Showing posts with label Economic Phylosophy. Show all posts
Showing posts with label Economic Phylosophy. Show all posts
Tuesday, June 30, 2009
The Credit Crisis Visually Explained
Thanks to Shruti, who brought this wonderful video explanation of the credit crisis into our sight. The illustration is provided by Jonathan Jarvis.
Saturday, April 11, 2009
Monday, March 23, 2009
Popularity of Economics (2)
Econjeff also dashes about this topic and gives other reasons that economics is so popular:
Goldilock Chooses a Major
Goldilock Chooses a Major
Sunday, March 22, 2009
Teaching economics during rough times
Mankiw offered an excellent explantion regarding economic teaching of relevant economic crisis prevailing in our daily life.
"In other words, whether you want to help an ailing grandmother or an ailing economy, you need start by mastering some first principles, which do not change in response to current events."
There are indeed principles in economics (and in life too) that do not change over time:
Principles of Economics, Rap Version
See his reply at:
Teaching amidst a Crisis
"In other words, whether you want to help an ailing grandmother or an ailing economy, you need start by mastering some first principles, which do not change in response to current events."
There are indeed principles in economics (and in life too) that do not change over time:
Principles of Economics, Rap Version
See his reply at:
Teaching amidst a Crisis
Thursday, February 26, 2009
Economist Jokes---What are economists doing now?
The following is taken from a website that collects jokes for economists and economics:
http://netec.mcc.ac.uk/JokEc.html
TOP 10 REASONS TO STUDY ECONOMICS
1. Economists are armed and dangerous: "Watch out for our invisible hands."
2. Economists can supply it on demand.
3. You can talk about money without every having to make any.
4. You get to say "trickle down" with a straight face.
5. Mick Jagger and Arnold Schwarzenegger both studied economics and look how they turned out.
6. When you are in the unemployment line, at least you will know why you are there.
7. If you rearrange the letters in "ECONOMICS", you get "COMIC NOSE".
8. Although ethics teaches that virtue is its own reward, in economics we get taught that reward is its own virtue.
9. When you get drunk, you can tell everyone that you are just researching the law of diminishing marginal utility.
10. When you call 1-900-LUV-ECON and get Kandi Keynes, you will have something to talk about.
I find that the third reason is especially funny to me. It turns out that I do not even talk about money as an economic researcher. Although we have written and read papers about money, interest rate, yield curve, stock return, inflation, etc., we did not know much about what's going on in the money market, as evidenced by the financial crisis prevailing over the world.
Indeed that we are researching into different blocks of the complicated economic world, and no one is able to link one senario with all others. To me, the quantitative methods are more interesting and I understand that there are so many difficulties to apply them in empirical work. So, to stay safe in the academic world is my dominant strategy. We economist are not sure that if we could really understand the economics. This is true for all branches of scientific research. It's a phylosophical question to answer. The world may be known to us, yet may be not. Then what should we do is really a more basic question relating to the source of the world and our human beings. The question is never fully answered and answeres are accepted highly on a religious basis.
Yet, I do believe the world should be known to us and we are right in the process, although it might take us forever to reach the knowledgable state of mind. We march on as we believe that we are in the right direction.
http://netec.mcc.ac.uk/JokEc.html
TOP 10 REASONS TO STUDY ECONOMICS
1. Economists are armed and dangerous: "Watch out for our invisible hands."
2. Economists can supply it on demand.
3. You can talk about money without every having to make any.
4. You get to say "trickle down" with a straight face.
5. Mick Jagger and Arnold Schwarzenegger both studied economics and look how they turned out.
6. When you are in the unemployment line, at least you will know why you are there.
7. If you rearrange the letters in "ECONOMICS", you get "COMIC NOSE".
8. Although ethics teaches that virtue is its own reward, in economics we get taught that reward is its own virtue.
9. When you get drunk, you can tell everyone that you are just researching the law of diminishing marginal utility.
10. When you call 1-900-LUV-ECON and get Kandi Keynes, you will have something to talk about.
I find that the third reason is especially funny to me. It turns out that I do not even talk about money as an economic researcher. Although we have written and read papers about money, interest rate, yield curve, stock return, inflation, etc., we did not know much about what's going on in the money market, as evidenced by the financial crisis prevailing over the world.
Indeed that we are researching into different blocks of the complicated economic world, and no one is able to link one senario with all others. To me, the quantitative methods are more interesting and I understand that there are so many difficulties to apply them in empirical work. So, to stay safe in the academic world is my dominant strategy. We economist are not sure that if we could really understand the economics. This is true for all branches of scientific research. It's a phylosophical question to answer. The world may be known to us, yet may be not. Then what should we do is really a more basic question relating to the source of the world and our human beings. The question is never fully answered and answeres are accepted highly on a religious basis.
Yet, I do believe the world should be known to us and we are right in the process, although it might take us forever to reach the knowledgable state of mind. We march on as we believe that we are in the right direction.
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