Archive for Economics
Optimal Stopping Time
This is a real thing in economics. Applied to “provocative” (not my term) essays, the rule is this: When you read: “the relationship between Nietzsche and the free-market right…is thus one of elective affinity rather than direct influence, at the level of idiom rather than policy,” …you can safely stop, and turn to something else. [...]
Read moreNoah Smith Shows the Power of Framing
Noah puts “austerians” on the couch: [M]aybe people like the idea of austerity because they think an economic stagnation is our best chance to address what they perceive to be our long-term challenges. Allowing a crisis might be less terrible than wasting it. Now, when stated that way, the idea sounds kind of silly – [...]
Read morePotpourri
==> An interesting story of a professor who purposely let his class “cheat” on a Game Theory exam in order to teach game theory. ==> Can’t remember if I already linked to this: The formal details of my June 3 debate with Warren Mosler, at Columbia University, moderated by John Carney of CNBC. (Yes it’s [...]
Read moreApplying Krugmanian Lessons to the 1990s
Poor Alex Tabarrok. He makes a simple blog post, pointing out the hilarious heads-we-win-tails-you-lose stance of Krugman et al., and the targets of his critique focus on something completely incidental. I will probably muddy the waters myself by focusing on the “incidental” part of his post, but so be it. First, though, let’s review: 1) [...]
Read moreNick Rowe Has Solved the Mystery of the Great Recession
Relying on a “very important post” from David Beckworth, Nick informs us that the financial crisis of 2008 occurred because people began expecting it in 2005. Call me hard to please, but I want more, Nick.
Read morePotpourri
==> My thoughts on Earth Day. ==> In the context of the standard debates, I would be classified as an “open borders” kind of guy, but I think that is a terrible label. Somebody should ask Bryan Caplan why they don’t call it “freedom of migration” or “no CheckPoint Charlies” or something. “Open borders” sounds [...]
Read moreTwo Views of R&R
[UPDATE below. Make sure you read that if you are just now stumbling upon this post.] Man, Reinhart and Rogoff are getting hammered by the Keynesians lately. First of all, you’ve got commentators (here’s but one example of many) who are making it sound like all the “austerity” the last 3 years was due to [...]
Read moreAriel Rubinstein Has Amazed Me
At NYU my “field” was Game Theory, because I figured, if we’re going to formally model economic actions, then let’s get nuts. I have elsewhere criticized the big guns of game theory when they try to talk to the layperson. So, when Tyler Cowen linked Ariel Rubinstein’s article titled, “How Game Theory will solve the [...]
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