February 25, 2012
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Economists do it with models
I love economics. Love them, but more than that I love behavioral economics. I am not a person of strong conviction. When an argument is made, I see both sides. Sometimes I hop back and forth to try to figure out what side I belong on. But the simplicity and beauty of economics is non moral, non partisan, non religion. I do not need strong convictions to love and follow basic economic sense! I am just not clever enough to form my own opinions on things without a measuring tool.
Which brings me to Jody Breggs. I have been following her for years, and even have a bumper sticker that says “Economists do it with models”. (I never claimed to be cool.) She is a behavior economist and offers funny, cute, short blurbs about how economic reasoning can factor into everyday thinking. Take this post, for example:
http://www.economistsdoitwithmodels.com/2007/07/09/lesson-of-the-day/
This explains incentives, kindergarten style. Ok, so I know you won’t click on it, and you won’t read it. I know economics is the DULLEST topic on earth. Not the economy, mind you, but basic economic mechanics and theories. But I love it.
More of my favorite authors are the authors of the Freakonomics books. They also have a blog that is very entertaining, and you can find it here: http://www.freakonomics.com/blog/ They are controversial and not really recognized for the geniuses they are, but they are. And they are funny.
Finally, I love Jeffrey Sachs. I love him so much I would be a stalker if I were more ambitious. He wrote “Common Wealth” and “The End of Poverty”. No, they aren’t commie books, but they are humanitarian focused economic possibilities that aren’t impossible to implement. Here is a link to his articles, he writes all the time. http://www.earth.columbia.edu/articles/view/1804
His latest article (yesterday) discussed the World Bank and some of the benefits they could provide with better leadership.
So I know that this could be (and probably will be) taken as a political blog, but it is not. I simply wanted to share some of the people and ideas that make me feel hopeful about the world, because it seems like the world could use a little hope.
Comments (21)
I think I actually saw a documentary called freakonomics?
@SlackerSociety - I heard they made a movie out of it, and wondered how that worked. Was it funny? The book was hilarious.
I am going to read that blog more (the one with models). I find learning things like the Law of Supply and Demand is very applicable in every day life as well.
@ClashoftheTaiten - It just makes beautiful sense! I hope you enjoy it!
I always thought, with basic common sense, economics is a pretty simple concept. The funniest thing is, in every political climete, from communist, to capitalist and all in betweens, they can work. The problem is, usually, the leadership screws it up somewhere. The differences lay in what you want the outcomes to be.
Wish I had the time to read your links today, but I gotta get packed and get some things done around the home. I will have to come back and read up on it, because economics fascinates me.
If all the economists were laid end-to-end they would not reach a conclusion.
I got good grades in econ courses in college, but only because I could do the math. Didn’t really retain anything.
we were just talking about economics over b-fast this am… i don’t know how the discussion ended – i had to go take a nap – ’cause i’m old and stuff…. http://www.goodreads.com/book/show/6617185-soccernomics i did read this book though…
@grim_truth - I AGREE! I have always thought that the ideas were simple, clear and good and that it is those in power that destroy them.
@we_deny_everything - Now THAT is hilarious, and my new facebook status!
@xplorrn -Was it good? I may check it out! Economics over breakfast, and you say you can’t tie your shoes..
I have read them they are very interesting, like all economic studies it not half as good at predicting the future as it is explaining the past. Which means while it is a good and useful study it is far from infallible
@trunthepaige - Absolutely. I like the theories, the ideas, and the simple way of making decisions. Rarely can they predict how things will turn out, but I love the clarity of their messages of human behavior, and try to keep their ideas in mind when I attack the world.
@BoulderChristina - Economics explains a lot of things very clearly. And like a lot of other things when they try to explain something in a super complicated fashion. They likely are full of shit. But when it is clear and simple (the law of supply and demand) they tend to be right on.
I remember taking an economics course in high school and basically all I can remember is that I took the course. It was a fun class and I loved it and the teacher but I just can’t remember anything from it now.
I’m glad you (and others) love economics. Some body has to take care of all that.
@godfatherofgreenbay - It’s more fun when you can see it in the real world. When you’re in HS, you tend to be more concerned about boobs and such.
@C_L_O_G - Well, I wouldn’t go that far!
oh so very true, it’s funny how I got in that class. I transfered into the high school from another high school and credits and required classes were all screwed up. I probably could’ve graduated based on the number of credits I had at the end of my sophomore year at my second high school if it weren’t for the English and religion requirements. Anyway, I never had a health class and it’s senior year and they tell me I need health to graduate. I go to health class and it’s a freshman class. I was so out of place. The teacher was the football coach and he was a bully. Anyway the economics teacher who I had the previous year for religion saw me sitting in there and after class asked what I was doing in there. I told him. He marched me to my adviser and got my adviser to meet with the academic principal and he said that I should be using my brain in economics and not freshmen health. The a.p. said health was required. The teacher said it was b.s. and the a.p. looked at my credits and said that I had so many and he didn’t see why I wouldn’t be able to graduate without a single health class.
@C_L_O_G - ha, not gonna be me!
But the simplicity and beauty of economics is non moral, non partisan, non religion
I see it 180 opoosite, as in, where we put the money has everything to do with social policy.
And money hoarding being the main right wing driving force in the states and elections. it amazes me that you can somehow tease it out of the equation, but good for you!
@DivaJyoti - That’s economic policy, not basic principles. I struggle to keep current with policies, but the principles are consistent. So glad you liked it!