Thursday, January 24, 2008
Monday, January 21, 2008
Here is a post that deserves a read.
Update: Tyler Cowen said that Lin's story was like a movie.
Saturday, January 19, 2008
She was quickly stopped by Mr. Bernanke and the laughter in the room.
"I’ve got the wrong firm?" she asked, before being corrected that she was thinking of Treasury Secretary Henry Paulson. “Oh, OK. Where were you, sir?”
Said Mr. Bernanke: “I was the CEO of the Princeton Economics Department.”
Hat tip to WSJ RTE.
Tuesday, January 15, 2008
#1 REVISING THE CHINESE ECONOMY
#2 IT’S NOT JUST THE LENDERS
#3 IN MUSIC, HARDWARE RULES
#4 LETHAL COLD FRONTS
Hat tip to Organizations and Markets.
Sunday, January 13, 2008
Thursday, January 10, 2008
Tuesday, January 8, 2008
Here is part of the dialogue between Richard Freeman and Stephen Colbert:
- (RF) We've had the experience that in the last 30 years, unions have got weaker and weaker and weaker...
- (SC) Hasn't the market spoken? Isn't that just a free market speaking?
- (RF) Every survey that we have says that many more people want unions than ever before...
- (SC) Many more? Many more?
- (RF) Half the American people...
- (SC) Half?!
- (RF) Yes.
- (SC) Fifty percent?!
- (RF) Fifty percent.
- (SC) You can get fifty percent of Americans to say anything! (laughter) ... (ask the audience) Who wants to be a pirate? (Audience yelling...) That's a hundred percent of a RANDOM sampling of American out there...
- (SC) Do you yourself belong to a union?
- (RF) No.
- (SC) Thanks for stopping by.
Wednesday, January 2, 2008
"The wildlife trade is the third largest illegal trade in the world, rivaled only by guns and drugs. Every year up to 30,000 primates, 2 to 5 million birds and 10 million reptile skins are traded. Strong beliefs in obscure parts of traditional Chinese medicine fuel the development. According to ancient custom, animal parts are imbued with 'magical' properties. For the superstitious, eating the flesh of a tiger provides the animal's strength. Despite scientific studies proving these beliefs wrong, the trade of animals and animal parts continues largely unchecked, fueled by desire, greed and corruption. The problem seems insurmountable; one way of curbing the rampant killing and to decrease the demand for rare animals is by educating future generations and removing antiquated and false beliefs."
For me, this seems a myth rather than reality...Yes, indeed, traditional Chinese medicine does hold the belief that some animl parts can be used as the "magical" treatment to certain kinds of illnesses. However, what the documentary doesn't tell us is the underlying incentives to kill wild animals, i.e., for what purpose do those poachers engage in illegal trading? Again, animal parts. But what really matters is which parts do they care most! Intuitively, I just don't think the black market for traditional Chinese medicine can sustain the large demand of "magical" parts from wild animals. It's not even a universal economic phenomenon. What's more obvious to us is that we actually do not rely on Chinese medicine to treat our illnesses. Out there exists a much larger market for Western medicine.
What is really intriguing is the deeper needs of human beings. The pervasive worldwide markets for luxury goods might easily outweigh the markets for Chinese medicine. These needs are hard to measure, but they do exist. As a natural outcome, what we see is actually a small tip of a giant iceberg...
What if someone told you that the way to understand human behavior is through physics rather than economics or psychology? Do you think that would be insane?
Physicist and former editor of Nature Mark Buchanan lectures on how simple physics models can reproduce the bizarre decision-making behavior of human beings. It seems like a fascinating introduction to the new discipline of social physics.Watch the lecture here.
Sounds interesting? Well, from the Invisible Hand Podcast, you can listen to Gregory Clark talking about his insightful ideas in this book. Maybe you wanna read a book review before putting on your headphone. OK, here is one, by Benjamin Friedman, a Harvard Economist.
What Do Managers Do? Suggestive Evidence and Potential Theories about Building and Managing Relational Contracts by
Robert Gibbons (Massachusetts Institute of Technology)
Rebecca Henderson (Massachusetts Institute of Technology)
The Governance of Interfirm Agreements: A Relational Contract Perspective by
Claude Menard (ATOM - University of Paris Pantheon - Sorbonne)
Relational Contracts in Public-Private Partnerships: A Point of View from Multi-Market Contacts by
Eshien Chong (University Paris XI Sud)
Claudine Desrieux (University Paris XI Sud)
Stephane Saussier (University Paris XI Sud)
Contractual Completeness and Ex-post Efficiency: Trade-Offs between Ex-Ante and Ex-Post Costs in Contract Design by
Ricard Gil (University California, Santa Cruz)
Jean-Michel Oudot (ATOM - University Paris Pantheon - Sorbonne)