F. Que","doi":"10.1146/annurev-economics-082322-014346","DOIUrl":"https://doi.org/10.1146/annurev-economics-082322-014346","url":null,"abstract":"There has been increasing attention to privacy in the media and in regulatory discussions. This is a consequence of the increased usefulness of digital data. The literature has emphasized the benefits and costs of digital data flows to consumers and firms. The benefits arise in the form of data-driven innovation, higher-quality products and services that match consumer needs, and increased profits. The costs relate to the intrinsic and instrumental values of privacy. Under standard economic assumptions, this framing of a cost-benefit trade-off might suggest little role for regulation beyond ensuring consumers are appropriately informed in a robust competitive environment. The empirical literature thus far has focused on this direct cost-benefit assessment, examining how privacy regulations have affected various market outcomes. However, an increasing body of theory work emphasizes externalities related to data flows. These externalities, both positive and negative, suggest benefits to the targeted regulation of digital privacy.","PeriodicalId":47891,"journal":{"name":"Annual Review of Economics","volume":"20 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134990122","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-09-13DOI: 10.1146/annurev-economics-042423-044154
Partha Dasgupta, Tim Besley
This conversation with Sir Partha Dasgupta, moderated by Annual Review of Economics Editorial Commitee Member Tim Besley, focuses on biodiversity and its implications for economic thought and policy. A video of this interview is available online at https://www.annualreviews.org/r/partha_dasgupta_interview .
{"title":"Biodiversity: A Conversation with Sir Partha Dasgupta","authors":"Partha Dasgupta, Tim Besley","doi":"10.1146/annurev-economics-042423-044154","DOIUrl":"https://doi.org/10.1146/annurev-economics-042423-044154","url":null,"abstract":"This conversation with Sir Partha Dasgupta, moderated by Annual Review of Economics Editorial Commitee Member Tim Besley, focuses on biodiversity and its implications for economic thought and policy. A video of this interview is available online at https://www.annualreviews.org/r/partha_dasgupta_interview .","PeriodicalId":47891,"journal":{"name":"Annual Review of Economics","volume":"17 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135690107","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-09-13DOI: 10.1146/annurev-economics-082222-065846
Òscar Jordà
The dynamic causal effect of an intervention on an outcome is of paramount interest to applied macro- and microeconomics research. However, this question has been generally approached differently by the two literatures. In making the transition from traditional time series methods to applied microeconometrics, local projections can serve as a natural bridge. Local projections can translate the familiar language of vector autoregressions and impulse responses into the language of potential outcomes and treatment effects. There are gains to be made by both literatures from greater integration of well-established methods in each. This review shows how to make these connections and points to potential areas of further research.
{"title":"Local Projections for Applied Economics","authors":"Òscar Jordà","doi":"10.1146/annurev-economics-082222-065846","DOIUrl":"https://doi.org/10.1146/annurev-economics-082222-065846","url":null,"abstract":"The dynamic causal effect of an intervention on an outcome is of paramount interest to applied macro- and microeconomics research. However, this question has been generally approached differently by the two literatures. In making the transition from traditional time series methods to applied microeconometrics, local projections can serve as a natural bridge. Local projections can translate the familiar language of vector autoregressions and impulse responses into the language of potential outcomes and treatment effects. There are gains to be made by both literatures from greater integration of well-established methods in each. This review shows how to make these connections and points to potential areas of further research.","PeriodicalId":47891,"journal":{"name":"Annual Review of Economics","volume":"48 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135691536","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-09-13DOI: 10.1146/annurev-economics-091622-010157
Stefanie Stantcheva
Surveys are an essential approach for eliciting otherwise invisible factors such as perceptions, knowledge and beliefs, attitudes, and reasoning. These factors are critical determinants of social, economic, and political outcomes. Surveys are not merely a research tool. They are also not only a way of collecting data. Instead, they involve creating the process that will generate the data. This allows the researcher to create their own identifying and controlled variation. Thanks to the rise of mobile technologies and platforms, surveys offer valuable opportunities either to study broadly representative samples or to focus on specific groups. This article offers guidance on the complete survey process, from the design of the questions and experiments to the recruitment of respondents and the collection of data to the analysis of survey responses. It covers issues related to the sampling process, selection and attrition, attention and carelessness, survey question design and measurement, response biases, and survey experiments.
{"title":"How to Run Surveys: A Guide to Creating Your Own Identifying Variation and Revealing the Invisible","authors":"Stefanie Stantcheva","doi":"10.1146/annurev-economics-091622-010157","DOIUrl":"https://doi.org/10.1146/annurev-economics-091622-010157","url":null,"abstract":"Surveys are an essential approach for eliciting otherwise invisible factors such as perceptions, knowledge and beliefs, attitudes, and reasoning. These factors are critical determinants of social, economic, and political outcomes. Surveys are not merely a research tool. They are also not only a way of collecting data. Instead, they involve creating the process that will generate the data. This allows the researcher to create their own identifying and controlled variation. Thanks to the rise of mobile technologies and platforms, surveys offer valuable opportunities either to study broadly representative samples or to focus on specific groups. This article offers guidance on the complete survey process, from the design of the questions and experiments to the recruitment of respondents and the collection of data to the analysis of survey responses. It covers issues related to the sampling process, selection and attrition, attention and carelessness, survey question design and measurement, response biases, and survey experiments.","PeriodicalId":47891,"journal":{"name":"Annual Review of Economics","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134990400","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-09-13DOI: 10.1146/annurev-economics-090622-024705
Clare Balboni, Aaron Berman, Robin Burgess, Benjamin A. Olken
Two factors have elevated recent academic and policy interest in tropical deforestation: first, the realization that it is a major contributor to climate change; and second, a revolution in satellite-based measurement that has revealed that it is proceeding at a rapid rate. We begin by reviewing the methodological advances that have enabled measurement of forest loss at a fine spatial resolution across the globe. We then develop a simple benchmark model of deforestation based on classic models of natural resource extraction. Extending this approach to incorporate features that characterize deforestation in developing countries—pressure for land use change, significant local and global externalities, weak property rights, and political economy constraints—provides us with a framework for reviewing the fast-growing empirical literature on the economics of deforestation in the tropics. This combination of theory and empirics provides insights not only into the economic drivers and impacts of tropical deforestation but also into policies that may affect its progression. We conclude by identifying areas where more work is needed in this important body of research.
