Immigrant Earnings Assimilation, 1981–2021
Tyler Cowen

In this paper, we characterize trends in the earnings assimilation of immigrant workers from 1981 to 2021. We use administrative longitudinal data that contain the earnings of workers beginning in their first year of residence in the United States and in each year thereafter, allowing us to identify immigrants who eventually leave the United States (referred to here as return migrants). We use those data to produce the first examination of trends in earnings assimilation over a 41-year period and to estimate earnings assimilation separately for return migrants versus those who stay in the United States. We document several new facts about immigrants who arrived between 1981 to 2010. First, roughly one-fifth to one-third of immigrants return migrate from the United States within 10 years after arrival. Second, return migrants have entry earnings similar to those of permanent migrants but experience slower rates of earnings growth. Third, earnings assimilation occurs relatively quickly for cohorts arriving since the mid-1990s: The earnings of permanent immigrants converge, or come close to converging, with those of native-born people within 10 years after arrival. Migrants from earlier arrival cohorts experience significant earnings growth but generally do not converge to that of the native born. We discuss how changes in the labor market quality of immigrant cohorts (measured by their relative earnings upon entry) and selective return migration play an important role in determining whether repeated cross-sectional data over- or underestimate earnings assimilation.That is from a new NBER working paper by Randall Akee, Jimmy Chin & Daniel L. Crown.  I know full well the common distinction between high-skilled and low-skilled immigrants, and “desirable” vs. “undesirable” immigrants, the latter distinction being somewhat more subjective.  One thing we are learning during this administration is that it is very difficult to just turn off the tap on “the immigrants you do not want.”  An open borders policy untenable, but immigration policy should be fairly liberal more generally.  It is good for us too.The post Immigrant Earnings Assimilation, 1981–2021 appeared first on Marginal REVOLUTION.MediaMedia Media Media Media Media Media MediaRelated StoriesHow well does AI peer review work?Who enters Congress?Do Faculty Affect Student Partisanship? 

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What makes people happy?
Tyler Cowen

Measuring politically sensitive attitudes in authoritarian settings is difficult because expressions of political support may reflect repression and social pressure as much as genuine belief. We propose a complementary approach: using responses to questions that are not themselves politically sensitive to provide indirect evidence about politically sensitive attitudes. Using subjective well-being (SWB), we ask whether within-person changes in life satisfaction, after accounting for changes in material and personal circumstances, can provide evidence of incorporation into a wartime national project. Drawing on more than a decade of panel data from the Russian Longitudinal Monitoring Survey (2013–2024), we find that life satisfaction rises significantly following Russia’s 2022 invasion of Ukraine. Gains are initially larger among ethnic Russians and smaller in Moscow and St. Petersburg, consistently larger in military-industrial regions, and sharply lower among those nearest the front. This theoretically patterned heterogeneity is difficult to reconcile with generalized social-desirability bias and is consistent with differentiated wartime incorporation. By 2024, rising non-response and attenuating subgroup differences suggest that the informational value of SWB may deteriorate over time.That is from recent research by Sinikka Parviainen and William Pyle.  Via Pippa Norris.The post What makes people happy? appeared first on Marginal REVOLUTION.MediaMedia Media Media Media Media Media MediaRelated StoriesWho enters Congress?Do Faculty Affect Student Partisanship?My excellent Conversation with Julia Ioffe 

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Fast Company covers New Aesthetics
Tyler Cowen

A good piece, it is good to see the artists themselves front and center of the story.The post Fast Company covers New Aesthetics appeared first on Marginal REVOLUTION.MediaMedia Media Media Media Media Media MediaRelated StoriesJFK’s AI VoiceRothko show in FlorenceThe Rug Belt Atlas and Quiz 

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Wednesday assorted links
Tyler Cowen

1. The cheese collateral in Italian banks is melting.2. Denmark fact of the day: “…half of Denmark’s growth has been due to essentially one company”3. “Foreign travel now makes up 1.4% of the US consumer spending budget. By contrast, imported Chinese goods make up about 3% of US domestic expenditures.”4. Noah is right.5. “For decades, men have been increasing their share of housework and child care. But the number of babies just keeps falling.”6. Christopher Phelan confirmed as new CEA chair.The post Wednesday assorted links appeared first on Marginal REVOLUTION.MediaMedia Media Media Media Media Media Media Commentsmen are increasing their share of housework *AND* the number of ... by Mal 

