Sunday, September 29, 2013

The Economic Recovery: A Novel Perspective from Ed Leamer

The Best Advice Fama Got

With formal statistics, you say something -- a hypothesis -- and then you test it. Harry always said that your criterion should be not whether or not you can reject or accept the hypothesis, but what you can learn from the data. The best thing you can do is use the data to enhance your description of the world. That has been the guiding light of my research. You should use market data to understand markets better, not to say this or that hypothesis is literally true or false. No model is ever strictly true. The real criterion should be: Do I know more about markets when I'm finished than I did when I started? Harry's lesson is one that I've passed on to my students over the 49 years that I've been a teacher.

Saturday, September 28, 2013

Creativity and Discipline

Why tough teachers get good results? from WSJ.

I like this:

"Meanwhile, American students struggle with complex math problems because, as research makes abundantly clear, they lack fluency in basic addition and subtraction—and few of them were made to memorize their times tables."

"The bottom line, Prof. Weisberg told me, is that creativity goes back in many ways to the basics. "You have to immerse yourself in a discipline before you create in that discipline. It is built on a foundation of learning the discipline, which is what your music teacher was requiring of you."

Open-Government Laws Fuel Hedge-Fund Profit

Information can make money, even the public information. From WSJ.

Monday, September 23, 2013

The Long and Sorry Tale of Pension Promises

How did states and cities get into this mess? It's a simple case of human frailty; where to go from here.
From WSJ.

A Nation Built for Immigrants

From WSJ.
Will the recent surge of newcomers tear the U.S. apart? Not if history is any guide: From the beginning, America was made to unite citizens, even those with deep differences.

Wednesday, September 18, 2013

Heckman on Early Childhood Education

Lifelines for poor children form NYT.

Bunnies talk about QE

With surprising no tapering today, I remembered this funny video about QE first released in 2010.

Tuesday, September 3, 2013

Top 200 Economics Blogs


-1. The Conscience of a Liberal100.0100.01.2
New Entry ★2. Economix61.764.91.1
New Entry ★3. FT Alphaville60.852.01.4
New Entry ★4. Vox57.456.51.2
2 ↓5. Marginal Revolution53.163.41.0
2 ↓6. Brad Delong50.861.31.0
5 ↓7. Economist’s View50.662.81.0
9 ↑8. Zero Hedge49.057.71.0
2 ↓9. Naked Capitalism40.448.01.0
4 ↓10. Econbrowser36.242.01.0
-11. The Big Picture35.942.61.0
2 ↓12. EconLog35.945.30.9
4 ↓13. The Money Illusion30.248.00.7
9 ↓14. Greg Mankiw’s Blog30.136.61.0
5 ↑15. Economic Policy Institute28.735.70.9
3 ↓16. Calculated Risk28.625.51.3
23 ↑17. Next New Deal26.224.01.3
New Entry ★18. On the Economy25.133.30.9
4 ↓19. Crooked Timber24.526.41.1
6 ↓20. Freakonomics23.432.40.8