Economics

Invested and engaged

In a Q&A, Executive Vice President Craig Carnaroli reflects on the University’s latest Economic Impact Report and the new effort to include an account of Penn’s civic engagement and impact on Philadelphia, its residents, and surrounding communities.

Katherine Unger Baillie



Media Contact


In the News


The New York Times

Unemployment is high. Why are businesses struggling to hire?

Ioana Marinescu of the School of Social Policy & Practice co-authored a study that found that every 10% increase in unemployment benefits received corresponds to a 3% decline in jobs applied to. “Right now what seems to be happening is that job creation is outpacing the search effort that workers are putting forth,” she said.

FULL STORY →



The New York Times

Biden says he’s willing to compromise on his infrastructure plan but will not tolerate ‘doing nothing’

An analysis by the Penn Wharton Budget Model estimates that President Biden’s tax plans, which eliminate subsidies for fossil fuel companies, would raise $2.1 trillion over 10 years. The plan would also spend $2.7 trillion in that time frame and invest in programs that would help the economy function better.

FULL STORY →



Los Angeles Times

Landlords are waiting for rent payments—and some can’t hold on much longer

A survey conducted by Vincent Reina of the Stuart Weitzman School of Design found that property owners are dealing with late rent payments and trouble filling vacancies amid the pandemic, challenging their ability to pay mortgages, property taxes, and maintenance expenses.

FULL STORY →



Marketplace (NPR)

Top 1% of earners don’t pay taxes on one-fifth of income, study finds

Richard Prisinzano of the Wharton School said auditing wealthy people can be a challenge for the IRS. “An audit, even if it’s random, it takes a lot more resources than, say, someone making $25,000 a year who’s just taking the earned income tax credit,” he said.

FULL STORY →



Huffington Post

Rep. Jamaal Bowman sees climate as the next big education push after COVID-19 reopening

Daniel Aldana Cohen of the School of Arts & Sciences and Akira Drake Rodriguez and Billy Fleming of the Stuart Weitzman School of Design spoke about the “climate + community project,” which calls for transformative investments in green infrastructure and public education. “There’s a ton of public money on the table this decade—we have to spend it right,” said Cohen.

FULL STORY →



Bloomberg

The biggest payoff from Stockton’s basic income program: Jobs

Research co-led by Amy Castro Baker of the School of Social Policy & Practice found that a trial basic income program had profound effects on recipients, increasing economic stability and lowering psychological distress.

FULL STORY →