After talking a lot about employment here is some nice insight on wages.
The authors point out how nominal wages have been rigid to go lower despite a massive crisis:
A superb debate in NYT on the topic on how we should be teaching economics after the crisis.
While a protest of an introductory economics classat Harvard University last semester seemed inspired more by the Occupy movement than by academic criticism, it raised questions about how the teaching of economics should change in light of the financial crisis. Indeed, what have we learned in the last five years that should be imparted upon future generations of economists?
Mona Chalabi, a 2011 graduate of Sciences Po in Paris and the author of “The Latest Financial Crisis: International Relations Goes Bankrupt,”suggested this forum.
There are contributions from Taleb, Blinder, Chinn etc. A superb read.
I really liked this from Chalabi:
Some scientists find inspiration in the lab. Others trek into the field. Laurie Santos likes the local coffee house.The 36-year-old runs Yale University’s Comparative Cognition Laboratory, which examines the origins of the human mind by studying primate cognition. Many of her experiments try to determine the roots of human economic behavior.
The primate lab is home to 10 “shockingly smart” brown Capuchin monkeys trained to trade tokens for food. It was a short leap for Dr. Santos and her team to decide to study how monkeys make decisions about money. In setting up a monkey market economy, they knew they had to gather the kind of data that would “convince an economist,’” said Dr. Santos, so she enlisted the help of Keith Chen, an associate professor of economics at Yale School of Management. They usually met at the coffee shop to swap ideas. Once the effort got under way, students in the lab started dropping in, too. They all liked the central location, informal setting and “having an excuse to get coffee,” she said. In deference to her students’ late-night habits, most meetings were held in the afternoon.
Superb. From the website of Comparative Cognition Laboratory: