Assorted on India
14 years ago
Economics, global development,current affairs, globalization, culture and more rants on the dismal science, and the society. "As usual, it's like being a kid in a candy store. I'm awed by the volume of high-quality daily links in general. Thanks!" - Chris Blattman
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As economists, we are not surprised that publishers seek to maximize profits. Economic theory predicts that the ratio of a seller's price to marginal cost will be high if demand is inelastic. While publishers are unlikely to respond to moral suasion, they are likely to respond to increased price elasticity. Thus we hope that this website will have two beneficial effects. The direct effect is that it may help you find a better deal for your students. An indirect effect is that the more attention that consumers pay to prices, the more elastic will be demand, and hence the lower will be the profit-maximizing prices.
This course critically examines the assumptions of modern economics and how these assumptions mold the ideas and conclusions of the discipline. A recurrent question is the appropriate scope of the market. Examples, drawn from both microeconomics and macroeconomics, will emphasize issues likely to be relevant over the coming decades: trade liberalization, health care, social security, and global warming…
How should you choose between the texts? Mankiw is a “conservative” text—he was the Chair of President Bush’s Council of Economic Advisers back when Bush was a popular president. Baumol-Blinder is a “liberal” text—Blinder was a member of the Council under President Clinton and the vice-chair of the Board of Governors of the Federal Reserve when Alan Greenspan was the chair. I would say that Baumol-Blinder is more nuanced and careful in its defense of the market, but what is striking is the similarity between the texts, not the differences. This is not, after all, so surprising: the unity of the economics profession on the principles of economics transcends political differences that separate Republicans and Democrats. Nitty-gritty: Mankiw’s is easier to read; a colleague once described it as dumbed down, perhaps a necessary correlate of it being the largest selling text. Baumol-Blinder is better on macroeconomics...
Chandan Mukherjee, Howard White, and Marc Wuyts provide an interesting introduction to econometrics in Econometrics and Data Analysis for Developing Countries.
The authors cover an impressive range of topics, emphasizing the importance of model specification and evaluating different methods for obtaining acceptable specifications. They also discuss several graphical methods that are frequently overlooked in treatments of econometrics and point out that graphical methods can be informative even without p-values.
This book does not discuss methods that are robust to distributional assumptions and does not make it clear that only small-sample statistics require the normality assumption of linear regression to be valid. (Asymptotically, the standard errors are consistent, and the test statistics converge to standard distributions without assuming that the disturbances are normally distributed.) If you are interested in a more formal treatment of this topic with emphasis on robust methods, you might want to supplement this book with Introductory Econometrics: A Modern Approach (Wooldridge 1999).
What this book does well is provide practical approaches to data analysis and model development, with an emphasis on development economics. It will be a valuable tool for those who need to analyze policy based on quantitative information.
Public Finance and Public Policy, the new textbook by Jonathan Gruber, is not only the best public finance textbooks I've ever read it is one of the best textbooks I've read in any field. Gruber and Worth Publishers have clearly put a huge amount of money and effort into this book - the content is superb and so is the presentation (graphs, organization, supplementary material - e.g. check out these cool powerpoint presentations.).
1. Economic Growth by Robert J. Barro and Xavier Sala-i-Martin
2. Introduction to Economic Growth by Charles Jones
3. HANDBOOK OF ECONOMIC GROWTH
4. Van Den Berg, Hendrik, “Economic Growth and Development”, McGraw Hill.
5. Weil, David N., “Economic Growth”, Addison Wesley (power points online)
6. Endogenous Growth Theory by Philippe Aghion and Peter Howitt
7. Introduction to Modern Economic Growth, Acemoglu lecture notes
A Companion to Real Analysis
A ProblemText in Advanced Calculus
Summary: This paper examines rising asset prices in India. For the most part, asset prices in India reflect structural factors but the risk of a correction cannot be ruled out. However, at this juncture monetary policy may not be the most effective tool to safeguard financial stability because (i) India's economy is undergoing rapid structural change making it difficult to identify price misalignments; (ii) the macroeconomic impact of an asset price correction is likely to be small; and (iii) the relationship between monetary policy and asset prices is also weak. Targeted changes in financial regulations are better tools to address potential risks.