Lisa Petrides, Douglas Levin, and C. Edward Watson recently released the CARE Framework, but apparently some people, David Wiley in particular, don't care for the framework. Stephen Downes has already I think responded in two brief posts here and here. Stephen's posts are brief and I think pretty spot-on. Nonetheless, I'll soldier on and try to … Continue reading OER, CARE, Stewardship, and the Commons
Economic Thought: History & Criticism
A Personal Note on Ostrom, Open Learning, and Me
As usual, I have way too many balls in the air and way too many ideas happening at once. It's exciting but every silver lining has a touch of grey. (hat tip , Robert Hunter). I continue wearing my multiple hats as part of the school's Open Learn Lab. I still have no title, although … Continue reading A Personal Note on Ostrom, Open Learning, and Me
Religion, The Stock Market, and the Search for Meaning
People want to understand phenomena. We want explanations for what happens. Journalists, especially TV and radio journalists, want explanations that can be summarized in 1-2 sentences in a sound bite. Randomness is pretty scary. And anything that's too complex to understand easily looks a lot like randomness. So what triggered this little nugget of metaphysical … Continue reading Religion, The Stock Market, and the Search for Meaning
The Quantity Theory of Money and Fears of Inflation Are Nonsense
We rarely get to conduct scientific experiments in economics, but for the last 3+ years The Federal Reserve has unintentionally conducted a test of an economic theory called the "Quantity Theory of Money" (QTM). QTM makes some very specific predictions - predictions that Ron Paul, conservatives on Wall Street, and others have been repeating a … Continue reading The Quantity Theory of Money and Fears of Inflation Are Nonsense
Rhetoric Is A Powerful Tool To Advance Moneyed Interests
Money is essential to a successful economy. But it's money in circulation that's useful. Money that's locked up in storage in vaults and savings doesn't help. The early economists understood this well and often used the analogy of money-is-to-economy as blood-is-to-human-body. Circulating money, money that is used to buy things is as important to the … Continue reading Rhetoric Is A Powerful Tool To Advance Moneyed Interests
Sometimes Methodology Isn’t Everything
Brad Delong points us to a study published in the British Medical Association jounal BMJ and quotes from it: Smith and Pell: Parachute use to prevent death and major trauma related to gravitational challenge: systematic review of randomised controlled trials 327 (7429): 1459 -- bmj.com: No randomised controlled trials of parachute use have been undertaken … Continue reading Sometimes Methodology Isn’t Everything
Brief History of Macroeconomics and The Origins of Freshwater vs. Saltwater Economics
I and others, particularly Paul Krugman, occasionally make reference to "freshwater" vs. "saltwater" economics. Here's a little background to explain the terms and, I hope, shed a little light on current disputes in macroeconomic theory. First, let's go back in time. The stuff that economists study, namely the economy, economic behavior, and markets, really emerged as it's … Continue reading Brief History of Macroeconomics and The Origins of Freshwater vs. Saltwater Economics
Income Inequality Does Matter And It Makes Us Worse Off
There is viewpoint that asserts that income inequality and wealth inequality are necessary, that they are the differences that motivate people to work and get ahead. This viewpoint often implies that without wide income disparities that our economy's growth would slow. Supporters of such a viewpoint seem to suggest that the only choices we have … Continue reading Income Inequality Does Matter And It Makes Us Worse Off
In Economics, the Zombies Walk Everyday, Not Just At Halloween
In economics the zombies are with with us year-around, not just at Halloween. Thanks to ACEMAXX-ANALYTICS for the graphic. And thanks also to John Quiggin (who also writes at CrookedTimber) for authoring the book Zombie Economics, a must read for understanding how current "mainstream" economics got so far off track from reality.
The Difference Between Physics and Mainstream Economics
Newspapers this morning were full of the story of how physicists at CERN in Geneva have demonstrated that a particle (sub-atomic one) could go faster than the speed of light. I'm no physicist, (although I do make extensive use of the principles of gravity and inertia), but this appears to be a rather startling result … Continue reading The Difference Between Physics and Mainstream Economics
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