Interesting analysis from FT
Attention Economy
Thursday, October 31, 2013
Monday, October 28, 2013
US Higher Education – Self-Inflicted Wounds
An excellent WSJ op-ed by Lyell Asher, an associate
professor of English at Lewis and Clark College, highlights the factors driving
grade inflation and declining academic rigor (and, frankly, quality) in
undergraduate courses at US universities. In particular, Mr. Asher observes:
“The problem is
that, for the vast majority of colleges and universities, student opinion is
the only means by which administrators evaluate teaching. How demanding the
course was—how hard it pushed students to develop their minds, expand their
imaginations, and refine their understanding of complexity and beauty—is
largely invisible to the one mechanism that is supposed to measure quality.
It would be one
thing if student evaluations did no harm: then they'd be the equivalent of a
thermometer on the fritz —a nuisance, but incapable of making things worse.
Evaluations do make things worse, though, by encouraging professors to be less
rigorous in grading and less demanding in their requirements. That's because
for any given course, easing up on demands and raising grades will get you
better reviews at the end.
…
Meanwhile, studies
show that the average undergraduate is down to 12 hours of coursework per week
outside the classroom, even as grades continue to rise. One of these studies,
"Academically Adrift" (2011) by sociologists Richard Arum and Josipa
Roksa, suggests a couple of steps that could help remedy the problem:
"high expectations for students and increased academic requirements in
syllabi . . . coupled with rigorous grading standards that encourage students
to spend more time studying."
Colleges can change
this culture, in other words, without spending a dime. The first thing they can
do is adopt a version of the Hippocratic oath: Stop doing harm. Stop
encouraging low standards with student evaluations that largely ignore academic
rigor and difficulty. Reward faculty for expecting more of students, for
pushing them out of their comfort zone and for requiring them to put academics
back at the center of college life.”
Professor Asher also notes the problems with accreditation
agencies:
“Accrediting agencies
could initiate this reform, but they too would first have to stop doing harm.
They would have to acknowledge, for example, that since "learning
outcomes" are calculated by professors in the exact same way that grades
are, it's a distinction without a difference, save for the uptick in
pseudo-technical jargon.”
Sunday, October 27, 2013
Monetary Policy
A Dangerous Path?
Some American economists are now touting the notion that
higher inflation will ease US economic difficulties. Pursuit of higher inflation is a very risky approach as hard won central bank
credibility (established primarily through the actions of the Volcker Fed in the late 70s
and early 80s) maybe squandered for very little gain.
If faster increases in price levels (that is, higher rate of
inflation) could fix structural problems, then most macroeconomic problems can
be solved with ease. However, printing more money does not lead to sustained
growth.
http://www.nytimes.com/2013/10/27/business/economy/in-fed-and-out-many-now-think-inflation-helps.html
Meanwhile,
An interesting piece in The Economist highlights the
importance of the ‘natural rate’:
http://www.economist.com/news/finance-and-economics/21588354-central-banks-ignore-century-old-observation-their-peril-natural
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Update:
WSJ Op-Ed: Ronald McKinnon: Tapering Without Tears—How to
End QE3
Market Efficiency and the 2013 Nobel Prize
Robert Shiller on his fellow 2013 Nobel Laureates
NYTIMES interview - Eugene Fama
Thursday, October 24, 2013
William Nordhaus and the Economics of Climate Science
Paul Krugman reviews the latest book by William Nordhaus
Tuesday, October 22, 2013
International Macro and Finance - Links
Wall Street and Puerto Rico – Dangers Associated with Excessive
Borrowing
Chimerica -
Unraveling?
Singapore’s Formula for Success
Are Downturns a Necessary Evil in Capitalist Economies?
Monday, October 21, 2013
Economics - Status Update
Economics – A Field Still in its Development Phase
From the WSJ article:
“…
"I think
economics is in about the same state as medicine in about the 18th
century," said Jonathan Wright, an economist at Johns Hopkins University,
who has studied the effects of the 2007-09 recession on forecasts and models.
As he puts it, economics has moved beyond leeches but hasn't yet reached the
equivalent of modern medicine.”
Meanwhile,
Meanwhile,
Harvard’s Raj Chetty Argues that Economics is Indeed a
Science
Interesting Items 10/21
The Economist on
the 2013 Nobel Prize
The Economic Value of a Good Teacher
WSJ Piece - More
Businesses Want Workers With Math or Science Degrees
US Treasuries Lose Cachet Abroad
World Bank – In Need of Reform
Nouriel Roubini
Friday, October 18, 2013
China Economic Growth Update
China Growth Update
Slate’s Matthew Yglesias makes a good point regarding
prognostications on China’s economic trajectory
http://www.slate.com/blogs/moneybox/2013/10/18/chinapocalypse_sometime_things_still_seem_fine.htmlThursday, October 17, 2013
Interesting Items 10/17
Timothy Noah on Labor and Economic Mobility in the US
High Cost of Fiscal Policy Disputes and Economic Uncertainty
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