What we’re reading (11/25)
“Trailblazing Economist And Presidential Adviser Edward Lazear Dies At 72” (Stanford University). “Described as ‘perhaps the foremost labor economist of his generation,’ economist, White House adviser and Stanford University professor Edward P. Lazear passed away from pancreatic cancer on Nov. 23. Recognized as the founder of the field of personnel economics, Lazear’s boundless energy and entrepreneurial spirit have led to contributions in many domains. At Stanford University, he served as the Morris Arnold and Nona Jean Cox Senior Fellow at the Hoover Institution and the Davies Family Professor of Economics at Stanford Graduate School of Business. ‘Ed was a pioneering labor economist, a gifted teacher, an accomplished public servant and an extraordinary colleague,’ said Condoleezza Rice, director of the Hoover Institution.”
“The Dow Just Hit 30,000. It Was A Long Road To Get There” (CNN Business). “The average began tracking the most powerful corporate stocks in 1896, and it has served as a broad measure of the market's health through 22 presidents, 24 recessions, a Great Depression and two global pandemics. Along the way, it also weathered at least two stock market crashes and innumerable rallies, corrections, bull and bear markets.”
“Better Governance Would Benefit American Business” (The Hill). “Economists of different ideological stripes will differ on whether the Biden administration’s economic policies will be better for business than those of a second Trump administration. But putting aside differences over policy, the new administration could hardly fail to be more transparent, predictable and effective than the one currently in place, and this should encourage investment, productivity and economic growth.”
“Gap Shares Tumble As Earnings Fall Short, Retailer ‘Remains Optimistic’ About The Holidays” (CNBC). “Gap Inc. shares fell Tuesday after the company reported fiscal third-quarter earnings that fell short of expectations, as higher spending on marketing offset sales gains at Old Navy and Athleta, while the company’s namesake and Banana Republic brands reported double-digit declines.”
“Elon Musk Becomes World’s Second Richest Person” (BBC). “Mr Musk's net worth jumped by $7.2bn (£5.4bn) to $128bn after shares in his car firm Tesla surged. Only Amazon founder Jeff Bezos is richer, according to the Bloomberg Billionaires Index. It comes after news Tesla shares will be added to the S&P 500, one of the main share indexes in the US. That triggered a fresh wave of buying of the electric carmaker's shares, sending the company's market value above $500bn and boosting the value of Mr Musk's holding in the business.”