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Mistakes in financial economics
Tyler Cowen

I feel like this is almost deliberately missing the point. My median expectation is that AI boosts the economy enormously, so shorting things would be a terrible idea. But non-trivial tail risk is that it kills everyone. So shorting things would be pointless.That is from Tom Chivers.  It is easy enough to say buy seriously out of the money puts, and be long with the rest of your portfolio.  But few (if any) of the worriers are doing that.  I should note also that many (most? almost all?) of the bad scenarios have intermediate points of great worry and catastrophe where you can cash in on your puts well before everyone dies.  No leverage required, just spend 5k or 10k a year on this, and if you are wrong consider it a mistaken insurance policy.  If you do not know much about finance, the AGI will guide you in this endeavor.Or some are saying “Markets are bad at pricing long-term idiosyncratic risk.”  If so, all the more reason to spend on those puts.You will find many, many mistakes in financial theory when people try to rebut the presumption that, given their views, they should in some way or another be short the market.  And do not just tell me which long positions you hold, those are easy bets, as you can be totally wrong and the long positions still will offer normal, risk-adjusted rates of return.  It is your shorts, whether explicit or implicit, that reveal your true soul.  You may recall that Victor Niederhoffer thought an investor should never go net short on an asset.  I am reluctant to use the word “never,” but my own view is not so different.Is it really so hard to say (and do): “Thank you, Tyler, I just went out and bought those puts!”?Apparently so.  And perhaps that is because, deep down, your own intuitions realize that, while some significant costs from AI will appear, it really won’t be that bad after all.Words to live by.The post Mistakes in financial economics appeared first on Marginal REVOLUTION.MediaMedia Media Media Media Media Media Media CommentsHave you actually read the truly bad x-risk scenarios? Half of ... by Danny the SwiftRelated StoriesAct like it is scienceSolve for the (Refine) equilibriumImmigrant Earnings Assimilation, 1981–2021 

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My very interesting Conversation with Daron Acemoglu
Tyler Cowen

Here is the audio, video, and transcript.  Here is the episode summary:Daron Acemoglu returns for his second appearance with a new book, What Happened to Liberal Democracy?, which Tyler reads as an attempt to redefine and revitalize liberalism for our times. Where Daron’s first visit was about how states and societies contend for the narrow corridor in which liberty survives, this one asks what liberals themselves got wrong, and the answer implicates the educated elite—that is to say, you.Tyler and Daron discuss what’s wrong with social contract theories and Rousseau’s general will, whether Acemoglu is more objectivist than Rorty, why he blames left liberalism’s own establishment power for its collapse, what standard is left once you refuse to have a book of higher values, nondomination versus noninterference, who counts as working class, why automation alone will not lead to widespread prosperity, how he can call himself a free speech absolutist while wanting to regulate social media, why he worries we’ve given up on educating Americans, whether teachers’ unions need to be reconstituted, what the life expectancy for an educated twenty year old is today, whether open-source models undercut the centralization worry, what pro-worker AI actually means, why the fertility crisis leaves him strangely close to a real business cycle position, whether AI will raise his own already prodigious paper output, why Armenia has disappointed economically, what he wants to learn next, and more.For an excerpt, let us start from near the beginning:COWEN: Richard Rorty had a consensus-based defense of liberal democracy. Is your view the same as his, or are there some metrics along which it’s different? Are you more objectivist in some way?ACEMOGLU: I wouldn’t say it’s more objectivist. I think my commitment in my mind has always been that it’s impossible for us at any point in time not just to know what’s really the absolute truth, but also to have a clear map of what is the right stance. In the same way that I think many people would agree science makes gradual and sometimes uncertain progress toward some better understanding, I think morally, philosophically, we also have to have gradual uncertain evolution toward what we agree on. Objectivism, in some sense, is too strict.COWEN: Say we’re not evolving toward greater agreement.ACEMOGLU: No, sometimes we go back.COWEN: Today, it seems we’re not evolving toward greater agreement, right?ACEMOGLU: We’re not. Absolutely not. I think you can blame that on reactions to globalization, reactions to technology, better authoritarian challenges. This is the most uncomfortable part because I see myself firmly within the left liberal tradition. I think it’s partly because of the failure of left liberalism. In some sense, if you think of why did Rome fail or collapse, we can tell a story about the barbarians were really too strong. No, really, Rome collapsed because internally it had problems that opened up weaknesses against outside invaders as well as some inside problems.It’s the same with left liberalism. I think it became quite influential throughout much of the Western world and some of the emerging economies as well over the last 70, 80 years. It did not use that establishment power just in the right way, creating its own weaknesses that made it much more vulnerable to outside attacks. That’s why I think we are now going back because we are at an interregnum period in which ideas are battling again. In some sense, it’s just like the early 19th century where you had all these very different ideas and they were trying to get a toehold in the imagination of people. I think we are going through a period like that, except that there are really many more confusing ideas out there.COWEN: Say when we’re not evolving toward greater consensus, what’s the external standard you introduce to judge which are the correct ideas and which not? Like Rorty, you need one, though.ACEMOGLU: I don’t have…

