Archive for February 7th, 2008

Entire Economics in 12 pages

February 7, 2008

I have read number of books on economics – macro, micro, public finance, financial economics etc. But to read all these books it takes a long time and when you have to refer back to these books it is a bigger pain. Often, we want to brush up on basics like how Friedman’s consumption theory was different from Modgiliani, how Keynes and Friedman were different on basic issues etc. And then to go back to the books is a pain.

I just came across this superb interviewof George Akerlof and I was stunned by the way he covers the various aspects of macroeconomics so far. He also explains where is the flaw with each theory and how a new theory came up etc etc.

He touches on financial economics, behavioral economics (though he doesn’t mention BE but the concept is one of the central points of BE)  etc. However, monetarists may not like it as he is a Keynesian and advocates Keynesian philosophies. And all that in just 12 pages. Well hats off to the interviewer as well.

Actually the interview is a summary of his controversial AEA lecture in which he raised a lot of controversy.

There is a catch to the interview though- it will be better understood if you have read the text books earlier :-) It will sink in better.

Assorted Links

February 7, 2008

1. WSJ Blog points to a new Plossner speech- he is worrisome over inflation.

2. Economists are known for their diverse opinions. When most praise ECB for its inflation hawk stance, WSJ Blog points to a new research which has an opposite view.

3. Mankiw points to a Rogoff article

4. EPSA Blog on training in India

5. Econbrowser explains non-manufacturing ISM index

6. TTR points to ways to restrict bonuses

7. MR points to a new paper on – What makes an entrepreneur in Brazil?


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