{"title":"The Economics of Tropical Deforestation","authors":"Clare Balboni, Aaron Berman, Robin Burgess, Benjamin A. Olken","doi":"10.1146/annurev-economics-090622-024705","DOIUrl":"https://doi.org/10.1146/annurev-economics-090622-024705","url":null,"abstract":"Two factors have elevated recent academic and policy interest in tropical deforestation: first, the realization that it is a major contributor to climate change; and second, a revolution in satellite-based measurement that has revealed that it is proceeding at a rapid rate. We begin by reviewing the methodological advances that have enabled measurement of forest loss at a fine spatial resolution across the globe. We then develop a simple benchmark model of deforestation based on classic models of natural resource extraction. Extending this approach to incorporate features that characterize deforestation in developing countries—pressure for land use change, significant local and global externalities, weak property rights, and political economy constraints—provides us with a framework for reviewing the fast-growing empirical literature on the economics of deforestation in the tropics. This combination of theory and empirics provides insights not only into the economic drivers and impacts of tropical deforestation but also into policies that may affect its progression. We conclude by identifying areas where more work is needed in this important body of research.","PeriodicalId":47891,"journal":{"name":"Annual Review of Economics","volume":"59 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135733602","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-09-13DOI: 10.1146/annurev-economics-082322-023244
Maryam Farboodi, Laura Veldkamp
Big data is changing every corner of economics and finance. The largest firms in the US economy are valued chiefly for their data. Yet, these data are largely excluded from macroeconomic and finance research. We review work and relevant tools for measuring economic activity, market power, data markets, and the role of data in financial markets. We also highlight areas where future work is needed.
{"title":"Data and Markets","authors":"Maryam Farboodi, Laura Veldkamp","doi":"10.1146/annurev-economics-082322-023244","DOIUrl":"https://doi.org/10.1146/annurev-economics-082322-023244","url":null,"abstract":"Big data is changing every corner of economics and finance. The largest firms in the US economy are valued chiefly for their data. Yet, these data are largely excluded from macroeconomic and finance research. We review work and relevant tools for measuring economic activity, market power, data markets, and the role of data in financial markets. We also highlight areas where future work is needed.","PeriodicalId":47891,"journal":{"name":"Annual Review of Economics","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134989490","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-09-13DOI: 10.1146/annurev-economics-082322-021346
Peter J. Boettke, Christopher J. Coyne
This review discusses the unique features of Austrian economics and some of the recent contributions of this school of thought. We organize these contributions in different research “buckets” in the hope that this will be a useful guide to readers while demonstrating the ongoing relevance of the contemporary Austrian school of economics for advancing scientific discourse. The research buckets discussed include robust political economy, macroeconomics, monetary economics, entrepreneurship and the market process, development economics, behavioral economics, governance, social economy, collective action challenges related to natural disaster recovery and infectious disease, and war and defense.
{"title":"New Thinking in Austrian Economics","authors":"Peter J. Boettke, Christopher J. Coyne","doi":"10.1146/annurev-economics-082322-021346","DOIUrl":"https://doi.org/10.1146/annurev-economics-082322-021346","url":null,"abstract":"This review discusses the unique features of Austrian economics and some of the recent contributions of this school of thought. We organize these contributions in different research “buckets” in the hope that this will be a useful guide to readers while demonstrating the ongoing relevance of the contemporary Austrian school of economics for advancing scientific discourse. The research buckets discussed include robust political economy, macroeconomics, monetary economics, entrepreneurship and the market process, development economics, behavioral economics, governance, social economy, collective action challenges related to natural disaster recovery and infectious disease, and war and defense.","PeriodicalId":47891,"journal":{"name":"Annual Review of Economics","volume":"20 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134990123","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-09-13DOI: 10.1146/annurev-economics-090622-024222
Jean Tirole
Tech giants' dominance does not confront us with an unpalatable choice between laissez-faire and populist interventions. This article takes stock of available knowledge, considers desirable adaptations of regulation in the digital age, and draws some conclusions for policy reform.
{"title":"Competition and the Industrial Challenge for the Digital Age","authors":"Jean Tirole","doi":"10.1146/annurev-economics-090622-024222","DOIUrl":"https://doi.org/10.1146/annurev-economics-090622-024222","url":null,"abstract":"Tech giants' dominance does not confront us with an unpalatable choice between laissez-faire and populist interventions. This article takes stock of available knowledge, considers desirable adaptations of regulation in the digital age, and draws some conclusions for policy reform.","PeriodicalId":47891,"journal":{"name":"Annual Review of Economics","volume":"88 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135690673","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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