The Bowtie Economist's Daily Dose of 70-Word Wisdom

Today French economist Jean Tirole won the Nobel Prize in Economic Sciences. His research focuses on industries dominated by a few large firms — like credit cards, banks, cable companies, Internet search — and how to regulate them. Because there…

The Friday File: Last week a single lot of 114 bottles of Romanee-Conti burgundy wine sold at auction for $1.6 million, or $14,035/bottle or OMG, $2,550/glass! The price of $1.6 million broke the old record for a single lot of…

German industrial output fell 4% and manufacturing activity dropped 5.7% last month. Italy is back in recession, France’s GDP growth is 0%, the IMF is calling for European officials to “do more” and the risk of Europe entering a recession…

Beyond the terrible human toll, Ebola is exacting a huge financial cost. By 12/31/2014 Ebola will cost Guinea, Liberia and Sierra Leone $360 million; 3% of GDP – equivalent to $500 billion here in the US – and all of…

This past week was the 12th straight that the US dollar has strengthened against a basket of six major world currencies. As a result, the price of oil has been falling. As oil is quoted in US dollars, as currencies…

Last Friday’s employment data had something for everyone. Payrolls grew by a whopping 248,000, the unemployment rate plummeted to 5.9%, its lowest level since 7/08, and the number of involuntary part-time workers declined. But the labor force participation rate fell…

The Friday File: Former Fed head Ben Bernanke, someone who knows a thing or two about home mortgages as under his watch the Fed purchased $1.5 trillion of them, was unable to refinance his mortgage. Here’s a guy who earns…

Sales of new homes hit an annualized seasonally adjusted rate of 504,000, the best reading since 5/08. But one month is not a trend, the data are very volatile, and unusually, August had five weekends, prime buying time. YTD new…

With new cars sales hitting an annualized rate of 17.4 million last month, the best since 2006, there’s not much room for improvement. Boomers are driving less, half of all drivers are now women, income growth is flat, Millenials are…