Update
I will be On the Mark on WKOK radio this Thursday, May 27th - time TBA.
For those who follow my poker exploits, I will be playing in the World Series of Poker this summer. I will be playing Event #30, the $1500 NL Holdem event on Wednesday, June 16th. I will be updating my progress on my twitter account - name is PokerElmo on twitter.
I was involved in a political campaign the past few months, which is part of the reason for the lack of recent posts. I will post my thoughts on my experience soon.
Tuesday, May 25, 2010
Tuesday, February 2, 2010
More on econ books
I have been reading quite a few books recently. Here are my thoughts for both students and non-students who are looking for economics (or non-economics) related readings:
1. Game Change. An outstanding book. Not really related to economics, but a student of game theory should find this book fascinating, as the campaign is basically one long sequential game. The authors do a good job of explaining all the moves in the campaign, and all the little things that become big things.
2. The Return of Depression Economics. (Krugman). A very good book. Krugman, in his NYT articles, ceases to be an economist. He is instead, in my opinion, a hack for the democratic party. You can see this as his policy recommendations shift over time to represent the current views of the party and by his hatred for republicans and ideas generated by republicans. It is quite disgusting, really, to think about the hatred he harbors. This book, however, is Krugman the economist. He does a great job describing how crises evolved in various countries with great clarity.
3. Superfreakonomics. (Dubner and Levitt). A horrible book. As you may remember, I loved the first book. In freakonomics, the authors told neat stories of how names were chosen, cheating on tests, and drugs based on their research. In this book, they think they have solved all the world's problems. Their arrogance is pretty appalling. In one section, I have significant expertise. The discuss field experiments and laboratory experiments - and I have conducted both. The discuss a problem with inflated giving in a game called the dictator game and how field experiments solved them. However, a 2002 American Economic Review article by Cherry et al. already solved that problem within laboratory experiments (7 years prior to this book being released). That is like the authors today saying they have just solved the problem of smallpox in the US - a disease that has been eradicated for decades. Their (knowingly?) ignoring these facts makes me think lightly of everything else in this book. I simply cannot believe anything they write. If I had to nominate a worst book of the decade that I read - this would be it.
Non-Econ related books that I have read recently:
Doyle Brunson's autobiography: Outstanding, at least if you like poker.
Lee Child's books. I have read two now - and both are outstanding. The first I read was Echo Burning after my brother Mark recommended it to me and let me borrow his copy. From there, I bought his first book about Jack Reacher called Killing Floor. I will likely read more of Child's books.
Currently reading Justice: What's the Right Thing to Do by Mandel and about to start Mike Matasow's autobiography.
1. Game Change. An outstanding book. Not really related to economics, but a student of game theory should find this book fascinating, as the campaign is basically one long sequential game. The authors do a good job of explaining all the moves in the campaign, and all the little things that become big things.
2. The Return of Depression Economics. (Krugman). A very good book. Krugman, in his NYT articles, ceases to be an economist. He is instead, in my opinion, a hack for the democratic party. You can see this as his policy recommendations shift over time to represent the current views of the party and by his hatred for republicans and ideas generated by republicans. It is quite disgusting, really, to think about the hatred he harbors. This book, however, is Krugman the economist. He does a great job describing how crises evolved in various countries with great clarity.
3. Superfreakonomics. (Dubner and Levitt). A horrible book. As you may remember, I loved the first book. In freakonomics, the authors told neat stories of how names were chosen, cheating on tests, and drugs based on their research. In this book, they think they have solved all the world's problems. Their arrogance is pretty appalling. In one section, I have significant expertise. The discuss field experiments and laboratory experiments - and I have conducted both. The discuss a problem with inflated giving in a game called the dictator game and how field experiments solved them. However, a 2002 American Economic Review article by Cherry et al. already solved that problem within laboratory experiments (7 years prior to this book being released). That is like the authors today saying they have just solved the problem of smallpox in the US - a disease that has been eradicated for decades. Their (knowingly?) ignoring these facts makes me think lightly of everything else in this book. I simply cannot believe anything they write. If I had to nominate a worst book of the decade that I read - this would be it.
