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BadEconomics Discussion Thread, 17 October 2015 (self.badeconomics)

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[–]AdamscageShow me where the invisible hand touched you. 2ポイント3ポイント  (6子コメント)

How well do economists and sociologists get along? I've noticed that quite a few anthropology and sociology-centered blogs and books have (or at least seem to have) anti-capitalism attitudes. Is this just a result of critical theory being the dominant framework in modern sociology, or do they just generally deplore capitalism?

[–]NewmanTheScofflaw5F 1ポイント2ポイント  (0子コメント)

Economists have most convergence in their practices and conclusions than sociologists believe it or not. Some sociologists are really economists who study unusual social problems. My stata book is written by Scott Long who is a sociologist who is an expert in statistics for social sciences.

So some sociologists (maybe most) are in the world where perspective and reductionism isn't allowed and a few are users of statistical analysis on social science in general.

You meet the anti-positivists much more because the others are usually in some social science research centre at various universities, where they pass for statisticians or empirical microeconomists. Though they don't use concepts of economists just similar statistical methods.

[–]bob625 1ポイント2ポイント  (2子コメント)

In my experience sociologists resent any human behavior being represented numerically because it's "too reductive," which gives them a general disdain for the empirical side of economics. I ran into the problem a lot in my development classes as an international relations major.

[–]VodkaHazereligion+gvt=economics 0ポイント1ポイント  (1子コメント)

You see very many sociology papers which are effectively econometrics or econometrics lite. So I disagree with you statement in general, though some department tend towards being more loony than others.

[–]bob625 0ポイント1ポイント  (0子コメント)

You're definitely right. I'm not claiming that my anecdotes hold for sociologists in general, just a good chunk of the fervent anti-capitalist types.

[–]UltSomnia 1ポイント2ポイント  (1子コメント)

I feel like econ and soc/anthro attract pretty different sets of people

[–]AdamscageShow me where the invisible hand touched you. 0ポイント1ポイント  (0子コメント)

Probably, but I'd be wary of saying it's motivated by things ideology. Otherwise we would be validating the people we post about on here who say that economics is an ideologically-motivated field.

[–]beaverjacketThere is no such thing as an infinite supply of threes. 2ポイント3ポイント  (1子コメント)

Why are social science papers so ugly? Every paper I happen to see online is a double-spaced monstrosity with some ugly typewriter font.

[–]polscimsoc 0ポイント1ポイント  (0子コメント)

Journal articles or working papers? And why does it matter?

Economists (everyone?) write papers in LaTeX or Word (LaTeX ftw). I don't think many people bother to change the general style/formatting since the paper will most likely be published later and transformed into the journal's format.

[–]_Rory_It's-a-me, Mario Draghi 2ポイント3ポイント  (4子コメント)

Could someone help me with an econometrics assignment/question? Please thank you.

[–]VodkaHazereligion+gvt=economics 0ポイント1ポイント  (0子コメント)

Post the question here. I'm in the middle of 2 metrics classes this semester, so it'll serve as study aid I guess

[–]Fellownerdof the Austro-Hungarian School 1ポイント2ポイント  (0子コメント)

What do you need?

[–]somegurkWhy doesn't modern medicine use more leaches? 1ポイント2ポイント  (0子コメント)

maybe what's the problem?

[–]bob625 1ポイント2ポイント  (0子コメント)

Post the question

[–]complexsystemschills in kiwi irc #badeconomics all day 0ポイント1ポイント  (11子コメント)

I hate word. I hate making tables in word. And anyone who requires this of their students needs to stop.

[–]arnet95 4ポイント5ポイント  (0子コメント)

Anyone requiring their students to use Word is literally breaking the Geneva convention, or something. #LaTeXMasterRace

[–]IntegraldsI am the rep agent AMA 1ポイント2ポイント  (6子コメント)

Why aren't you using LaTeX?

[–]_Rory_It's-a-me, Mario Draghi 1ポイント2ポイント  (5子コメント)

Is it really that valuable?

[–]grevemoeskrHumans are horses! 0ポイント1ポイント  (1子コメント)

No. You need to code your entire document. Word is way easier to work with.

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

If you're typesetting equations, Word is a disaster zone.

If you're looking to integrate your workflow, you can tell Stata/Matlab/R to generate TeX-formatted tables, then include those tables automatically in your TeX file. You can get the point where you can run your data analysis, get figures and tables, and compile the paper with one click. Word can't do that.

Word is terrible at formatting sections, subsections, titles, etc. Word has awful cross-referencing, reference management, and footnote management.

There's simply no reason to use Word for any document longer than five pages.

[–]IntegraldsI am the rep agent AMA 2ポイント3ポイント  (2子コメント)

Yes, both technically and aesthetically.

[–]NewmanTheScofflaw5F 0ポイント1ポイント  (0子コメント)

Yes, but it's the jogging of typing. It sucks. But it is also good for you.

[–]_Rory_It's-a-me, Mario Draghi 0ポイント1ポイント  (0子コメント)

I'll have to get on board with it so.

[–]somegurkWhy doesn't modern medicine use more leaches? 0ポイント1ポイント  (2子コメント)

I dunno there could be a value signal involved in it.

[–]MoneyChurchChairman of the Kennywood Park Central Bank 5ポイント6ポイント  (1子コメント)

That signal being 'I don't know Latex.'

[–]somegurkWhy doesn't modern medicine use more leaches? 0ポイント1ポイント  (0子コメント)

Or I will jump through hoops cause you told me too.

[–]Classically_Liberal2Reactionary Shill 1ポイント2ポイント  (0子コメント)

So it seems the great badecon debate is not going to happen. Such a shame.

