John Maynard Keynes: Words

John Maynard Keynes Русский: Джон Мейнард Кейн...

John Maynard Keynes Русский: Джон Мейнард Кейнс Türkçe: John Maynard Keynes (Photo credit: Wikipedia)

“Words ought to be a little wild for they are the assaults of thought on the unthinking.”



Albert Schweitzer: Inner Fire

List of Nobel Peace Prize laureates

List of Nobel Peace Prize laureates (Photo credit: Wikipedia)

“In everyone’s life, at some time, our inner fire goes out. It is then burst into flame by an encounter with another human being. We should all be thankful for those people who rekindle the inner spirit.” –Albert Schweitzer, philosopher, physician, musician, Nobel laureate (1875-1965).

The long-term effects of short-term emotions – Corporate News –

When we confront a situation, our mind looks for a precedent among past actions without regard to whether a decision was made in emotional or unemotional circumstances. Which means we end up repeating our mistakes, even after we’ve cooled off.I said that Eduardo and I wondered if past emotions influence future actions, but, really, we worried about it. If we were right, and recklessly poor emotional decisions guide later “rational” moments, well, then, we’re not terribly sophisticated decision makers, are we?To test the idea, we needed to observe some emotional decisions. So we annoyed some people, by showing them a five-minute clip from the movie Life as a House, in which an arrogant boss fires an architect who proceeds to smash the firm’s models. We made other subjects happy, by showing them—what else?—a clip from the TV show Friends. (Eduardo’s previous research had established the emotional effects of these clips).Right after that, we had them play a classic economics game known as the ultimatum game, in which a “sender” (in this case, Eduardo and I) has $20 and offers a “receiver” (the movie watcher) a portion of the money. Some offers are fair (an even split) and some are unfair (you get $5, we get $15). The receiver can either accept or reject the offer. If he rejects it, both sides get nothing.Traditional economics predicts that people—as rational beings—will accept any offer of money rather than reject an offer and get zero. But behavioral economics shows that people often prefer to lose money in order to punish a person making an unfair offer.

The long-term effects of short-term emotions – Corporate News –

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Confession of an Economist: Writing to Impress Rather than Inform « Mostly Economics

Think back to your first years in graduate school. The most mathematically complex papers required a great deal of time and effort to read. The papers were written as if to a private club, and we felt proud when we successfully entered the club. Although I copied the style of these overly complex and often poorly written papers in my first few research attempts, I grew out of it quite quickly. I didn’t do so on my own. I was lucky to be surrounded by mature confident researchers at my first academic appointment. They taught me that if you are confident in your research you will write to include, not exclude. You will write to inform, not impress. It is with apologies to my research and writing mentors that I report the following events.

Confession of an Economist: Writing to Impress Rather than Inform « Mostly Economics

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Learning about economic geography « Mostly Economics

new economic geography has a kind of steampunk feel, so that the stories it tells seem more suited to the U.S. economy of 1900 than that of 2010. Well, China is an economic powerhouse, but it’s still quite poor; allowing for the vagaries of purchasing power parity estimates as well as GDP comparisons between very different eras, China today appears to have roughly the same level of per capita GDP as the United States at the beginning of the 20th century.And guess what? Chinese economic geography is highly reminiscent of the economic geography of advanced nations circa 1900 – and it fits gratifyingly well into the new economic geography framework.

Learning about economic geography « Mostly Economics

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Economics in One Easy Lesson « The Mind of One 25 Year Old

As the late Adrian Rogers said, “you cannot multiply wealth by dividing it.” An economics professor at a local college made a statement that he had never failed a single student before, but had recently failed an entire class.That class had insisted that Obama’s socialism worked, and that no one would be poor and no one would be rich — a great equalizer.

Economics in One Easy Lesson « The Mind of One 25 Year Old

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