USA fact of the day
Tyler Cowen

ImageHere is the source.The post USA fact of the day appeared first on Marginal REVOLUTION.MediaMedia Media Media Media Media Media Media 

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Thursday assorted links
Tyler Cowen

1. Write a paper in six days with only AIs, then record all of that and write a second paper about writing the first.2. Saloni on the future of medicine.  “Every disease is a policy failure.”3. John List on generalizability, very important.  And his comments here.4. China is now regulating AI companions.5. Fewer phones, more fighting?The post Thursday assorted links appeared first on Marginal REVOLUTION.MediaMedia Media Media Media Media Media Media 

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Those old (new?) service sector jobs
Tyler Cowen

An ability to mimic the shrieks of langur monkeys may not seem like a bankable skill, but for some Indians it has become a job, if not a calling.These vocal professionals specialise in pest control and are being employed to keep out unwanted primates as Delhi prepares to host the badminton world championships.The sound of the langur is the only effective deterrent to the smaller rhesus macaques that roam around Delhi in large numbers, stealing food and causing havoc.Here is more from the Times of London.The post Those old (new?) service sector jobs appeared first on Marginal REVOLUTION.MediaMedia Media Media Media Media Media MediaRelated StoriesThe Decision, the sequel 

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Intergenerational mobility of immigrants in 15 destination countries
Tyler Cowen

We estimate intergenerational mobility of children of immigrants in fifteen receiving countries. Children of immigrants have somewhat lower income than children of local-born parents. Around half of this gap can be explained by differences in parental income, with the remainder due to differences in mobility parameters. The daughters of immigrants enjoy higher absolute mobility than daughters of locals in most destinations. Absolute mobility of sons of immigrants is higher outside Europe and lower in Europe compared to sons of locals. Cross-country differences in absolute mobility are not driven by parental country-of-origin, but instead by destination labor markets and immigration policy.Here is the paper, by Leah Boustan, et.al.  Via the excellent Samir Varma.The post Intergenerational mobility of immigrants in 15 destination countries appeared first on Marginal REVOLUTION.MediaMedia Media Media Media Media Media MediaRelated StoriesImmigrant Earnings Assimilation, 1981–2021The Binmen of BirminghamMistakes in financial economics 

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The Economics of a Shrinking World
Tyler Cowen

From Jesus Fernandez-Villaverde and Patrick Norrick:As of 2026, humanity is likely below replacement fertility. That has never happened before, not in wars or pandemics. But the real surprise is that the fall has been concentrated in low- and middle-income countries and among poorer and less educated women. We fit a single-factor model to 236 countries since 1950: the common component peaked in 1978, and what drives fertility down today are country-specific trends, 219 of them negative and not one leveling off. None of the commonly cited mechanisms can account for this pattern, so we offer a conjecture: modernity itself, which makes a third child expensive and childlessness cheap. Children come in integers, so it takes very little to move a cohort’s fertility rate from 1.8 to 1.3. And nothing in an economy pushes fertility back to 2.1. We close with the main economic consequences, in particular slow growth.When I read “The estimated common factor peaks in 1978 and has been declining since.” I do think of birth control, however, albeit with lags.  The actual availability of birth control, all economic and social constraints considered, is a lot more fraught and difficult than some of the more superficial accounts might indicate.The post The Economics of a Shrinking World appeared first on Marginal REVOLUTION.MediaMedia Media Media Media Media Media Media 

