Archive for the 'Economics' category

Merle Hazard sings about the financial crisis

January 18, 2010 3:23 pm

Merle Hazard is perhaps best known for his songs about the credit crisis. He is the first and only country singer to write about mortgage-backed securities, derivatives, and physics.


Here are a bunch of the songs on Youtube:

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How did Paul Krugman get it so Wrong?

October 5, 2009 9:42 pm

I remember reading this article when it was published in the times.  Paul Krugman really did come off as a bit of an ass.  I have a bit of an Economics background and many of his points were way off the mark.  Here is John Cochrane’s response (he was misquoted in the article, and picks it apart pretty well).  Maybe next time Krugman will be a bit more careful with is article.  It is easy to rip apart the current system, but unless you suggest something else, you are just blowing hot air.  It reminds me of when I was in college and misquoted an essay.  I was pretty much ripped apart by a professor (rightfully so), and I now am very careful about making sure I dont misrepresent people with their quotes out of context.  Maybe Krugman will learn..

Many friends and colleagues have asked me what I think of Paul Krugman’s New York Times Magazine article, “How did Economists get it so wrong?”

Most of all, it’s sad. Imagine this weren’t economics for a moment. Imagine this were a respected scientist turned popular writer, who says, most basically, that everything everyone has done in his field since the mid 1960s is a complete waste of time. Everything that fills its academic journals, is taught in its PhD programs, presented at its conferences, summarized in its graduate textbooks, and rewarded with the accolades a profession can bestow, including multiple Nobel prizes, is totally wrong. Instead, he calls for a return to the eternal verities of a rather convoluted book written in the 1930s, as taught to our author in his undergraduate introductory courses. If a scientist, he might be a global-warming skeptic, an AIDS-HIV disbeliever, a creationist, a stalwart that maybe continents don’t move after all.

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