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"EE" | Economics & Economists - İktisat & İktisatçılar
About economics, schools of economics and economists - İktisat, iktisat ekolleri ve iktisatçılar hakkında
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Can Econometricians Tell Us which Macroeconomic Model is Best?

Can Econometricians Tell Us which Macroeconomic Model is Best? | "EE" | Economics & Economists - İktisat & İktisatçılar | Scoop.it

Much of the uncertainty in economics derives from our inability to do laboratory experiments, and that includes uncertainty about which model best describes the macroeconmy.

 

When the present crisis is finally over, those who advocated fiscal policy, those who advocated monetary policy, and those who advocated no policy at all will all say "I told you so" based upon their reading of the evidence.

 

Some New Keynesians will cite fiscal policy as the important policy response, and the timing of the policy relative to the recovery will likely support that argument. Other New Keynesians along with Monetarists (e.g. Lucas and others who believe monetary policy can help, but fiscal policy is ineffective) will insist it was monetary policy that saved us. The timing of the monetary policy response will support their position as well.

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Quantitative Economics — Stachurski & Sargent

Quantitative Economics This website presents a series of free lectures on quantitative economic modeling, designed and written by John Stachurski and Thomas J. Sargent. The primary programming language is Python.
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Diane Coyle and Tyler Cowen FT podcast on the economics books of the year

The link is here, (ungated?) emergency link here, It is about an hour long, and here is the premise: A month ago I [Cardiff Garcia] asked Diane and Tyler each to choose five books released this year that would be […]...
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Volkswirtschaft - Ökonomen-Ranking - Handelsblatt Online

Volkswirtschaft - Ökonomen-Ranking - Handelsblatt Online | "EE" | Economics & Economists - İktisat & İktisatçılar | Scoop.it
Wirtschaftswissenschaft, Volkswirtschaft, Forscher und Universitäten: An deutschsprachigen VWL-Fakultäten hoch beachtetes Ökonomen-Ranking des Handelsblatts.
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"Saving Economics from the Economists" by Ronald Coase

Economics as currently presented in textbooks and taught in the classroom does not have much to do with business management, and still less with entrepreneurship. The degree to which economics is isolated from the ordinary business of life is extraordinary and unfortunate.


That was not the case in the past. When modern economics was born, Adam Smith envisioned it as a study of the “nature and causes of the wealth of nations.” His seminal work, The Wealth of Nations,was widely read by businessmen, even though Smith disparaged them quite bluntly for their greed, shortsightedness, and other defects. The book also stirred up and guided debates among politicians on trade and other economic policies. The academic community in those days was small, and economists had to appeal to a broad audience. Even at the turn of the 20th century, Alfred Marshall managed to keep economics as “both a study of wealth and a branch of the study of man.” Economics remained relevant to industrialists.

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Aykut Kibritçioğlu's comment, September 9, 2013 6:48 AM
Bence, bu yazıdaki en can alıcı kısım (iki cümle) şurası: https://twitter.com/akibritcioglu/status/376966344534540288/photo/1/large
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Ronald H. Coase: The Concise Encyclopedia of Economics | Library of Economics and Liberty

Ronald H. Coase: The Concise Encyclopedia of Economics | Library of Economics and Liberty | "EE" | Economics & Economists - İktisat & İktisatçılar | Scoop.it

Ronald Coase received the Nobel Prize in 1991 “for his discovery and clarification of the significance of transaction costs and property rights for the institutional structure and functioning of the economy.” Coase is an unusual economist for the twentieth century, and a highly unusual Nobel Prize winner. First, his writings are sparse. In a sixty-year career he wrote only about a dozen significant papers—and very few insignificant ones. Second, he uses little or no mathematics, disdaining what he calls “blackboard economics.” Yet his impact on economics has been profound. That impact stems almost entirely from two of his articles, one published when he was twenty-seven and the other published twenty-three years later.

