Century City and downtown Los Angeles are seen in this file photo. California is putting its reputation as a pioneering environmental heavyweight on the line as it prepares to launch a carbon market in eight months' time.LUCY NICHOLSON
A roundup of the best economic posts on the Web
California gambles on carbon trade
With a h/t to Economy Lab contributor Andrew Leach, The New York Times with an update on California's ambitious plan to begin a carbon trade:
"State regulators are battling the clock, the courts and their own empty pockets as they prepare to oversee the start of the multibillion-dollar market Jan. 1. ...The idea of capping greenhouse gas emissions and providing cleaner companies with the potential for profit from their success is not new, but it has never been tried in the United States on this scale."
Does the WTO matter?
A study on VoxEU argues that membership in the World Trade Organization is more important that simply lowering trade barriers between countries:
"An intriguing possibility raised by our research is that the WTO is not at all about reducing trade barriers, variable or fixed. Rather it serves to resolve uncertainty in the mind of potential exporters regarding the evolution of international trade rules. This in turn may increases their willingness to bear the fixed costs of exporting newer products into newer markets."
How big will the Osama Halo Effect be for Obama?
Freakonomics wonders for how long can U.S. President Barack Obama can capitalize on the assassination of Osama bin Laden
"Think back to high school. The quarterback on the football team had a legendary game over the weekend, and made everyone associated with the school so proud they could split their pants. On Monday, he's treated like a hero. But, interestingly, people find themselves thinking better of him not only for his athletic exploits. Suddenly, everything about him seems a cut above."
Millions set to lose unemployment benefits
The Wall Street Journal with some sobering numbers on the U.S. employment situation:
For the more than 4 million Americans still receiving extended benefits, the picture isn't encouraging. The longer they've been out of work, the harder it is to find a job. They've typically been unemployed for at least 26 weeks, and may have been out of work for as long as 99 weeks, which for many people is the limit.
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