economics

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This post breaks down academic job openings for economists over the last five years by field. As reflected by job openings, what do economists study, and which fields have been “hot” over this time window?

My motivation for digging into these data is in part the response to my list of 18 symptoms of bad economics criticism. Paul Krugman and John Quiggin claimed that macro actually does dominate economics, although it’s not clear either of them actually disagrees with symptom #1 of bad criticism—the notion that economics as discipline is useless if we can’t forecast future states of the macroeconomy.

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Every mainstream science which touches on political or religious ideology attracts more than its fair share of deniers: the anti-vaccine crowd v mainstream medicine, GMO fearmongers v geneticists, creationists v biologists, global warming deniers v climatologists. Economics is no different, but economics cranks differ in that they typically make false claims about the content of economics itself, as opposed, or as a prelude, to false claims about the way the world works. That target sometimes making it hard for non-economists to differentiate crankery from solid criticism.
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Here, then, are some symptoms of bad critiques of economics:

  1. Treats macroeconomic forecasting as the major or only goal of economic analysis.
  2. Frames critique in terms of politics, most commonly the claim that economists are market fundamentalists.
  3. Uses “neoclassical” as if it refers to a political philosophy, set of policy prescriptions, or actual economies. Bonus: spells it “neo-classical” or “Neo-classical.”
  4. Refers to “the” neoclassical model or otherwise suggests all of economic thought is contained in Walras (1874).
  5. Uses “neoclassical economics” and “mainstream economics” interchangeably. Bonus: uses “neoliberal economics” interchangeably with either.
  6. Uses the word “neoliberal” for any reason.
  7. Refers to “corporate masters” or otherwise implies economists are shills for the wealthy or corporations.
  8. Claims economists think people are always rational.
  9. Claims financial crisis disproved mainstream economics.
  10. Explicitly claims that economics is not empirical, or does so implicitly by ignoring empirical economics.
  11. Treats all of economics as if it’s battling schools of macroeconomics.
  12. Misconstrues jargon: “rational.”
  13. Misconstrues jargon: “efficient” (financial sense) or “efficient” (Pareto sense).
  14. Misconstrues jargon: “externality“.
  15. Claims economists only care about money.
  16. Claims economists ignore the environment. Variant: claims economics falters on point that “infinite growth on a finite planet is impossible.”
  17. Goes out of its way to point out that the Economics Nobel is not a real Nobel.
  18. Cites Debunking Economics.
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A short article I wrote in 2002 regarding the novel arguments in Steve Keen’s Debunking Economics has been hard to track down for a while, so I’m making it available here.

Click here to download a copy (debunk.pdf).

Unfortunately, the link to Keen’s paper on the first page is broken. I attempted to get the paper from Keen’s site, but it’s now behind a paywall! I think the paper was called “A 75th Anniversary Gift for Sraffa,” but I failed to locate a copy.

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Yesterday Federal Agricultural Minister Gerry Ritz uttered insane lies about dairy supply management:

I would make the argument that I don’t see those inflated prices, certainly, depending on where you buy,” Ritz told a joint news conference with Alberta Agriculture Minister Evan Berger and Saskatchewan Agriculture Minister Bob Bjornerud.

I received a flyer in my mailbox last night when I got back to my apartment and I opened it up and it’s from Canadian Tire. They’ve got four litres of milk for $4.19. That’s completely comparable to the American price that we’re always being beat up over.

Canadian Tire Econometrics aside, consumers are of course harmed by high prices driven by quantity restrictions. Click here to see a graph showing how much higher our prices are than the EU, US, or New Zealand (all of which all of which except New Zealand [*] also have some sort of supply management, Canada’s is just more severe).
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In Alabama it is illegal to sell “any device designed or marketed as useful primarily for the stimulation of human genital organs for anything of pecuniary value.” You can’t legally sell a vibrator. This is an extreme example of morality legislation, laws against activities some people consider immoral merely because some people consider them immoral. Why are such laws on the books and how can we get rid of them?

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Earlier this week I posted an article on the Globe’s Economy Lab blog on lifestyle and health care costs. Here’s a little more exposition on a couple of key points, phrased a little more formally.
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