Archive for June 2nd, 2016

Using runs per Test to measure consistency in Test matches?

June 2, 2016

It is a constant debate in cricket – who is the best batsman of all time/1990s/2000s etc? Similarly for bowlers as well. Given the question and the interest it generates, how do we measure performance> The standard measure is averages which experts believe is unfair as people sho stay not out tend to have higher averages. This measure is unfair especially to openers who face the most hostile bowling conditions and have much greater possibilities of getting out.  For an economics student, similarity to discussions on GDP is too obvious.

Anantha Narayana looks at the measures and suggests runs per test is a pretty useful indicator as well.

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Profound changes in economics have made left vs. right debates irrelevant..

June 2, 2016

Eric Beinhocker has a long piece on how economics can become a better subject.  He says we need to make economics more realistic and that should be a good thing.

The idea is to move from the traditional camp based thinking to new thinking which is more flexible.

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Minsky moment for Australian banking?

June 2, 2016

The usual thing is to make hay when sun is shining. But this does not seem to work in banking/finance. It is when sun is shining that risks emerge. This is also what we also call as Minsky moment.

Satyajit Das has a piece on Australia and says all that glitters is not gold: (more…)

Why do we believe so much in powers of ‘Men of Money’?

June 2, 2016

One is tired of reading these kinds of articles (or this) on prowess of central banks and their managers. Why does it take us so long  to figure this despite repeated occurrences showing their infallibility?

All one wants is to quote these memorable lines from John Kenneth Galbraith’s book – Money, Whence It Came, Where It Went. This blog reviewed the book here but did not quote the lines. Given continued madness, one has no choice but to quote straight from the book:

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