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Wednesday Sticky (self.badeconomics)

wumbotarianI want to be the Walrasian Auctioneer when I grow up[M] が 投稿 - stickied post

I drank coffee outside at a cafe today. By coffee I mean crappy iced Dunkin coffee. By cafe I mean Dunkin Donuts.

We don't have cafes near me :(

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[–]wumbotarianI want to be the Walrasian Auctioneer when I grow up[S] 2ポイント3ポイント  (6子コメント)

New game: name some 1900s era economists who deserve a Nobel Prize but never got one.

Here are three:

  • Keynes
  • Pigou
  • Fisher

Keynes for very, very obvious reasons.

Pigou because of his work on the wealth/Pigou effect and his work on externalities. We still discuss and debate Pigouvian taxes today.

Fisher for his work on consumption, his work on interest rates and his work on inflation and deflation. The man was 30 years ahead of macroeconomics - he even investigated the Phillips Curve!

[–]besttrousers"Then again, I have pegged you for a Neoclassical/Austrian." 1ポイント2ポイント  (2子コメント)

  • Mises

  • Robinson

Tversky would have shared with Kahneman, if he didn't die.

[–]NewmanTheScofflawGeorge Smiley 0ポイント1ポイント  (1子コメント)

You think Thaler will get a Nobel? He worked with both of them.

[–]besttrousers"Then again, I have pegged you for a Neoclassical/Austrian." 0ポイント1ポイント  (0子コメント)

If you asked me two years ago, I would have said I expected a Thaler/Schiller Nobel sometime in the next 3-5 years as part of a "second generation" BE Nobel.

Schiller getting one without Thaler throws that off a bit. Thaler definitely did Nobel-level work, but probably wouldn't get it on his own, and I'm not sure who would be a reasonable person to share it with him - maybe Loewenstein or Rabin?

I think the "third generation" BE prize goes to Camerer and Fehr.

[–]besttrousers"Then again, I have pegged you for a Neoclassical/Austrian." 1ポイント2ポイント  (1子コメント)

Here's Samuelson's picks:

One cannot forbear playing the game of might-have-been. Here is the most likely scenario of awards from 1901 on: Bohm-Bawerk, Marshall, J.B. Clark, Walras, and Wicksell; Carl Menger, Pareto, Wicksteed, Irving Fisher, and Edgeworth; Sombart, Mitchell, Pigou, Adolph Wagner, Allyn Young, and Cannan; Davenport, Taussig, Schumpeter, Veblen, and Bortkiewicz; Cassel, J. M. Keynes, Heckscher, J. R. Commons, and J. M. Clark; Hawtrey, von Mises, Robertson, H. L. Moore, and F. H. Knight.

via http://www.coordinationproblem.org/2011/08/mises-wins-the-nobel-prize-in-economic-science-well-sort-of-.html

[–]wumbotarianI want to be the Walrasian Auctioneer when I grow up[S] 0ポイント1ポイント  (0子コメント)

That's an extensive list alright.

[–]BaratheonEconomistMeta-Cognition 0ポイント1ポイント  (0子コメント)

Wicksell deserved a Nobel more than Keynes.

Saying Keynes should have a Nobel is equal to advocating for yellow stars and industrial-grade showers.

[–]say_wot_againConfirmed for Google bigwig 0ポイント1ポイント  (5子コメント)

We don't have cafes near me :(

And yet you deny that West Coast = Best Coast. Our SHITTY coffee became the national standard!

[–]NewmanTheScofflawGeorge Smiley 0ポイント1ポイント  (1子コメント)

Not the entire west coast is great but I agree with you. Pacific Northwest is the best.

[–]say_wot_againConfirmed for Google bigwig 0ポイント1ポイント  (0子コメント)

Can we agree everything but LA?

[–]lorentz65DEMAND FOR THE DEMAND GOD! 0ポイント1ポイント  (2子コメント)

Woah hold up. My priors tell me that nyc is objectively the greatest city in the world, so chill.

[–]say_wot_againConfirmed for Google bigwig 0ポイント1ポイント  (1子コメント)

One city can't make the whole coast.

[–]lorentz65DEMAND FOR THE DEMAND GOD! 0ポイント1ポイント  (0子コメント)

You underestimate the strength of my priors.

[–]BaratheonEconomistMeta-Cognition 0ポイント1ポイント  (2子コメント)

I'd be interested to know where people sit on issues other than economics. So, I think I'll ask a couple of questions to get a general gist.

  • Favourite philosopher?

  • Atheist or religious? (God help you if you try and tell me you're an agnostic).

  • Morality: objective or subjective?

  • Some cultures are superior to others; A/D?

  • Hawkish or doveish on foreign policy?

  • Iran nuclear deal? Yay or nay?

  • ISIS: motivated by Islam or secular grievances?

  • Mass collection of metadata: yay or nay?

  • Sociology isn't a science: A/D?

My own answers, for anybody who cares:

  • Nietzsche.

  • Atheist.

  • Objective.

  • Agree.

  • Hawkish.

  • Nay.

  • Islam.

  • Yay.

  • Agree (obviously).

[–]say_wot_againConfirmed for Google bigwig 0ポイント1ポイント  (0子コメント)

Skipping the first three.

  • Deny

  • Dovish in general

  • Yay

  • Why not both?

  • By the government, no. By companies that use it to provide better products to those who opt in (like, uh, my flair), yes.

  • Don't know

The only one I really have faith in is the metadata one. I'd much rather defer to domain expert consensus.

[–]besttrousers"Then again, I have pegged you for a Neoclassical/Austrian." 0ポイント1ポイント  (0子コメント)

  • Kierkegaard
  • Atheist
  • I dunno
  • Some cultures have resolved to Nash equilibriums that are Pareto-superior to others. Lots of stag hunts out there.
  • I dunno
  • I dunno, probably good?
  • Probably secular grievances? I think those are important in the causal chain.
  • I dunno
  • Disagree, there's lots of great work done by sociologists.