[–]shunt31Not yet a computer science bigwig 1ポイント2ポイント  (1子コメント)

What's the current state of the evidence on the lower bound - does it exist, and if it does, is it at zero? I ask because of this.

[–]IntegraldsI am the rep agent AMA 1ポイント2ポイント  (0子コメント)

Certainly there is a lower bound on nominal interest rates for some assets. You will not find many people who are willing to lend you $100 today in exchange for $90 in three months; they will hold cash instead.

If storage were costless, there'd be a zero lower bound by simple arbitrage arguments. In reality the bound is probably slightly less than zero, due to the physical costs of storing large amounts of cash.

The lower bound doesn't really matter for monetary policy, though, unless all assets are at their lower bound. Even then, monetary policymakers can influence real output by devaluing the currency, which has no lower bound.

Thinking that monetary policy is impotent when the interest rate on three-month Treasuries hits zero signals a lack of imagination.

[–]polscimsoc 5ポイント6ポイント  (5子コメント)

It's happening again

https://www.reddit.com/r/Economics/comments/3p3voe/economics_has_a_replication_problem_believe_it_or/

[–]UltSomnia 7ポイント8ポイント  (4子コメント)

Well, at least posting that article doesn't have a replication problem.

[–]polscimsoc 1ポイント2ポイント  (3子コメント)

Neither does posting about people posting that article.

[–]MoneyChurchChairman of the Kennywood Park Central Bank 1ポイント2ポイント  (2子コメント)

Why does the Fed pay interest on required reserves? If they're required to hold those reserves, it shouldn't affect the decision to lend, right?

[–]p0m"I had a (Keynesian, I guess) economics professor" 2ポイント3ポイント  (1子コメント)

Required reserves are essentially a "tax" that comes in the form of the opportunity cost of using those reserves. Like every other tax, it distorts incentives.* Interest on required reserves is a way to compensate for this opportunity cost and thus reduce distortions.

* There are a lot of costs to required reserves but the most obvious distortion in incentives is that it encourages more small banks than is otherwise optimal because the first few million in reserves are exempt from reserve requirements. This was especially a problem in the late 70s/early 80s. If you want to see more on the specifics of reserve requirements, read up on Regulation D under the Board of Governors.

[–]ThereIsReallyNoPunNot-so-dismal scientist 1ポイント2ポイント  (0子コメント)

So you're saying its a giveaway to the big banksters! Congress is literally in bed with the Fed and is fucking over the public!!!111!!

[–]CatFortuneにゃんぱす! | Only understands simple explanations 2ポイント3ポイント  (11子コメント)

The other day I asked you to consider what your economic positions would be if you were an uneducated working class person. It went badly because no one really understood what I was trying to ask but that’s okay. I think it will go much better this time with this question:

You are a working class person with no education, but you have all your current knowledge of economics. What kind of jobs do you pursue? You can use all the know how you want, but you can’t seek an education unless you pay for it yourself (You have no current money), and even though you are an economics savant, you don’t have the degree to prove it so strictly speaking it’s worthless. But you know a lot about how the economic system works and maybe you can get ahead. What do?

[–]NewmanTheScofflaw5F 1ポイント2ポイント  (0子コメント)

I'll become a writer and devote myself to truth....

[–]zipzopkissmykoff 2ポイント3ポイント  (0子コメント)

Stripping or gay prostitution. Those dudes make stupid amounts of money

[–]bob625 1ポイント2ポイント  (2子コメント)

Am I allowed to take financial aid to go to a state school?

[–]CatFortuneにゃんぱす! | Only understands simple explanations 0ポイント1ポイント  (1子コメント)

Nope.

[–]bob625 1ポイント2ポイント  (0子コメント)

Then I'd probably take a bunch of free online programming/data analysis classes, leverage that into a low-level tech position, and then try to work my way up the ladder until I make enough money to go back and finish my degree.

[–]IntegraldsI am the rep agent AMA 5ポイント6ポイント  (1子コメント)

Let's say I'm early 20s with no formal college but with my current economics knowledge.

I think the easiest route would be to go into politics. Volunteer for a campaign that has high prior probability of success. Impress the right people. Latch on to a mentor. Work my way up the food chain using my economics savant knowledge. Get my super-rich mentor to pay my way through a top-tier college, which he'll get me in to because he'll be a major donor. Start earning credentials. Become Doug Stamper.

[–]NewmanTheScofflaw5F 0ポイント1ポイント  (0子コメント)

Watching West Wing while grading?

[–]grevemoeskrHumans are horses! 1ポイント2ポイント  (2子コメント)

but you can’t seek an education unless you pay for it yourself (You have no current money)

Does not compute. As long as I'm under 30 and Danish, education is free and comes with an liveable allowance

So here is what I'd do: Go to an education advisor (is that the right word), ask how to get into an education, figure out which education that I'm most interested in that I'm qualified for right now and get that education

[–]CatFortuneにゃんぱす! | Only understands simple explanations 0ポイント1ポイント  (1子コメント)

You're 30.

[–]grevemoeskrHumans are horses! 1ポイント2ポイント  (0子コメント)

Meh, same answer. The only change is that how many educations I can choose from is a bit limited. But it's still free, and I think I still can get the subsidy

[–]somegurkWhy doesn't modern medicine use more leaches? 2ポイント3ポイント  (0子コメント)

Eh your a bit shit out of look to be honest, practical skills that you learn studying economics are data or analysis related but the chances of you getting a job utilizing that without a degree are low. I could go to university in my home country without much money so that would be where I go, study maths and programming, continue my current research to demonstrate econ know how (or at least what I can without access to data which I probably wouldn't have) -> a good masters program -> be a great phd candidate with econ/maths/programming knowledge.