Notepad
Random thoughts, links, and references.
It's Tough to Make Predictions ...
Yogi Berra is reputed to have once said “It's tough to make predictions, especially about the future.” And there are few better examples of this than the following chart, versions of which have been floating around for some time (this version is from a...
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People Respond to Incentives
Every now and then I run into people (often, trained as lawyers) who insist that people do not respond to incentives. Hence, it is asserted, economics is irrelevant for studying human behavior. Perhaps it is because I am trained as an economist, but I...
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Measurement: Trade and the Balance of Payments
In assembling the various components of our national accounts, the national statisticians often start with data from administrative sources and then modify them to fit the precise concepts necessary for the national accounts. The Balance of Payments (...
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RIP, Robert E. Lucas, Jr.
Today brings the sad news of the passing of one of the greatest economists of all time, Robert E. Lucas, Jr. I was fortunate to have Bob as a teacher in multiple classes, to work as his teaching assistant, and to discuss economics with him on a handful...
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The Visual Display of Qualitative Information
Many are familiar with the Charles Joseph Minard's 1869 graphic displaying Napoleon's 1812 march on Moscow and the associated troop losses, made famous by Edward Tufte in his book The Visual Display of Quantitative Information. Poster sized versions a...
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