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Oedipus and the difficult relationship between maths and economics

Oedipus and the difficult relationship between maths and economics | "EE" | Economics & Economists - İktisat & İktisatçılar | Scoop.it

Noah Smith recently wrote a “rant” on maths in (macro)economics, which elicited a swift response from Paul Krugman, which in turn promptedBryan Caplan to argue that “Economath fails the cost benefit analysis”. As a mathematician (i.e. someone who is employed by a maths department of a university) I think all the commentators make valuable points but, maybe somewhat surprisingly, my strongest affinity is with Bryan Caplan’s position that maths is failing economics. What I intend to do in this post is present an argument that, historically, `physics maths' has been driven by economic intuition and the contemporary problems in economics are that it is adopting maths from the physical science rather than generating a more insightful mathematics of its own. In the context of Noah’s original article, econmath is not enjoyable in the same way that ill fitting clothes are not enjoyable, or playing football in tennis shoes can be painful Metaphorically, maths is Oedipus and economics is King Laius: maths does not recognise its father, father does not recognise child, and tragedy follows.  

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Economath Fails the Cost-Benefit Test

Economath Fails the Cost-Benefit Test | "EE" | Economics & Economists - İktisat & İktisatçılar | Scoop.it

Paul Krugman responds to Noah Smith's tale of disillusion with mathematical economics:

 

I share much of his cynicism about the profession, but I think he's missing the main way (in my experience) that mathematical models are useful in economics: used properly, they help you think clearly, in a way that unaided words can't.

 

I've heard such claims a thousand times.  But after enduring four years of Princeton economath, and publishing two pure theory pieces (here and here), I am convinced that most economath badly fails the cost-benefit test.  

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A few words about math

A few words about math | "EE" | Economics & Economists - İktisat & İktisatçılar | Scoop.it
One more unhinged rant before I turn the blog over to the Not Quite Noahpinion super-team. 

When I was 15, I had an epiphany that changed my life. I had always been pretty good at math, but I found it boring. Who cared about all these abstract numbers? There was no pleasure in it for me. Even when you calculated the area of a back yard that could be enclosed by a certain length of fence, or whatever, it just seemed like an analogy, designed to make a boring pointless subject more interesting by relating it to something "real". Still boring. Despite teachers' entreaties, I never joined the math team in high school.

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Ronald Coase, Professional Odd Man Out by Robert Higgs

Ronald Coase, Professional Odd Man Out by Robert Higgs | "EE" | Economics & Economists - İktisat & İktisatçılar | Scoop.it
Ronald Coase (1910-2013) died yesterday at the age of 102. Since Coase became an economist, in the early 1930s, the economics profession has been altered
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My Thoughts on Formalism in Economics

Recently many econobloggers have offered their thoughts on what is often called “mathematics in economics,” but I think is really more about formalistic model building in economics. Here’s a very interesting post that has links to some of the other people in this dispute. For my part, just some scattered observations with no necessarily overarching lesson: ...
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"The Amazing Confusion in Economic Policy Debates" by Dean Baker

"The Amazing Confusion in Economic Policy Debates" by Dean Baker | "EE" | Economics & Economists - İktisat & İktisatçılar | Scoop.it

Those following policy debates are well aware of the impasse in the stimulus-austerity debate. One side has the evidence and the other side has the central banks and parliaments, and there apparently is no way to resolve the differences. 

But near-term macroeconomic policy is not the only area of economic policy in which confusion is the dominant position. There is also an overwhelming degree of confusion in discussions of the longer term future. According to otherwise serious people we have to fear both labor shortages created by an aging population and mass unemployment due to robots displacing vast amounts of labor.

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Software in Principles of Macroeconomics | The Economics Network

Software in Principles of Macroeconomics | The Economics Network | "EE" | Economics & Economists - İktisat & İktisatçılar | Scoop.it
WinEconWinEcon Consortium

WinEcon is an interactive learning software package for economics, business economics, maths for economics and the range of Sloman textbooks designed to support economics courses. The software provides many hours of tutorial material and includes: all the relevant theory, interactive exercises, self-assessment questions, economics databases and an economic glossary. Teachers of economics can integrate WinEcon into their Virtual Learning Environment (VLE) by creating links from any Web page, Word, Powerpoint or Excel document to specific WinEcon topics. Students working on their own machines can also make full use of these features to link to specific WinEcon screens from their lecturer's Web pages by installing the single user software.

