Michael Raith
831 posts
Michael Raith
@MRaith
Assoc. Prof of Economics & Management at Simon School, U of Rochester
Rochester, NY Katılım Haziran 2011
144 Takip Edilen351 Takipçiler
MWG won't have this but proper economics books will have it front and center
English
Even seemingly empirical things like "the price index" have a huge theoretical apparatus behind them, grounded in basic price theory.
@RebelEconProf goes into that connection and how theory helps us the data.
economicforces.xyz/p/price-theory…
English
@page_eco This cycle is also easy to break if schools cap class GPAs, as many B-schools do. Profs can then still pander for good evals but not thru easy As (and schools can counteract that too), and students can't extort profs for grades.
English
The empirical evidence seems quite clear that student evaluations of teaching (SET) mechanically lead to grade inflation and lowering of standards.
sciencedirect.com/science/articl…
Doug Campbell@TradeandMoney
Back when i was a professor, early on I used to get bad reviews occasionally. My institution was extremely critical of this. So, what did I discover was the easy solution? I watered down my course and made everything easier. Magically, I started to get near perfect evaluations in what was a symbiotic hustle. Teach an easy course, crack a few jokes during lecture, and give everyone an A --> good evaluations from students. And students evals are the only way teaching is judged. Of course, students learned much back in the days when I hassled them more with hard projects.
English
@ben_golub If you count the top 5's that specifically led to the prize, there are several zeros anyway, such as Coase and Selten.
English
Next up:
dozens of people writing in their research statement/tenure packets that they have many more top fives than some Nobel laureates
Soumitra Shukla@soumitrashukla9
@johnjhorton In his entire career, Joel Mokyr has *only* two top 5s. Glad the Nobel Committee doesn’t bean count :)
English
@BrianCAlbrecht When I looked up it was 14%, doesn't matter. Not defending tariffs obv, but it's not like these calculations are an order of magnitude off. And I haven't seen anyone but economists care about DWL, esp bcs much of the loss in PS falls on foreigners .
English
Tariffs were 2.5%. Income taxes are much higher.
Does that tell us anything? No!
A primer on elasticities, deadweight loss, tax wedges and how to not be like John Lott
economicforces.xyz/p/you-cant-jus…
English
@MRaith It’s a huge relative tax change for tariffs yes.
English
@captgouda24 1. It sounds as though the study refutes only the most simplistic, direct effect of money on crime? 2. Reminded me of "Trading Places," a great Xmas movie, as it revolves around a "nature vs. environment" bet between two rich guys, who turn out to be the biggest crooks of all.
English
There is no statistically significant impact of income on crime. Criminality and poverty coexist because they are both caused by the same underlying traits. Giving poor people money will not make them any less violent.
English
@wwwojtekk I noticed that in a paper by I. Weber recently. Long ago I read parts of the General Theory and remember 2 pages devoted to explaining shifts in demand vs. movement along the demand curve, aka demand depends on prices and other things. 2 pages in Keynes = 2 lines in Samuelson.
English
A bit of exposure modern economics reveals that it is not all very mathematical, but this tweet is also a nice illustration that almost any complaint from the heterodox side requires engaging with 100 year old quotations as if nothing happened since
Shahin Ashkiani@shaahin_a
Keynes, math and language! Why is heterodox economics more language-based, in contrast to the “mathiness” of neoclassical economics? Martins (2016) traces the root to epistemic differences. Keynes, for example, believed that:
English
@Chicago1Ray They were highly trained engineers brought in to set up the factory and train American workers (just like in "American Factory" netflix.com/title/81090071). Trumps "trillions" of foreign investment in the US are going to evaporate to zero quickly if this is how they are treated.
English
These Illegals were making ($28) bucks an hour at this Hyundai plant in Georgia
But, Democrats & the media told us they only come to wash dishes cut grass & clean tables
You would've never heard about it if not for X
English
@CinemaTweets1 True, but Sergio Leone's Once upon a time in the West, an Italian masterpiece, subverted the genre decades prior, and towers over Unforgiven.
English
Clint Eastwood’s Unforgiven is a true American masterpiece. As William Munny, Eastwood subverted the Western genre by giving us a gritty, ruthless loner instead of the conventional cowboy. It was also the first real “Western” since Heaven’s Gate nearly destroyed United Artists.