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Regulated Markets Are Slow to Handle Change
Alex Tabarrok

Gowrisankaran, Langer and Reguant have an excellent paper, Energy Transitions in Regulated Markets (WP), in the latest AER.The basic idea is that regulation designed to prevent utilities from building useless power plants can induce them to keep obsolete power plants. Some background. We regulated electric utilities under the theory that they were natural monopolies and therefore we would do better by pushing their prices down. What’s a reasonable price? Hard to say, so regulated utilities were allowed to recoup their operating costs plus a fair return on their “rate base”—their capital stock. Makes sense, but once profits depended on the size of the capital stock, utilities had an incentive to build too much—the classic Averch–Johnson effect. Regulators responded with “prudence” requirements and the rule that capital must be “used and useful.” In a stable world, that rule is a check, albeit an imperfect check, on so-called gold-plating.But now consider what happens in a time of technological change, such as a rapid decrease in the cost of generating electricity with natural gas (driven by fracking and improvements in combined-cycle natural-gas (CCNG) technology). In a free market, large decreases in costs would cause firms to abandon coal and move to natural gas—some would do this to make profits, others to avoid losses. In short, the market forces sunk investments to be abandoned when not profitable.But there is another possibility under regulation. Tell the regulator that your plants are still viable. Well, telling is cheap talk so you keep burning coal to prove that the plant remains useful. If you can keep your base operating that’s better than abandoning it and to signal how valuable your coal plant still is, it may even be worth while to burn coal when the cost exceeds the price of electricity! The authors have some nice data on exactly this point.Figure 3 takes a little work to understand, but the pattern is clear. Each point represents a state. In panel A, the vertical axis shows how much less likely a coal plant is to run when the cost of coal exceeds the price of electricity. Obviously, a strongly negative coefficient is the economically sensible response: when burning coal is more expensive than buying electricity, the plant should burn less.The red points represent restructured states and the green points regulated states. In restructured states coal burning falls when prices fall, just as expected. Coal burning in regulated states responds much less. (I.e., the red points generally lie below the green points.) Indeed, the six states with the largest reductions in coal operation are all restructured states.One objection to this analysis might be that utilities in general are just slow to respond to prices, so on the horizontal axis the authors plot how well utilities respond to a higher price of gas. Note that these coefficients are all negative and there is no obvious difference between regulated and restructured states. In both types of states, utilities respond well to the price of gas, but only in restructured states do utilities respond strongly to the price of coal. (Why coal and not gas? Because the used-and-useful standard binds on capital whose usefulness is in doubt—which, once gas got cheap, meant coal. In other words, the utilities have to defend coal to the regulators, not gas.)Panel B on the right shows a slightly different way of presenting the same data. The vertical axis is again how much less likely a coal plant is to run when its cost exceeds the electricity price. The horizontal axis is the fraction of generation owned by electric utilities. Regulated states tend to be vertically integrated, while restructured states opened electricity generation to competition, so utility ownership and regulatory status are closely correlated. Regulated states generally have utility ownership above 60%, while all the restructured states but one are below 30%. The best-fit line slopes upward: in…