 Classic economic modelsBill Parke, University of North Carolina

Classic economic models is a set of economic models that run through a web browser, some of which are available as free trials. The models are divided into micro and macro models, covering topics such as perfect competition, Keynsian models, price discrimination and utility-based valuation of risk. The models take the form of model link files which can be read by the EconModel plug-in. Access to the non-free models requires an annual subscription, currently 20 USD for a year. Most of the models have exercise sheets in PDF suitable for printing.

 
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Krugman, Today's Milton Friedman

Don Boudreaux evaluates Tyler Cowen's claim that Paul Krugman is his generation's Milton Friedman, and argues that Krugman has not been as infl...
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Mainstream Economists Prove Krugman Wrong About Hayek and Mises

Mainstream Economists Prove Krugman Wrong About Hayek and Mises | "EE" | Economics & Economists - İktisat & İktisatçılar | Scoop.it
Whatever one thinks of the power of the Hayek/Mises mix as a positive theory of the business cycle, an insight from the theory is that once credit over-expansion hits the real sector, rolling back credit is unlikely to be able to put “Humpty-Dumpty...
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Die publikationsstärksten Volkswirte: das Handelsblatt-VWL-Ranking 2013

Die publikationsstärksten Volkswirte: das Handelsblatt-VWL-Ranking 2013 | "EE" | Economics & Economists - İktisat & İktisatçılar | Scoop.it

Wer sind die forschungsproduktivsten deutschen, österreichischen und schweizerischen Volkswirtinnen und -wirte? In den letzten fünf Jahren? Der unter 40-Jährigen? Über das ganze Forschungsleben hinweg? Das an der KOF erstellte Handelsblatt-VWL-Ranking 2013 gibt Antworten.

Es ist wieder soweit. Die KOF hat als Betreiberin des vom Verein für Socialpolitik initiiertenForschungsmonitoring die Publikationsdaten der deutschsprachigen Volkswirte zusammengetragen und daraus neue Rankings zur Forschungstätigkeit erstellt. Die Spitzenposition in der Kategorie Lebenswerk hält wie in den Vorjahren Bruno S. Frey (Zeppelin Universität). Roman Inderst (Goethe Universität Frankfurt am Main) ist der aktuell produktivste Ökonom und in der Kategorie der unter 40-Jährigen schwingt Ulrich Müller (Princeton University) ganz oben aus.

Für das neue Handelsblatt-VWL-Ranking wurden die Publikationen von rund 3200 Volkswirtinnen und Volkswirten erfasst. Diese konnten ihre Beiträge in knapp 1000 verschiedenen Zeitschriften publizieren. Rund 5000 für das Ranking relevante Artikel sind im letzten halben Jahr im Forschungsmonitoring neu erfasst worden. Bis zum Stichtag, dem 15. Juli 2013, waren es insgesamt knapp 25000. Die Daten entstammen den Datenbanken EconLit und RePEc, öffentlich zugänglichen Webseiten oder wurden durch die Forscher selber im Webportal des Forschungsmonitorings ergänzt. Die KOF Konjunkturforschungsstelle der ETH hat daraus das neue Ranking erstellt.

Die Spitzenpositionen in den verschiedenen Kategorien sind unten aufgeführt. Die Liste mit allen Rankings finden sich auf der Webseite des Handelsblattes.

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Interne und externe Bedeutung von Ökonomen

Interne und externe Bedeutung von Ökonomen | "EE" | Economics & Economists - İktisat & İktisatçılar | Scoop.it

Ranglisten für Ökonomen gibt es mittlerweile viele. Meistens handelt es sich dabei um interne Vergleiche, wer mehr publiziert hat oder häufiger zitiert wurde. Dieser Beitrag ergänzt die gängigen Ökonomen-Rankings mit einer Analyse des Einflusses von Volkswirten ausserhalb ihrer Disziplin.

