Recently, I’ve been thinking a lot about how pointless economic models are. A good portion of this is probably due to being in a college microeconomics class (which uses Mankiw’s book, which Vox picks apart here.). What passes for mainstream economics is nothing more than gussied-up tautologies and pretty models that don’t actually prove . . . → Read More: Economic Models and Forecasting
I read this headline and really couldn’t believe it. ComputerWorld of all places has this story today: Pirates tap BI tools to forecast, boost attendance. Notice there is no mention of improving on field performance as a means to improve attendance. They just want to narrow in on what poor folks are still willing . . . → Read More: Money-less ball
Raghuram Rajan has an interesting piece on what went wrong with the economics profession in the years that led up to the global crisis. His big issues: specialization, the difficulty of forecasting, and the disengagement of much of the profession from the real world.
I think these, in turn, are directly related to the incentives . . . → Read More: What is Wrong with Economics
One of the important mistakes that India is making, in terms of integration into the world economy, is in visa rules. A key element of progress there is the new `Visa on Demand’ program, which has now been expanded. The list of lucky countries now stands at: Japan, Singapore, Finland, Luxembourg, New Zealand, . . . → Read More: Interesting Readings for January 27, 2011
The Bank of Israel has become the first central bank worldwide to raise interest rates.
A few weeks ago, I wrote an elongated blog post titled Does unconventional monetary policy and unusual fiscal policy presage an upsurge in inflation?. This was partly motivated by the concerns of the time (this was in mid-June) about . . . → Read More: The end of the beginning