Non-Econ related books that I have read recently:
Doyle Brunson's autobiography: Outstanding, at least if you like poker.
Lee Child's books. I have read two now - and both are outstanding. The first I read was Echo Burning after my brother Mark recommended it to me and let me borrow his copy. From there, I bought his first book about Jack Reacher called Killing Floor. I will likely read more of Child's books.
Currently reading Justice: What's the Right Thing to Do by Mandel and about to start Mike Matasow's autobiography.
Thursday, October 29, 2009
Cash for Clunkers
Link
This could be the dumbest economic policy in my lifetime. It might have prompted more sales in the summer of 2009. However, most of these sales were not to people who are buying an "extra" car. It just prompted them to move up their car purchase, or they were going to buy one anyway. Therefore, all of the people who purchased a vehicle likely would have purchased one anyway in the next year or two.
Further, this decreased the number of used cars in the market. That forced the price higher. Many individuals who we would think of as the "working poor" rely on "clunkers" for transportation. Making their life more difficult by raising the price of vehicles isn't good policy, if you care at all about the poor.
Oh, and for this policy, all we had to do was pay $24,000 per "clunker".
This could be the dumbest economic policy in my lifetime. It might have prompted more sales in the summer of 2009. However, most of these sales were not to people who are buying an "extra" car. It just prompted them to move up their car purchase, or they were going to buy one anyway. Therefore, all of the people who purchased a vehicle likely would have purchased one anyway in the next year or two.
Further, this decreased the number of used cars in the market. That forced the price higher. Many individuals who we would think of as the "working poor" rely on "clunkers" for transportation. Making their life more difficult by raising the price of vehicles isn't good policy, if you care at all about the poor.
Oh, and for this policy, all we had to do was pay $24,000 per "clunker".
Wednesday, October 21, 2009
Sowell's "The Housing Boom and Bust"
The Housing Boom and Bust
Earlier I posted book recommendations and I recommended books by Thomas Sowell. Currently I am reading Sowell's new book - "The Housing Boom and Bust" - and it is also great. Sowell is truly gifted at organizing relevant material in a concise and meaningful way.
It really gives a detailed explanation of all the factors that went into the boom - including some truly horrible government policies. Warning - It is tough to read this book without getting angry at elected officials of both parties.
Earlier I posted book recommendations and I recommended books by Thomas Sowell. Currently I am reading Sowell's new book - "The Housing Boom and Bust" - and it is also great. Sowell is truly gifted at organizing relevant material in a concise and meaningful way.
It really gives a detailed explanation of all the factors that went into the boom - including some truly horrible government policies. Warning - It is tough to read this book without getting angry at elected officials of both parties.
Wednesday, September 23, 2009
Listen to my radio interview
Here is a link to a radio interview I did for the "On the Mark" show on WKOK radio.
The show is 90 minutes - I come on at about minute 34 or so - and am on for the rest of the broadcast.
http://www.megaupload.com/?d=NGI80ORB
The show is 90 minutes - I come on at about minute 34 or so - and am on for the rest of the broadcast.
http://www.megaupload.com/?d=NGI80ORB
Monday, September 21, 2009
I am quoted in an article
From the Los Angeles Business Journal
http://www.labusinessjournal.com/article.asp?aID=140749
http://www.labusinessjournal.com/article.asp?aID=140749
Thursday, September 17, 2009
Upcoming radio appearance:
Tuesday, September 22nd
AM 1070 WKOK
The "On the Mark" program from 9:00-10:00 AM.
You can listen live online at http://www.wqkx.com/1070_WKOK/WKOK_HOME.htm
Tuesday, September 22nd
AM 1070 WKOK
The "On the Mark" program from 9:00-10:00 AM.
You can listen live online at http://www.wqkx.com/1070_WKOK/WKOK_HOME.htm
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