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[The Anti-Economist] | Saving Your Children from a Harvard Education, by Jeffrey Madrick

[The Anti-Economist] | Saving Your Children from a Harvard Education, by Jeffrey Madrick | "EE" | Economics & Economists - İktisat & İktisatçılar | Scoop.it

In 1972, the economics department at Harvard denied tenure to the leftist professor Samuel Bowles. Responding to the decision in the Harvard Crimson,Bowles asserted that he had been passed over because he believed in democratizing the department, reducing the power of senior professors, giving students a greater voice in shaping the curriculum, and addressing problems — from poverty and inequality to the increasing power of corporations and financial institutions — too often neglected by the conventional economists who had come to predominate at the university. Bowles made a pointed distinction between the proper practice of economics as he understood it and the rising conservative orthodoxy he opposed. “Our definition of economics and of our roles as economists,” he wrote, ...

Aykut Kibritçioğlu's insight:

You may also read Harry Lewis' following blog post: http://harry-lewis.blogspot.fr/2013/08/saving-your-children-from-harvard.html

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Ronald Coase and his economics

Ronald Coase and his economics | "EE" | Economics & Economists - İktisat & İktisatçılar | Scoop.it
Ronald Reagan once said an economist was someone who saw something working in practice, and wondered if it would work in theory.
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Math: Useful & Over-Used

Paul Krugman:

 

Noah Smith … on the role of math in economics … suggests that it’s mainly about doing hard stuff to prove that you’re smart. I share much of his cynicism about the profession, but I think he’s missing the main way (in my experience) that mathematical models are useful in economics: used properly, they help you think clearly, in a way that unaided words can’t. Take the centerpiece of my early career, the work on increasing returns and trade. The models … involved a fair bit of work to arrive at what sounds in retrospect like a fairly obvious point. … But this point was only obvious in retrospect. … I … went through a number of seminar experiences in which I had to bring an uncomprehending audience through until they saw the light.

- See more at: http://www.overcomingbias.com/2013/08/math-over-used-but-useful.html#sthash.ljghBVvM.dpuf

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The Point of Economath

The Point of Economath | "EE" | Economics & Economists - İktisat & İktisatçılar | Scoop.it

Noah Smith has a fairly caustic meditation on the role of math in economics, in which he says that it’s nothing like the role of math in physics — and suggests that it’s mainly about doing hard stuff to prove that you’re smart.

I share much of his cynicism about the profession, but I think he’s missing the main way (in my experience) that mathematical models are useful in economics: used properly, they help you think clearly, in a way that unaided words can’t.

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Economics as a Branch of Literature

Economics as a Branch of Literature | "EE" | Economics & Economists - İktisat & İktisatçılar | Scoop.it

Shortly before arriving at Chapman University in 2008 I discovered some essays byFrank Knight. Every graduate student in economics learns about or, at least, has heard references to Frank Knight, one of the original members of the "Chicago school of economics." While his book Risk, Uncertainty and Profit (1921) is well known and considered seminal for disentangling uncertainty from risk, I've met few people who have actually read the book. I have never read the book. What is equally not read from Knight's extensive body of work, but mostly unknown in modern economics, is his collection of essays entitled, The Ethics of Competition.

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Bob Murphy's Confusion about Models

Bob Murphy's Confusion about Models | "EE" | Economics & Economists - İktisat & İktisatçılar | Scoop.it
Bob Murphy warns Austrian economists to be careful when attacking mainstream economists about their models. I object. He writes: ...
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"How evolution can reform economics" by David Sloan Wilson

"How evolution can reform economics" by David Sloan Wilson | "EE" | Economics & Economists - İktisat & İktisatçılar | Scoop.it
Evolution has transformed all we know about how humans behave, compete and co-operate. When will economics catch up?
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