Category: Uncategorized

I recently finished reading Poor Economics: A Radical Rethinking of the Way to Fight Global Poverty  by Abhijit Banerjee and Esther Duflo. The co-authors who are rockstars in the field of experimental development economics have pioneered the randomized control trials (RCTs) movement, which offers a rigorous evaluation of development interventions. The book draws on the evidence generated from RCTs but complements it with anecdotes, which offer a nuanced rethinking of how we understand poverty and subsequently design anti-poverty policy.

In a nutshell, the book illuminates the multi-faceted economic lives of the poor. What sets it apart from numerous other books on similar topics is the anthropological approach taken by the economists. The book shines in the authors’ visible efforts to engage closely with the poor and understand how they make decisions and adopt certain coping strategies as narrated through stories in the text. They highlight the inherent contradictions in the…

 

You know what’s funny about school shootings?

 

It’s the only time the public still universally loves teachers.

 

We don’t trust them with collective bargaining rights. We don’t think they deserve a decent salary. Heck! We don’t even trust their judgement to design their own teaching standards, lead their own classrooms or be evaluated by their own principals!

 

But when armed assailants show up at school, then we think teachers are just great.

When angry teens arrive rifles strapped to their trench-coated backs, carrying duffel bags full of ammunition – then teachers are heroes.

 

I guess you can’t standardize your way past a bullet.

 

My school district had an outstanding training today. Administration brought in current and retired FBI agents, local law enforcement and EMTs to practice active shooter drills with the teachers.

 

We spent the morning learning about common factors between various school…

For quite a few months I have, on this blog, been alluding to a paper that I had written which showed that the natural rate of interest is implicitly dependent on the EMH in its strong-form in order to be coherent. I have finally published this paper (in working paper form) with the Levy Institute and it can be read here:

Endogenous Money and the Natural Rate of Interest: The Reemergence of Liquidity Preference and Animal Spirits in the Post-Keynesian Theory of Capital Markets

Some notes on the paper.

The motivation for the paper was that when reading up on endogenous money during my degree I found that mainstream economists had largely integrated it in their more recent models. This integration, as the paper notes, usually took the form of a Taylor Rule. I should be clear that although this had become standard practice at some levels of the discipline…