English
@CollinRugg Odd take. Benching 135 is easy if you spend a few weeks lifting regularly. However, most men do not, and I bet that less than 5% of men (or boys) can do this spontaneously. Just like most men can't do even one clean pull-up.
English
NEW: Socialist Zohran Mamdani shows off his muscles at Men's Day in Brooklyn, needs help from a spotter to bench 135 pounds.
The 33-year-old was reluctant at first to get under the bar but gave in after being pressured by the locals.
English
@Acyn Umm, Germany reunited because both parts (minus lots of other parts of the German empire that are no longer Germany) wanted this, not because one part invaded the other and forced them.
English
@BrianCAlbrecht Such as: tie income elasticity of demand to the recent BLS discussion forbes.com/sites/brandonk… Lipstick = inferior good, men's underwear = luxury?
English
@BrianCAlbrecht If classes seem out of touch it's the teacher's fault. For almost any topic there are news stories to connect to; empirical research too. Flipped classroom: push theory into reading/video lectures, use class to bring the theory alive: examples, discussion, cases, experiments.
English
The new wave of criticism, the same as the old wave
Jostein Hauge@haugejostein
Today's economists can build models, but don't understand the economy. They treat complex socioeconomic challenges as mere mathematical puzzles. In my newsletter, I've written about the recent wave of criticism against mainstream economics (link in replies).
English
@CryptidPolitics @StephenM The pictures you're showing report plain scientific facts and zero ideology. If science--which has powered our prosperity--is declared "woke" or "garbage", our nation will be doomed to third-world status.
English
@StephenM This is an example of the garbage I found at the Smithsonian.
Cryptid Politics@CryptidPolitics
I am glad the Trump administration will be reviewing displays at the Smithsonian museums. We visited DC earlier this year. I found this climate change nonsense displayed in the Natural History Museum. Perfect example of the content that needs to be removed.
English
The Smithsonian is supposed to be a global symbol of American strength, culture and prestige. A place for families and children to celebrate American history and greatness. Instead, the exhibits have clearly been taken over by leftwing activists who have used the Smithsonian as yet one platform to endlessly bash America and rewrite / erase our magnificent story. These activists have obscenely defaced this beloved institution. The Trump Administration will proudly and diligently restore the patriotic glory of America and ensure the Smithsonian is a place that once more inspires love and devotion to this nation, especially among our youngest citizens.
ABC News@ABC
The White House plans to conduct a wide-ranging review of the Smithsonian Institution's exhibitions, materials and operations to ensure the museums align with President Trump's view of American history, a White House official confirmed to ABC News. abcnews.link/1nvAoTP
English
@haugejostein OP generalizes from teaching to the whole discipline, which ofc is nonsense. But what if the problem is in fact teaching? MBAs appreciate the relevance of micro bcs B-schools make it relevant to them. My impression is that's often not the case with UG econ dept teaching
English
Today's economists can build models, but don't understand the economy. They treat complex socioeconomic challenges as mere mathematical puzzles.
In my newsletter, I've written about the recent wave of criticism against mainstream economics (link in replies).
English
@SecScottBessent @POTUS Econ 101: unless you have more data about supply and demand, the best guess is that the tariffs paid 50:50 by foreign producers and US consumers. The govt is making more money because it raised taxes on Americans, not because anything in the economy is running better.
English
Tariff revenue has continued rising under @POTUS’ America First trade agenda, surging to record highs over the past four months. Collections remain well above last year’s levels and are now a stable, growing source of federal revenue.
English
@kevinolearytv Don't tell me you don't know that Europeans pay VAT on everything, not just imports. It's their sales tax. No disadvantaging of US or other imports whatsoever. Really dumb/misleading take. Love your outfit though!
English
This is so simple. You go to Europe, you take an American product, you sell it in Italy and they whack a 13 to 15% VAT tax, consumer tax. Then you go to the airport, you get your money back, of which 1% people do. Same in Canada, same in Mexico, England, Switzerland, all the same. All that Trump has done, 'cause we never had consumer taxes in the US, you can't get that through Congress, he calls it a tariff. Reciprocal and kind of the highlight deal right now is the EU. You ship something over here from Europe, you pay the same thing they whack an American product with. It's not that complicated.
This is not an ad for Trump. I'm an investor. Something's working here. It's a policy decision. I'm a policy guy. The Europeans have been sucking 15% cash for 40 years out of America and you're unhappy that we're doing the same thing to them? I don't think so. Get over it. Breathe the oxygen and be happy with your portfolio.
English