Showing posts with label Economics. Show all posts
Showing posts with label Economics. Show all posts

Thursday, July 10, 2008

Economics of the End of the World



John Kay
on economics of the end of the world;

Last week was the 100th anniversary of the Tunguska explosion in Siberia. If you weren’t celebrating, you should have been. The incident was probably the nearest we have come to extinction in modern human history – and we survived.

A large object – presumably an asteroid or meteorite – collided with the Earth. If it had landed in Manhattan, it would have destroyed New York. A bit bigger, and it would have been calamitous wherever it landed. A similar event at Yucatan, 65m years ago, wiped out the dinosaurs and most other species. It would have wiped us out too had we been there. We survived Tunguska because the impact was not too large....

Martin Rees, who engages with a litany of catastrophes, gave his book the provocative title of Our Final Century? But while technology causes many problems, it also fixes many. The Black Death was probably bubonic plague and if so we could now cure it. Even the asteroid can be deflected if we see it coming.

It is difficult to think about these issues in a dispassionate way. In his book Catastrophes, Richard Posner – an American legal scholar who loves economics more than most economists – proposes a cost/benefit analysis of all possible disasters. But the attempts to model the end of the world are mostly bogus. We have good data on frequencies of near-Earth objects but there is no meaningful way to attach probabilities to these other calamities.

The best way of dealing with grave uncertainties, as with more banal disasters, is to buy options against them. For each potential catastrophe, we should undertake research to ascertain what we might do if a remote possibility becomes a plausible reality. Instead, we talk endlessly about less dangerous issues that give more scope for moral and political posturing. Speeches about man-made environmental damage and terrorism arouse audiences, but asteroids and grey goo elicit only a chuckle. Our actions against more catastrophic threats are few, ineffectual and sometimes counterproductive.

In the meantime, mark February 1 2019 and April 13 2029 in your diaries. These are the next dates on which a very large object from space may land on your head.

Wednesday, July 9, 2008

Assorted

Which Would You Choose: Gas or Cash?

How Much Does It Cost You in Wages if You “Sound Black?”


Putting Your Money Where Your Model Is

Are you serious Mr. Stiglitz?
However, Stiglitz is also scandalously sloppy as a public intellectual. Robert Skidelsky recently summed up Stiglitz's problem as follows: "he lacks the eloquence, urgency, and passion of the preacher, while he has too often abandoned the rigor of the scientist."


Politicians Make My Eyes Tear Up

John McCain's Budget Policy: Government by the Underpants Gnomes!

David Leonhardt Has Been on Fire for the Past Couple of Months


Participatory Dictatorship


Can production subsidies explain China’s export performance?

Assorted Podcasts

The Wisdom of Whores

The Post American World- Fareed Zakaria

Skills, Rights and Resources in the East Asian Path to Development

Professor Kenneth Pomeranz

Why Civilisations Can't Climb Hills: a political history of statelessness in Southeast Asia

Fixing Failed States


McMafia: Crime without frontiers

The Uses and Abuses of History
The philosopher George Santanyana said that "those who cannot learn from history are doomed to repeat it".
But how much does history really teach us? Can we draw clear lessons from the past when so much of what has been written is coloured by political agendas and the interpretations of previous generations?
A new book by prize-winning Oxford University historian Margaret Macmillan explores the way nations use - and abuse - history to shape their decisions and justify their actions.

Climate Change Policy & the Garnaut Report


Evangelical influence: myth and reality

Black Liberation Theology

The economic costs of spelling
English-language countries have higher rates of dyslexic failure in literacy than those where languages have more consistent spelling. That's just one of the many costs of the unnecessary difficulties in English spelling which the UK Spelling Society tried to quantify at its centenary conference earlier this month.

Join the British Army and learn to read
Some of those joining up to the British Army these days have less than adequate literacy skills, some as low as those normally expected of five- to seven-year-olds. So it falls to basic recruit training to bring them up to the literacy levels of nine- to 11-year-olds required in order to pass out.
Jill Kitson interviews Martin Rose, Basic Skills Development Officer for the British Army, about how the Army succeeds after schools have failed.

Apes, legal personhood and the plight of Nim Chimpsky

In Austria, animal activists have taken the case of a chimp called Matthew as far as the European Court of Human Rights. Controversially, they're fighting for his right to legal personhood. And, the incredible saga of Nim Chimpsky. A landmark effort to teach a chimp sign language and raise him like a human child. Project Nim became a scientific soap opera of epic proportions. More links here

Michael Gazzaniga: Split brains and other heady tales

Where We Stand On the Financial Crisis

The Book of Dead Philosophers

Egalitarianism and fairness

The jury that played Sudoku


Perfecting PowerPoint and presentation


The Origin of the Dalai Lama
The institution of the Dalai Lama - the Buddhist 'Pope' of Tibet - has a history that goes back at least to the 12th century, but Buddhist myth traces the origin of the Dalai Lama to a Brahmin boy who met the Buddha under the Bodhi tree. Professor of Buddhist Studies at Columbia University, Robert Thurman, traces the unusual history of the Dalai Lama.

Sexual Abuse in Religious Contexts

The People's Republic of Capitalism

Sunday, April 27, 2008

Quote of the Day

"Blah, blah, blog. My blog, blah, blah, blah. Blog, blah, blog."

-Alex Tabarrok's six-year old son

Saturday, March 29, 2008

Memo to Chris Blattman

I would appreciate very much if you could add some economics courses to 'Open Yale Courses'- Yale's answer to MIT's OpenCourseWare- when you start teaching. Currently there are no economics courses.

Friday, March 28, 2008

Everybody likes being number one- even Economists

An interesting comment by Bhagwati on university politics (it is 10 minutes into the end of the podcast, talking about Japan bashing);

Everybody likes being number one, .. is almost an obsession…in the way our culture is… When we were trying to hire Robert Barro from Harvard to Columbia...We happen to have the largest apartment on campus, we actually gave 4 rooms away when our daughter went to Yale, because we don’t derive our utility from how large over apartment is, or how big our office,…may be we’re just crazy people, I guess

We were told, even with seven rooms left over in our apartment...,not to invite Robert Barro to our apartment, because he would want one more room than we had.


Related;
Fighting Raids;
The University of California at Berkeley announced last week that it has raised a $1.1 billion fund to fight raids on its faculty by wealthier private universities, such as Harvard, Yale, Princeton and Stanford. The money will endow chairs for 100 professors and facilitate raises for Berkeley professors who now often earn as much as 30 percent less than their counterparts at private universities.

Chancellor Robert Birgeneau said Berkeley would revamp the management of its $2.9 billion endowment, too, in hopes of matching the 25+ percent returns achieved in recent years by the most successfully-managed private university portfolios.

It is a hopeful sign for the nation’s highest-ranked public university. Perhaps it will be enough to counter over the next few years the threat reported here last week to one of the nation’s most creative economics departments.


Mineshaft Canary

Wednesday, March 26, 2008

Economics Department wants Accountants

The Economics Department at the University of California, Santa Cruz is recruiting for lecturers who can teach at both the lower- and upper-division level. Our most urgent need (currently) is for applicants who can teach accounting courses.

Monday, March 10, 2008

Random economics blog

A high school economics teacher from UK;
Started my working career as a fishermonger before becoming an insurance analyst, retail manager, safety inspector, accountant, an elected politician and an educator. Formerly Head of Development and Head of Business Education Faculty on the SMT at Roedean, a leading boarding school in the UK.

Sunday, February 3, 2008