Adding to the barrel of finance fallacies
Tyler Cowen

“I should note also that many (most? almost all?) of the bad scenarios have intermediate points of great worry and catastrophe” Not on my model. By the time any humans start worrying about a takeover or dying, AIs already control all infrastructureThat is from Twitter, and I hear or read that argument often.  It is yet another example of a bad “AI safety point” that does not stand up.He is already a human worried about a takeover or dying!  It is weird to think that “I see these problems coming” and also think “…as these problems multiply and become more public, say through cyberincidents, other people and also the markets will not get clued in.”  It is assigning a remarkable oracle-like epistemic status to oneself, and then hardly to anyone else.  If the pending data will not persuade anyone else of your view, why do you hold your view so strongly?  Or if you think the ultimate denouement will be so sudden and furtive, how are you so clued in to the future now?  To me this is all obviously absurd, albeit not logically self-contradictory in the narrow sense.As a side point, if the world does end suddenly, and you bought the puts out of your savings, but cannot cash them in, you still end up dying without having lowered your real level of consumption.Rob Wiblin trots out a bunch of objections from the MR comments section that can be refuted readily.  You are really not sure which stocks to short and that is a big problem? — the risk is not that systemic then.  And if you think the world will see some significant calamitous events in the next ten years, and the evidence for that is piling up, yes you should be buying some puts, even if you are unsure on the timing.  Simple stuff.  (And no you do not need options contracts that last for ten years.)  The AI safety advocates with relatively extreme views should be trying to spread these points to their followers, not to retire them.In general I am not a fan of psychoanalysis as a method of dissecting views, but the number and scope of obvious direct errors on this topic (and from very smart people) is so high that one has to wonder.  How about: “$100 billion in added cyber costs is not a significant enough worry, it is too mundane, too small a percentage of gdp, too normal and technocratic a problem…you can’t take my bigger and more dramatic fear away from me!  I won’t let you do that!  And besides, that view is the social glue that bonds my in-group together.”The post Adding to the barrel of finance fallacies appeared first on Marginal REVOLUTION.MediaMedia Media Media Media Media Media Media CommentsI wonder if people are more upset if you say “I told you ... by Nicolas Krause“you still end up dying without having lowered your real ... by SomeoneRelated StoriesMistakes in financial economicsAct like it is scienceRegulated Markets Are Slow to Handle Change 

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Friday assorted links
Tyler Cowen

1. What sort of maths are LLMs good at?2. “People think the superrich are unhappy,” she said. “They’re not.” (NYT)3. Trailer for a Celibadache biopic.4. Good Joshua Saxe post on the need for a better cybersecurity policy.5. Refine goes to work on the Stanford Encyclopedia of Philosophy.  At some point we will be reexamining everything, good luck people.6. A semi-consistent EA view that nuclear energy is bad (not my view though).7. Updated AI and labor market results, and a summary here.The post Friday assorted links appeared first on Marginal REVOLUTION.MediaMedia Media Media Media Media Media Media 

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That was then, this is now
Tyler Cowen

I very much like the new Michael Khodarkovsky book The Steppe and its Empires: The Russian Empire & its Eurasian Counterparts.  Excerpt:Russia presented the most remarkable contrast to both Eurasian and Western empires.  The oower of Moscovite tsars and Russian emperors seemed to be completely unconstrained by moral or ethical boundaries.  Whereas religious authorities in Europe, the Islamic world, and Cjhina kept some distance from the state and had a degree of independence from the rulers, in Russia the Orthodox Church was fully behind the autocratic powers of the tsars.  Ivan III was the first to adopt the title samoderzhets (a calque of a title of Byzantine emperors, literally “autocrat” in Greek), which he used in the sense of a “sovereign” ruler.  It took another half century before his grandson, Ivan IV, began to use the title to signal his exceptional, universal, and unrestrained power.And:To begin with, each Eurasian ruler conceived of himself as the sovereign of a universal, not natinoal, empire.  Such a ruler was non plus ultra; confident in his superiority over other religious or political bodies, he was destined to rule the world, if not politically, at least rhetorically, an autocrat whose subjects’ servile condition was a natural state.Seen through the prism of a universal monarchy, the Eurasian imperial vision blurred the separation between metropolis and periphery, between the peoples within and outside the empire’s boundaries, between servitude and slavery.  Whether they were elites or commoners, all were considered to be in personal servitude to an emperor and often referred to by a term interchangeable with slave.Consequently, Eurasian societies did not develop either the notions or the institutions that could enshrine the idea of freedom…The concept of universal monarchy allowed for little differentiation between internal and external territories.Recommended.The post That was then, this is now appeared first on Marginal REVOLUTION.MediaMedia Media Media Media Media Media MediaRelated StoriesMy excellent Conversation with Julia IoffeMy very interesting Conversation with Daron AcemogluWhat makes people happy? 

