The problems of the economics profession

Ronald Coase has an interesting new piece titled Saving economics from the economics profession. You may like to see What is wrong with Economics on this blog.

Last week, in the US, I heard that the number of Ph.D. graduates coming out vastly exceeds the number of academic job openings. Most economics Ph.Ds. are . . . → Read More: The problems of the economics profession

Economic Events on December 2, 2011

The Monster Employment Index for November was released today, and the index moved down 4 points from last month to a value of 147, but is 10% higher than last November’s value.

At 8:30 AM EDT, the Employment Situation report for November will be announced, and the consensus for non-farm payrolls is an increase . . . → Read More: Economic Events on December 2, 2011

Books that should be read before starting a Ph.D. in economics

Suppose a young person is going to start a Ph.D. in economics. What essential readings would you recommend prior to this?

In my opinion, the Ph.D. in economics involves a heavy emphasis on tools. But the story isn’t told, about why we are building these tools. The intuition isn’t built, about the world out . . . → Read More: Books that should be read before starting a Ph.D. in economics

Gigantic Waste of Time

The NYT on the value of introductory economic classes:

Needless to say, a course can be valuable even if unpleasant. Unfortunately, however, most students seem to emerge from introductory economics courses without having learned even the most important basic principles. According to one recent study, their ability to answer simple economic questions several . . . → Read More: Gigantic Waste of Time

Economics and the Return of History?

In Friday’s edition of NY Times, David Brooks wrote a very interesting column (link) discussing the state of economics. Although subtle and rigorous in its assertions I doubt that the field of economics needs a fundamental change in the philosophical origins of economic methodology. I agree with the author that economists often ignore the . . . → Read More: Economics and the Return of History?

GDP: A Primer on the Economic Scorecard

Real gross domestic product (GDP) is the market value of all goods and services produced by a nation within a certain span of time, adjusted for inflation. It includes both the goods and services sold in the marketplace, such as a can of tuna at the grocery or server space leased from a website . . . → Read More: GDP: A Primer on the Economic Scorecard

We Are All Economists

We all use economic principles in our daily lives, even if we don’t realize it or know that someone has given them names. Like the laws of physics, ignoring them or passing laws or having good intentions doesn’t change them in any way. Actions always have consequenses. . . . → Read More: We Are All Economists

When Up is Down and Rocks can Fly

The New York Times published an article today placing blame on the Bush Administration for the current (latest) global economic meltdown.  The staff piece recounts the actions of George Bush- in championing home ownership, in allowing banks, brokers, and finance companies to expand home lending, and in failing to reform Fannie Mae and Freddie Mac- . . . → Read More: When Up is Down and Rocks can Fly

Forget about the Economists… Economics 101

What you always wanted to know abotu economics but never dared to ask. . . . → Read More: Forget about the Economists… Economics 101

Turning Bright Lights on the Dismal Science

For more than a hundred fifty years, economics has been feared by students, lay people and economists themselves. Not the least source of this fear has been the fact that economics has been labeled as “the dismal science.” The study of economics has been living with its moniker ever since English philosopher Thomas Carlyle . . . → Read More: Turning Bright Lights on the Dismal Science