As students in my 300 class will soon learn, one of the bedrocks of consumer choice theory is that we take tastes as given. In a possibly related note, this house was just brought to my attention.
Here is our message to those of you thinking about pursuing an economics major (or minor). For more on the collegiate economics major more generally, here is some information from the American Economics Association. Advice to Potential Majors: Students interested in a major in Economics should begin with introductory classes in economics and mathematics. The … Continue reading ************ Advice for Potential Majors & AIM Placement
Estimates of GDP growth vary widely (often well over 1 percentage point) from the initial one (typically at the end of the first month after the quarter) to a final one (up to a year later). This post addresses such variation and the debate about whether it arises from measurement error or definitions based on … Continue reading GDP: Useful Construct or Weapon of Mass Misdirection
Why not take him/her out to lunch with you? No, no, no. Of course, I’m talking about what sort of Life After Lawrence is out there for our economics majors? Well, the American Economic Association is encouraging its members to share this video. Here’s the link: A career in Economics… it’s much more than you think Much … Continue reading What Can I do with an Economics Major?
Those of you interested in international financial markets probably noticed there have been some rather dramatic changes in the the major stock indices over the past week. The US benchmark Dow Jones Industrial Average stood at 17, 345 last Thursday and subsequently plummeted to 15,666 at the close of business Tuesday. Following a turbulent Friday and … Continue reading In your life expect some trouble, when you worry you make it double…
Some of you have certainly read about the mishap at the “abandoned” Gold King mine site in Colorado that left Animas River a peculiar shade of orange — here is a before and after picture that I nabbed from Reddit. The basic story is that EPA is working to reclaim and shore up a historic mine … Continue reading River Red
I had coffee with Tim Dahlstrom ’16 a couple of days ago, which is not very unexpected, except that we had it in a cafe with a view on the Kremlin. I am here visiting family, and he is here practicing his Russian and prepping for the GRE. He shared with me afterwards this photo, … Continue reading A grave note
Prominent economic historian Joel Mokyr and two co-authors, Chris Vickers and Nicholas Ziebarth, provide a compelling discussion of the historical relationships among technology, economic growth, and (cultural and other forms of) anxiety. They address three major forces: 1. Widespread substitution of capital for labor in the short run with beneficial long run trends for employment … Continue reading Technological Anxiety and Economic Growth
I was recently chatting with some alumni who shocked me by saying they regularly hit the Lawrence Econ blog for… Well, I forgot to ask why they came to the blog, but presumably for posts like this. Today’s question: how can we quantitatively assess the impact of a big event? The answer, sometimes, is to … Continue reading Event Studies
The last Economics Colloquium of the year, at 4:30 on Wednesday, May 27th, Steitz 102: Data Science for Humans Shilad W. Sen Macalester College,Associate Professor, Mathematics and Computer Science Data scientists mine massive datasets to help software understand our tastes, needs, and routines. Want to become a data scientist? Many new data science degrees incorporate … Continue reading Data Science for Humans