From the RESECON listserv:
Announcing the new Journal of Benefit-Cost AnalysisA new peer-reviewed journal is being launched which may be of particular interest to environmental and resource economists. The Journal of Benefit-Cost Analysis is actively encouraging manuscripts, both theoretical and applied, that are relevant for benefit-cost analysis, cost-effectiveness analysis, and [...]
Here is what Paul Krugman put at the top of his list of Paul Samuleson's contributions to economics:
Revealed preference: There was a revolution in consumer theory in the 1930s, as economists realized that there was much more to consumer choice than diminishing marginal utility. But it was Samuelson who [...]Guest post from Jim Roumasset:
James Hansen's op-ed attacking cap-and-trade is not quite as stupid as Krugman makes it out to be (Unhelpful Hansen). Krugman's graph is fine, but doesn't drive the point home. Non-economists who have heard about the polluter-pays-principle can be excused for not understanding that it's the price not [...]
The whole premise of this cute book rests on a basic economic error. This leads ultimately to the unraveling of Waldfogel's case against Christmas giving, however much it reveals about Austrian v. mainstream economists. FULL ARTICLE by Mark Thornton
[...]The first American Nobel laureate in economics died on Sunday at age 94. The N.Y. Times has an obituary. Here are other economists’ comments.
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The American Economics Association has sent its members an 18 month commemorative calendar this holiday season.
Like many calendars, it lists birthdays on various dates.
As an economist and father, what could be better than to turn to the birthday of the vXgirl, and find that [...]
Relative to my graduate school classmates at a certain mid-Western school, I was pretty cool. I challenge other economists to start posting some photos of their past to their blogs. History should not be left to the historians.
Ok, here's my entry.* See John, there was someone freakishly [...]
Geez, Thursday already? Where did the week go ?
Here is what caught my eye today
• Will the real Santa Claus Rally please stand up? (MarketWatch)
• Why Didn’t Canada’s Housing Market Go Bust? (Cleveland Fed)
"Yet the future of the dollar is precarious," Mises presciently penned in The Theory of Money and Credit, "dependent on the vicissitudes of the continuing struggle between a small minority of economists on the one hand and hosts of ignorant demagogues and their 'unorthodox' allies on the other hand." [...]
Ross Gittins gave a fascinating talk on Monday to the Australian Business Economists Annual Forecasting Conference, and he’s kindly agreed to let me post it here. Full text over the fold.
AUSTRALIA’S OUTLOOK FOR POLITICS AND GOVERNMENT IN 2010
Talk to Australian Business Economists Annual Forecasting Conference
Sydney, December 8, 2009
Ross [...]
Invictus is a street insider, a long-suffering “lifer” whose close work with Wall Street research teams gives him unique insight into the current strategist spat.
Enjoy:
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It was noted back in October that a feud seemed to be simmering between the former Merrill Lynch Chief North American Economist David [...]
This post is one in a series entitled Posthumous Refutations. Previously in this series: What That Jobs Report Might Really Mean.
This series sets the writings of Mises, Rothbard, and other departed Austrian economists against the economic illiterates staffing today's punditry. Of course, while it might seem more fitting [...]
Krugman makes the anti-Hansen case and I agree with no quibble (you can find the same points here and here). Here is the conclusion:
Things like this often happen when economists deal with physical scientists; the hard-science guys tend to assume that we’re witch doctors with nothing to [...]
Over on Robert Wenzel's "EconomicPolicyJournal" blog, it was suggested by a participant that Austrian Business Cycle Theory is a "religion" that Austrian Economists worship. The implication, of course, being that Austrian theory is not really open to logic and facts; rather, it is just some "faith-based" belief system.
I have [...]
There is big news in the world of jobs today, the number of lost jobs is getting smaller. The unemployment rate fell back to 10% in November after hitting 10.2% in the month prior. Only 11,000 jobs were lost in November — some 90,000 less than some economists had [...]
We just recently read that, according to the critics, the president’s jobs summit — which began earlier this afternoon — “is more about politics than policy.” If you think about it, isn’t most, if not all, policy driven by political pressures?
On one hand, economists like Lawrence Summers feel that “There [...]
Interesting Bloomberg article and survey on the forecasting prowess of Wall Street’s economists. I am less convinced that trading desks rely on their own economists predictions, but take that as you will.
Here are the top 10 according to Bloomie:
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