Tuesday, March 31, 2009
Monday, March 30, 2009
Do you know this about Tenure?
See Econjeff's comments on the article: What I Wish I'd Known About Tenure , where there are plenty of discussion over the topic.
Ease high unemployment rate in China
From All things considered, NPR
In China, the case of a college sophomore who was elected village chief has focused attention on a new policy to encourage educated youths to serve in rural areas.
The policy's aim is to improve local governance and develop the rural economy, while easing high unemployment among college graduates.
Several times during the past century, young Chinese have been at the center of social movements aimed at reforming China's rural society. They often found it more resistant to change than they thought.
More details at:
College Sophomore Takes Helm Of Chinese Village
In China, the case of a college sophomore who was elected village chief has focused attention on a new policy to encourage educated youths to serve in rural areas.
The policy's aim is to improve local governance and develop the rural economy, while easing high unemployment among college graduates.
Several times during the past century, young Chinese have been at the center of social movements aimed at reforming China's rural society. They often found it more resistant to change than they thought.
More details at:
College Sophomore Takes Helm Of Chinese Village
If You're So Smart, Why Aren't You Rich?
See this interesting paper on Econometrica:
If You're So Smart, Why Aren't You Rich?Belief Selection in Complete and Incomplete Markets,
by Lawrence Blume and David Easley
This paper provides an analysis of the asymptotic properties ofPareto optimal consumption allocations in a stochastic general equilibriummodel with heterogeneous consumers. In particular we investigate the marketselection hypothesis, that markets favor traders with more accurate beliefs.We show that in any Pareto optimal allocation whether each consumer van-ishes or survives is determined entirely by discount factors and beliefs. Sinceequilibrium allocations in economies with complete markets are Pareto opti-mal, our results characterize the limit behavior of these economies. We showthat, all else equal, the market selects for consumers who use Bayesian learn-ing with the truth in the support of their prior and selects among Bayesiansaccording to the size of their parameter space. Finally, we show that ineconomies with incomplete markets these conclusions may not hold. Withincomplete markets payo functions can matter for long run survival, andthe market selection hypothesis fails.
If You're So Smart, Why Aren't You Rich?Belief Selection in Complete and Incomplete Markets,
by Lawrence Blume and David Easley
This paper provides an analysis of the asymptotic properties ofPareto optimal consumption allocations in a stochastic general equilibriummodel with heterogeneous consumers. In particular we investigate the marketselection hypothesis, that markets favor traders with more accurate beliefs.We show that in any Pareto optimal allocation whether each consumer van-ishes or survives is determined entirely by discount factors and beliefs. Sinceequilibrium allocations in economies with complete markets are Pareto opti-mal, our results characterize the limit behavior of these economies. We showthat, all else equal, the market selects for consumers who use Bayesian learn-ing with the truth in the support of their prior and selects among Bayesiansaccording to the size of their parameter space. Finally, we show that ineconomies with incomplete markets these conclusions may not hold. Withincomplete markets payo functions can matter for long run survival, andthe market selection hypothesis fails.
Albert Rees in the eyes of Ashenfelter and Pencavel
Ashenfelter (at Princeton) and Pencavel (at Stanford) wrote an overview of Albert Rees' contribution and his role in Chicago economic group. Rees' contribution in Labor economics, market clearing, full employment, retirement of college professors, etc. are briefly reviewed. See the article at: Albert Rees and the "Chicago School of Economics", Princeton.
Sunday, March 29, 2009
Passion from the White House
Obama’s Man on the Budget: Just 40 and Going Like 60 at NYT
To appreciate Peter R. Orszag's way of living.
...
His own health care conversion occurred when a doctor told him several years ago that he was at risk for cardiovascular problems. Mr. Orszag changed his diet. Each day he eats the same egg whites for breakfast and salad topped with chicken for dinner, all from the White House mess.
He also began training for marathons, sometimes startling colleagues by appearing in their offices at day’s end in head-to-toe spandex.
Now he keeps two books on his desk: the teachings of Epictetus, a Greek Stoic philosopher who espoused dispassion and self-discipline, and “The Strenuous Life,” by Theodore Roosevelt, an ode to pushing oneself as hard as possible.
But even Mr. Orszag admits worry about whether he can accomplish anything near what he hopes.
“If you look at the tenure of O.M.B. director in the past, it doesn’t seem to be very long,” he said on his early-morning ride to the White House, a 5 o’clock shadow already creeping over his face.
To appreciate Peter R. Orszag's way of living.
...
His own health care conversion occurred when a doctor told him several years ago that he was at risk for cardiovascular problems. Mr. Orszag changed his diet. Each day he eats the same egg whites for breakfast and salad topped with chicken for dinner, all from the White House mess.
He also began training for marathons, sometimes startling colleagues by appearing in their offices at day’s end in head-to-toe spandex.
Now he keeps two books on his desk: the teachings of Epictetus, a Greek Stoic philosopher who espoused dispassion and self-discipline, and “The Strenuous Life,” by Theodore Roosevelt, an ode to pushing oneself as hard as possible.
But even Mr. Orszag admits worry about whether he can accomplish anything near what he hopes.
“If you look at the tenure of O.M.B. director in the past, it doesn’t seem to be very long,” he said on his early-morning ride to the White House, a 5 o’clock shadow already creeping over his face.
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