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BadEconomics Discussion Thread, 27 September 2015 (self.badeconomics)

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[–]wshanahan 5ポイント6ポイント  (8子コメント)

Anybody else see this debate between David Friedman and Robert Murphy? I think Friedman obviously won and is certainly less bad economics than Murphy.

[–]say_wot_againConfirmed for Google bigwig 8ポイント9ポイント  (5子コメント)

is certainly less bad economics than Murphy

Talk about damning with faint praise.

[–]wumbotarianmodeled as if Noah Smith was a can opener 4ポイント5ポイント  (2子コメント)

Unfortunately David has gotten pretty unscientific. He's an ardent climate science "skeptic". I still like him a lot, as my short conversations with him were tons of fun, but it really sticks in my craw that he won't accept climate science on climate change.

[–]MyShitsFuckedDown2Keynesism-Leninism 0ポイント1ポイント  (1子コメント)

I get the feeling that some of it's just to puff up his right-wing credentials for the AnCao crowd who'll treat his work like the bible.

[–]wumbotarianmodeled as if Noah Smith was a can opener 0ポイント1ポイント  (0子コメント)

Maybe. From my interactions with him, he doesn't seem to seek any kind of external recognition of his work.

If all he wanted was for others to look on him favorably, he would've gone headfirst into micro or physics or something. Instead, he seems to have chosen to do stuff that just interests him personally. So what he's saying about climate science just confuses me - if he doesn't care about external recognition of his work, then he's serious about his climate science skepticism. I doubt he'd call the IGM polls of economists wrong, but he says that "97% of climate scientists" paper is wrong.

[–]EsoteriCola"I have some serious economics training" 4ポイント5ポイント  (0子コメント)

I have a weird kind of respect for David Friedman mainly because I think he's among the less nutty of the Ancap crowd and one of the only Ancaps with a decent level of self-awareness, he also doesn't claim his ideas would work perfectly and more importantly isn't an Austrian.

There's also this video where he basically spells out some major issues with deontological libertarianism and basically admits that the theory falls completely flat in some areas and that there are no solutions to arguments he brings up, it's really worth a watch.

[–]wshanahan 0ポイント1ポイント  (0子コメント)

I certainly wouldn't say he's good macro economics but at least he admits that he's not a macro economist.

[–]wumbotarianmodeled as if Noah Smith was a can opener 0ポイント1ポイント  (1子コメント)

David keeps knocking stuff over.

I personally like the one dude who took Murphy to task wrt non-Euclidean geometry. That was fun - Murphy had like nothing substantial to offer but David was right that theory can show one sort of argument as incoherent but it doesn't answer all questions.

I really, really, really lament the fact that David didn't do more in economics. I think he really could've done some good stuff. Or at least go Stigler's son's route and be successful in a different area (Stigler's son did statistics - I wonder what David could've done in physics).

[–]wshanahan 0ポイント1ポイント  (0子コメント)

I'm friends with both Bob and David on facebook, as well as a few Mises Fellows (a remnant from my Austrian phase/Ron Paul 2012 campaign slacktavism.) I occasionally think about posting some of their posts here but that might be in poor taste and my degree is in history and English, not economics.

[–]EsoteriCola"I have some serious economics training" 3ポイント4ポイント  (5子コメント)

The UK's new hard left shadow chancellor has recently suggested pushing for a Financial Transaction Tax unironically named the 'Robin Hood Tax', what effects do you think this kind of a tax could have?

[–]Lambchops_Legion 4ポイント5ポイント  (4子コメント)

Decreased liquidity first and foremost. The public never learned or cared to learn about 2007/08.

[–]fmn13Canadian Labor Reserves 4ポイント5ポイント  (0子コメント)

All I need to know, I learned from Occupy Wall Street!

[–]say_wot_againConfirmed for Google bigwig 1ポイント2ポイント  (0子コメント)

2007/08 taught me everything I need to know; it taught me that finance is evil and economists are a bunch of clueless paid shill monkeys.

[–]CutlasssI am the Lord your Gold 0ポイント1ポイント  (0子コメント)

I don't think that's a good comparison. The markets for mortgage backed securities froze up because no one knew what they were worth. Not because the markets themselves lacked liquidity.

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

I don't know how prevalent HFTs are in the UK, but in the US, the main effect of a FTT would be to render HFTs unprofitable. HFT is at this point a largely zero sum game, so any additional human or physical capital in it seems like a bit of a waste. In addition, while HFT provides liquidity during normal times, when it is least needed, there's evidence that it actually consumes liquidity during crises, when it is most needed. So I don't know that this is too pressing a concern.

