Films about the economy and how it affects our lives. Be it about global poverty, the financial crisis, house prices, jobs, crime, or the economics of love. Be it a movie, a documentary, a report. Be it happy, sad, funny, tragic, depressing or inspiring.
The research career offers a variety of opportunities across sectors. Rachel Glennerster weighs up the differences between the policy world and academia for early career researchers looking at their options. Whilst both may be intellectually challenging environments, the reward structures, collaborative potential and research scope are substantially different and personal preferences of these variations may play a big role in deciding which one would be preferable.
As someone who worked as a policy economist for many years (at the UK Treasury and the IMF) before going into research, I am often asked for advice from those trying to decide whether to go into a career in policy or academia. With job market candidates making those decisions now, I decided to summarize my advice in writing. I think this is particularly important because many PhD candidates only get input from academic advisors–most of whom have no firsthand experience of working in policy (although that does not always stop them passing judgment on policy work).
Doug Lemov of Uncommon Schools and author of Teach Like a Champion talks with EconTalk host Russ Roberts about teaching and education. Drawing on his experience working in charter schools with children in poverty, Lemov discusses what makes a...
This paper investigates whether the quantity theory of money is still alive. We demonstrate three insights. First, for countries with low inflation, the raw relationship between average inflation and the growth rate of money is tenuous at best. Second, the fit markedly improves, when correcting for variation in output growth and the opportunity cost of money, using elasticities implied by theories of Baumol-Tobin and Miller-Orr. Finally, the sample after 1990 shows considerably less inflation variability, worsening the fit of a one-for-one relationship between money growth and inflation, and generates a fairly low elasticity of money demand.
The human brain makes predictions by finding similarities between the patterns in recent sensory inputs and previous experiences stored in its vast memory. The same process is now perfectly feasible for those engaged in promoting economic development.
This pithy and engaging volume shows that economists may be better equipped to predict the future than science fiction writers. Economists’ ideas, based on both theory and practice, reflect their knowledge of the laws of human interactions as well as years of experimentation and reflection. Although perhaps not as screenplay-ready as a work of fiction, these economists’ predictions are ready for their close-ups. In this book, ten prominent economists—including Nobel laureates and several likely laureates—offer their ideas about the world of the twenty-second century.
In scenarios that range from the optimistic to the guardedly gloomy, these thinkers consider such topics as the transformation of work and wages, the continuing increase in inequality, the economic rise of China and India, the endlessly repeating cycle of crisis and (projected) recovery, the benefits of technology, the economic consequences of political extremism, and the long-range effects of climate change. For example, Daron Acemoglu offers a thoughtful discussion of how trends of the last century—including uneven growth, technological integration, and resource scarcity—might translate into the next; Robert Shiller provides an innovative view of future risk management methods using information technology; 2012 Nobelist Alvin Roth projects his theory of Matching Markets into the next century, focusing on schools, jobs, marriage and family, and medicine; Nobelist Robert Solow considers the shift away from remunerated labor, among other subjects; and Martin Weitzman raises the intriguing but alarming possibility of using geoengineering techniques to mitigate the inevitable effects of climate change.
In a world of diverse and changing circumstances, economists and other social scientists can do real harm by applying the wrong model. Unfortunately, they get virtually no training in how to choose among the alternatives.
City University of New York, which graduated 12 Nobel laureates between 1930 and 1950, is making a bid to return to the spotlight by hiring Princeton University economist and New York Times columnist Paul Krugman.
TED University will host the Empirical Investigations in Services Trade (EIST) Workshop. Economists specializing in empirical economic research on issues relating to international trade in services from North America, Europe, and Asia will present their latest research at this meeting.
Economic growth and development is a complicated process that falls into the domain of many disciplines in social sciences and humanities. It is natural then to study fundamental aspects of economic growth synthesizing research in relevant fields. In this short paper, we argue that this has rarely been the case in the economic growth literature. We briefly discuss past growth theories and empirics, and present a broad framework to compare and evaluate work on economic growth from an interdisciplinary perspective.
A legendary economist argues that the standard top-down, technocratic approaches to global poverty not only don't work but also trample the individual rights of the people they're meant to help. And those rights, it turns out, are crucial to fostering lasting development.
Over the last century, global poverty has largely been viewed as a technical problem that merely requires the right "expert" solutions. Yet all too often, experts recommend solutions that fix immediate problems without addressing the systemic political factors that created them in the first place. Further, they produce an accidental collusion with "benevolent autocrats," leaving dictators with yet more power to violate the rights of the poor.
In The Tyranny of Experts, economist William Easterly, bestselling author of The White Man's Burden, traces the history of the fight against global poverty, showing not only how these tactics have trampled the individual freedom of the world's poor, but how in doing so have suppressed a vital debate about an alternative approach to solving poverty: freedom. Presenting a wealth of cutting-edge economic research, Easterly argues that only a new model of development—one predicated on respect for the individual rights of people in developing countries, that understands that unchecked state power is the problem and not the solution —will be capable of ending global poverty once and for all.
Nina Munk's The Idealist is a deep and important book about foreign aid and development: grandiose plans, especially those hatched abroad, will be brought down by the complexity and unknowability of local conditions and human behaviour. Beyond the enormous punch that the book delivers, the quality of the writing is that of a fine novel, not of the usual tract in social science. We get to know and care about the characters, including Munk herself; we share their dedication, their optimism, and their dreams of improving lives. We also care when their illusions are destroyed, and their dedication is betrayed. Much of the message is conveyed by the arc of the story, and by the change in Munk's own voice as she moves from her initial optimism and her commitment to reporting on something that really matters—the fight against global poverty—into final disillusion. It is a trip that many of us have made over the years, but few with so much knowledge from the field and none whose experiences are so eloquently and movingly reported.
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