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A Conservative Case for Liberal Immigration
Tyler Cowen

That is the title of my latest Free Press piece, here is one excerpt:Or look at the AI revolution, another area where America is leading the world and also using its AI models to exert soft power. Dario Amodei of Anthropic has an Italian father, neural-network pioneer Geoffrey Hinton is originally from the U.K., and Elon Musk and Peter Thiel, who helped initially fund and found OpenAI, are from South Africa and Germany, respectively. OpenAI co-founder Wojciech Zaremba is from Poland. Musk and Thiel, of course, have other achievements to their credit as well. A significant portion of the employees at the major labs are Chinese. In one survey of published AI researchers, 38 percent received their undergraduate education in China, and 72 percent of those are working in the U.S.Recommended, do read the whole thing.The post A Conservative Case for Liberal Immigration appeared first on Marginal REVOLUTION.MediaMedia Media Media Media Media Media MediaRelated StoriesThe Binmen of BirminghamThat was then, this is nowRegulated Markets Are Slow to Handle Change 

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Saturday assorted links
Tyler Cowen

1. Speculative Chinese claims about Alzheimer’s.2. Very interesting Anthropic piece on why multi-agentic systems seem to show more herd behavior and collusion than human systems.  And a comment from Rune Kvist.3. Cross-cultural data on masculinity.4. The Griers on the performance of Modi relative to synthetic controls.5. Which federal datasets have been terminated?6. The economics of NY state potato procurement.The post Saturday assorted links appeared first on Marginal REVOLUTION.MediaMedia Media Media Media Media Media Media Comments#1. Speculative Chinese claims about Alzheimer’s. I thought ... by MikeP 

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Adolfo Bioy Cesares delay
Tyler Cowen

My Amazon shipment is postponed from this fall until April 11, 2028 (!).Will it ever come?Of course this is the fantastic, and long, Bioy Cesares book Borges, his memoir of their friendship.How can the reoptimization both be so distant and so exact in timing?The post Adolfo Bioy Cesares delay appeared first on Marginal REVOLUTION.MediaMedia Media Media Media Media Media Media 

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Another rationale for sticky prices?
Tyler Cowen

…what can be predicted, Dabis said, is that a recent policy change by the Washington Metropolitan Area Transit Authority requiring drivers to verbally quote the $2.25 fare to passengers may make their job even riskier.Eight current Metro employees and two former employees who work at the union representing Metro workers told The Washington Post that they are concerned that announcing the fare is ineffective and may increase the risk that bus operators will be harassed or assaulted. As a result, several drivers said they are disregarding the policy to keep themselves safe.“It’s very disheartening to think that a company would put their operators in harm’s way by allowing this type of change,” said Dabis, who is among those refusing to quote the fare. “I just want to go home the same way that I came to work: healthy, unharmed. I love this company. I love the customers. But quoting the fare is just too much.”Fare evasion has plagued Metro for years. In 2024, Metro said about 70 percent of bus riders didn’t pay.Here is the full story.  And for the pointer I thank Rich.The post Another rationale for sticky prices? appeared first on Marginal REVOLUTION.MediaMedia Media Media Media Media Media MediaRelated StoriesA Conservative Case for Liberal ImmigrationMy very interesting Conversation with Daron AcemogluIs there a Balkan fertility paradox? (from my email) 

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Sunday assorted links
Tyler Cowen

1. Ken Opalo on the evolution of post-post-apartheid South Africa.2. Reasonable recommendations for AI policy over at Noah’s.3. JFV recommends some economics articles.4. William Vollmann update.5. More writing for the AIs.6. When Europeans from Warsaw live role-play an Ohio trailer park.7. Is EJMR gone for good?The post Sunday assorted links appeared first on Marginal REVOLUTION.MediaMedia Media Media Media Media Media Media Comments[BONUS] 8. So How Is AI Drug Discovery Doing, Really? by Derek ... by RAD7. That's a shame. EJMR successfully tore apart a lot of ... by Keith 

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