What Would Greg Mankiw Say About This?
Posted on April 6th, 2012 in Uncategorized | 9 Comments »
“I didn’t learn about the economy just reading about it or hearing about it at the faculty lounge at Harvard or debating it in Congress.”
—Mitt Romney, who generally seems to forget that he holds a double-degree from Harvard or that, you know, one of his economics advisers probably sends some time in that faculty lounge.
9 Responses
4/6/2024 5:46 pm
He’d probably want to know where the faculty lounge is for starters. Aren’t those at high schools?
4/7/2024 4:47 am
Not at all on topic (other than Harvard), but just in case you might miss this, I thought I’d post a link:
http://economistsview.typepad.com/economistsview/2012/04/the-fallacy-of-tuna-fish-economics.html
This extracts a bit from a Harvard Crimson Op_Ed. The extract is to emphasize a part of the link, and that’s worthwhile, but the whole thing is also entertaining.
4/7/2024 6:32 am
Thanks for posting that, Marcel. The Crimson Op-Ed you point to is terrific.
http://www.thecrimson.com/article/2012/4/6/tuna-fish-econ/
Reading it, one can only wonder: We all knew Shleifer is venal. But is he also an idiot? One should actually know the facts of a situation before using it as a model of instruction in Harvard’s paradigmatic economics course…lest one promptly be made to look stupid.
4/7/2024 6:45 am
“Thus, both universities and government should privatize or contract out as many public services as possible… of all people Shleifer should know that privatization does not always work as advertised”
that depends on whose point of view you adopt. For the person advising privatization, it may work out beautifully, especially if your wife is in a position to invest substantial amounts on the industries which go private and can move early because of privilege information the adviser passes on.
does Professor Shleifer or his family have any financial interests in the company that manages the business school cafeteria?
4/8/2024 11:38 am
One should actually know the facts of a situation before using it as a model of instruction…
Not atypical of economists. From what I can tell, you do not think highly of Summers, but among economists he is one of the better guys. 25 years he published a paper contra Edward Prescott and what was then becoming the most common technique among academics for understanding the macro-economy. It contains the following passage:
Prescott’s interpretation of his title [“Theory Ahead of Business Cycle Measurement,”] is revealing of his
commitment to his theory. He does not interpret the
phrase theory ahead of measurement to mean that we
lack the data or measurements necessary to test his
theory. Rather, he means that measurement techniques
have not yet progressed to the point where they fully
corroborate his theory. Thus, Prescott speaks of the key
deviation of observation from theory as follows: “An
important part of this deviation could very well disappear
if the economic variables were measured more in
conformity with theory. That is why I argue that theory
is now ahead of business cycle measurement. … “
Economics contains an esp. strong strain of the sentiment, “If the theory does not fit the facts, so much the worse for the facts.” It is rare to find examples in economics of Huxley’s tragedy, and whether the field draws people who cannot bear that tragedy or shapes them in ways that they cannot accept it (or perhaps both) is an open question.
10/28/2012 2:53 pm
Μany pieces of hardware within yοuг pеrsοnal
computer are often chаngeablе, and manу
mіght bе changеԁ
in the example of minutes using a expense of $100 or
peгhaps much less. The dаta recovеry professіonаls contain the important selеction
of equipment along ωith software геsοurcеs for yοu tο ԁіssеct the harԁ dгіνe aѕ well aѕ
perfοrm harԁ ԁiѕk recоvery.
drive recovery You will
аlso гequiгe the Winԁоωs Specialist Cοmpact disс аnd
turn into awаre that the method may possibly last for а
veгy lоng tіme. Numerous is virtually аny datа recoveгу sοftwаre
ρerfοrmѕ cοmрletelу gеnеrаlly сοmputеrs along with os.
Ρlеaѕe rеmember if уοu hаνe eхperienсed a сomρuter gο loweг, you will need tо ѕenԁ
over hard dгiѵe to achieve thе data recoνereԁ simply by expеrtѕ.
4/4/2024 10:15 am
I know this if off topic but I’m looking into starting my own weblog and was curious what all is required to get setup? I’m
assuming having a blog like yours would cost a pretty penny?
I’m not very internet savvy so I’m not 100% positive. Any tips or advice would be greatly appreciated. Cheers
Feel free to visit my site … cricket games free
4/18/2013 6:50 am
I’m truly enjoying the design and layout of your site. It’s a
very easy on the eyes which makes it much more enjoyable for me to come here and visit more often.
Did you hire out a designer to create your theme?
Excellent work!
Here is my website Delbert
5/2/2024 8:53 am
Hey I know this is off topic but I was wondering if you knew of
any widgets I could add to my blog that automatically tweet my newest twitter updates.
I’ve been looking for a plug-in like this for quite some time and was hoping maybe you would have some experience with something like this. Please let me know if you run into anything. I truly enjoy reading your blog and I look forward to your new updates.
Look at my site - Shawna