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Andreessen on The Psychology of Human Misjudgment
via Marginal Revolution by Alex Tabarrok on March 27, 2008
Great insights from two legendary entrepreneurs - that's what Marc Andreessen is offering up in a series of posts on Charlie Munger's The Psychology of Human Misjudgment. Munger is Warren Buffet's long-time partner and vice-Chairman at Berkshire Hathaway. Andreessen writes:Mr. Munger's magnum opus speech, included in the book, is The Psychology of Human Misjudgment-- an...
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Average starting salaries by major
via Marginal Revolution by Tyler Cowen on April 08, 2008
Economics comes in 4th, with an average of $43,419.
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India fact of the day
via Marginal Revolution by Tyler Cowen on April 16, 2008
Ratio of the estimated number of fake doctors practicing in Delhi, India, to the number of real ones: 1:1That is from Harper's Index, May 2008.
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Graduate school advice
via Marginal Revolution by Tyler Cowen on April 23, 2008
A loyal MR reader asks:I am now beginning the process of choosing classes for next year. I thought your advice might again be useful. I am in the unusual position of finding nearly all fields potentially interesting. I also feel relatively capable of pursuing most of them, with the exception of pure theory or pure econometrics...I am tempted to do economic history + something else. If I do...
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How to choose an apartment
via Marginal Revolution by Tyler Cowen on April 25, 2008
Omkar, a loyal MR reader, asks:I'm looking for anapartment (Fremont), and it's my first one. Do you think that mostpeople over or underinvest in the quality of their accommodations? Onone hand, it's where you spend the most time (especially if you're likeme and have in-house hobbies). On the other, I think it's probably easyto overestimate the impact an additional unit of...
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Freer trade could fill the world's rice bowl
via Marginal Revolution by Tyler Cowen on April 26, 2008
Here is my latest New York Times column. Here is the conclusion:Lately, it’s become fashionable to assert that, in this time of financial market turmoil, the market-oriented teachings of Milton Friedmanbelong more to the past than to the future. The sadder truth is thatwhen it comes to food production — arguably the most important of allhuman activities — Mr. Friedman’s free-trade ideas...
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Limited Liability
via Marginal Revolution by Alex Tabarrok on April 29, 2008
I will pinch hit for Tyler on a few questions of interest to readers beginning with, "What's up with limited liability corporations?" A common libertarian argument is that groups do not possess rights beyond those of individuals. If it is wrong for A, B and C to steal from D then it is wrong for A, B and C to call themselves a government and tax D. Similarly, we might ask if A, B and C...
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Collier on the Food Crisis
via Marginal Revolution by Alex Tabarrok on May 02, 2008
... Wolf's Economic Forum illustrates.The remedy to high food prices is to increase food supply, somethingthat is entirely feasible. The most realistic way to raise globalsupply is to replicate the Brazilian model of large, technologicallysophisticated agro-companies supplying for the world market.... There are still many areas of the world thathave good land which could be used far more ...
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Carbon tax splat
via Marginal Revolution by Tyler Cowen on May 01, 2008
... deals from a tax will be bad and I expect an inefficient version of whatever happens; that said this does not disfavor reform vs. the status quo since the status quo has very bad side deals too; whether those side deals get worse, or by how much, depends on how the counterfactual is specified. Under some scenarios the side deals in fact get better. Uncertainty alone does not favor ina...
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What do I think of the Cowles Commission?
via Marginal Revolution by Tyler Cowen on May 03, 2008
Angry at the Margin asks in the comments:I'm curious to know what you think of these authors, beyond the factthat they achieved mainstream success, given that the Economics thatcame out of the Cowles Comission is more or less the exact opposite ofthe Economics coming out of GMU.Here goes:1. Tjalling Koopmans. He is a father of operations research and certainly worthy of a Nobel Prize,...
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