[–]Zexy_Bastard 2ポイント3ポイント  (0子コメント)

Anyone have advice for a university interview, or resources they can recommend? Apparently it involves a lot of graph drawing and game theory.

[–]UltSomnia 0ポイント1ポイント  (1子コメント)

I think someone here linked to a placement page for PhD programs at certain schools. I wish we had something like that for undegrad. Not name-by-name like the PhD ones were, but I'd like something broken down by major and possibly further by GPA with stats on what percentage of people found full time work within 6 months of graduation, median salary, median salary 10 years out, grad school placement, etc. I don't know how much of that would even be possible but even a tiny amount of it would be nice for people entering or currently in college.

[–]IntegraldsI am the rep agent AMA 0ポイント1ポイント  (0子コメント)

The lack of placement statistics on the typical college website is absolutely shameful. Agreed that one wouldn't necessarily need name-by-name placement records, but general placement info is incredibly valuable and should be mandatory.

For those who want it, here is every Econ PhD placement from the top fifty or so schools in recent memory:

Name Placement Website
Harvard http://economics.harvard.edu/pages/placement
MIT http://economics.mit.edu/graduate/ph.d./career
Stanford https://economics.stanford.edu/graduate/student-placement
Chicago https://economics.uchicago.edu/graduate/career_placement.shtml
Princeton http://economics.princeton.edu/graduate-program/placement-record
Berkeley https://www.econ.berkeley.edu/grad/program/placement-outcomes
Yale http://economics.yale.edu/graduate/placement/outcomes
NYU http://econ.as.nyu.edu/page/job.market.placements
Pennsylvania http://econ.la.psu.edu/graduate/initial-placements-of-ph-d-graduates
Columbia http://econ.columbia.edu/job-market-candidates-and-placement
Northwestern http://www.economics.northwestern.edu/graduate/prospective/placement.html
Michigan https://www.lsa.umich.edu/econ/graduatestudy/placement
Wisconsin http://www.econ.wisc.edu/grad/placement.html
Minnesota http://www.econ.umn.edu/graduate/placement_archive.html
UCSD http://economics.ucsd.edu/grad/gradJobMarket/placementHistory.php
UCLA http://www.econ.ucla.edu/graduate/?p=placementhistory
Duke http://econ.duke.edu/ph-d-program/placements
Maryland https://www.econ.umd.edu/graduate/prospective/placement
CalTech http://www.hss.caltech.edu/content/alumni-social-science-phd-program
Brown http://www.brown.edu/academics/economics/graduate/job-placement-results/2014
Ohio State https://economics.osu.edu/phd-placement-history
UIUC http://www.economics.illinois.edu/grad/phdprogram/placement/
Michigan State http://econ.msu.edu/people/market_placement.php
Cornell http://economics.cornell.edu/graduate-program/general-program-info
UVA http://economics.virginia.edu/graduate/placementhistory
Carnegie-Mellon http://tepper.cmu.edu/recruiters-and-companies/recruit-at-tepper-school/phd-job-market-and-placements
Boston College http://www.bc.edu/schools/cas/economics/graduate/placements.html
Boston University http://www.bu.edu/econ/phd/outcomes/placements/
Penn State https://economics.sas.upenn.edu/graduate-program/prospective-students/placement-information
Notre Dame http://economics.nd.edu/graduate-program/placement-history/
Rochester http://www.econ.rochester.edu/graduate/placement.html
UC Davis http://economics.ucdavis.edu/graduate-program/graduate-student-placements
CUNY http://www.gc.cuny.edu/Page-Elements/Academics-Research-Centers-Initiatives/Doctoral-Programs/Economics/Job-Placement
George Mason http://economics.gmu.edu/job-market-candidates/job-placements
Georgetown https://econ.georgetown.edu/phb/recent-placements
Johns Hopkins http://econ.jhu.edu/graduate/recent-placements/
Syracuse http://www1.maxwell.syr.edu/econ.aspx?id=800
UC Boulder http://www.colorado.edu/economics/graduate/placement.html
UC Santa Cruz http://economics.ucsc.edu/academics/graduate-program/PhD/placement.html
USC http://dornsife.usc.edu/econ/placements/
UT Austin http://www.utexas.edu/cola/economics/phd/Graduate-Placement.php
WUSTL https://economics.wustl.edu/jobmarket/recent-phd-placements
Vanderbilt http://as.vanderbilt.edu/econ/graduate/recent-placements.php

Now all I need is for someone to put all of that into an Excel file with PhD granting institution, job market year, subfield, initial placement, and initial placement type.