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jerryking : keynesian   6

How Stanford Took On the Giants of Economics - The New York Times
SEPT. 10, 2015 | NYT | By NEIL IRWIN.

Stanford’s success with economists is part of a larger campaign to stake a claim as the country’s top university. Its draw combines a status as the nation’s “it” university — now with the lowest undergraduate acceptance rate and a narrow No. 2 behind Harvard for the biggest fund-raising haul — with its proximity to many of the world’s most dynamic companies. Its battle with Eastern universities echoes fights in other industries in which established companies, whether hotels or automobile makers, are being challenged by Silicon Valley money and entrepreneurship....reflection of a broader shift in the study of economics, in which the most cutting-edge work increasingly relies less on a big-brained individual scholar developing mathematical theories, and more on the ability to crunch extensive sets of data to glean insights about topics as varied as how incomes differ across society and how industries organize themselves....The specialties of the new recruits vary, but they are all examples of how the momentum in economics has shifted away from theoretical modeling and toward “empirical microeconomics,” the analysis of how things work in the real world, often arranging complex experiments or exploiting large sets of data. That kind of work requires lots of research assistants, work across disciplines including fields like sociology and computer science, and the use of advanced computational techniques unavailable a generation ago....Less clear is whether the agglomeration of economic stars at Stanford will ever amount to the kind of coherent school of thought that has been achieved at some other great universities (e.g. Milton Friedman's The Chicago School neoclassical focus on efficiency of markets and the risks of government intervention and M.I.T.’s economics' Keynesian tradition)
economics  economists  empiricism  in_the_real_world  Stanford  MIT  Harvard  Colleges_&_Universities  recruiting  poaching  movingonup  rankings  machine_learning  cross-disciplinary  massive_data_sets  data  uChicago  microeconomics  Keynesian  Chicago_School 
september 2015 by jerryking
Infrastructure spending is no miracle cure - The Globe and Mail
The Globe and Mail
Published Thursday, Apr. 23 2015

In some circles, infrastructure spending is seen as a miracle cure to lift the economy, if not political fortunes. With rock bottom interest rates, proponents say now is the perfect time to ramp up spending on trains and subways in order to stimulate growth, relieve congestion and boost long-term productivity.

As with most economic strategies, however, the devil is in the execution....You can always find studies to buttress your claims that new infrastructure pays for itself by stimulating the economy and generating jobs during the construction phase while boosting productivity thereafter. But this is hardly true across the board. Does anyone believe the Sheppard subway line has made Toronto’s economy more productive? It’s a sinkhole whose operating costs are a drain on the rest of the transit system.

And what about Pearson Airport’s Terminal 1? It’s a cavernous monster that adds to passenger stress levels while subtracting from their productivity. Speaking of poorly conceived projects, the soon-to-open rail link between Pearson and downtown Toronto appears to rely on overly optimistic ridership projections.

In our infrastructure envy, we decry our subways, roads and commuter trains as second-rate. But proper scale and functionality are far more important than fancy architecture or expensive materials.
Konrad_Yakabuski  infrastructure  politics  debt  second-rate  Keynesian  scaling  functionality  UPX  interest_rates  sinkholes  low-interest  overoptimism 
april 2015 by jerryking
MIT Forged Activist Views, Ties of Central Bankers -
December 11, 2012 | WSJ | By JON HILSENRATH.

MIT Forged Activist Views of Central Bank Role and Cinched Central Bankers' Ties
MIT  economists  Colleges_&_Universities  central_banking  central_banks  Keynesian 
december 2012 by jerryking
The Missing Fifth -
May 9, 2011| NYT | By DAVID BROOKS. Americans should be
especially alert to signs that the country is becoming less vital &
industrious. One of those signs comes from the labor market. As my
colleague David Leonhardt points out, in 1954, about 96 % of American
men between the ages of 25 & 54 worked. Today that number is around
80 %. One-fifth of all men in their prime working ages are not getting
up & going to work...The result is this: There are more idle men now
than at any time since the Great Depression, & this time the
problem is mostly structural, not cyclical. These men will find it hard
to attract spouses. Many will pick up habits that have a corrosive
cultural influence on those around them. The country will not benefit
from their potential abilities. This is a big problem. It can’t be
addressed through the sort of short-term Keynesian stimulus some on the
left are still fantasizing about. It can’t be solved by simply reducing
the size of govt. as some on the right imagine.
cultural_corrosion  David_Brooks  gender_gap  unemployment  men  Great_Depression  participation_rates  structural_change  Keynesian  joblessness  habits  values 
may 2011 by jerryking
The renaissance of state intervention
September 19, 2008 G&M editorial on the U.S. government
being forced to be pragmatic and commonsensical in approach to dealing
with the banks.
crisis  editorials  Keynesian  public_policy  state-as-facilitator  state_capitalism 
january 2009 by jerryking

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