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Economist's View: "Why This New Crisis Needs a New Paradigm of Economic Thought"
[More Side of the road blogging - stopped for a moment at the Great Salt Lake.] When I talked to the senate's COP panel , one of many things that I emphasized was the need to develop plans in advance to deal with various contingencies. Without such plans policy actions - even justifiable ones - appear ad hoc and also face resistance that delays their implementation or prevents them from being put into place altogether. For example, we need a plan on the shelf and ready to go for dismantling large banks that have failed, something that has received a lot of attention. It has received much less attention, but I also think we need a plan for disposing troubled financial assets when the need arises.
Rajiv Sethi continues the discussion on the state of modern macroeconomics: On Buiter, Goodwin, and Nonlinear Dynamics, by Rajiv Sethi : A few months ago, Willem Buiter published a scathing attack on modern macroeconomics in the Financial Times. While a lot of attention has been paid to the column's sharp tone and rhetorical flourishes, it also contains some specific and quite constructive comments about economic theory that deserve a close reading. One of these has to do with the limitations of linearity assumptions in models of economic dynamics: When you linearize a model, and shock it with additive random disturbances, an unfortunate by-product is that the resulting linearised model behaves either in a very strongly stabilising fashion or in a relentlessly explosive manner.
Economist's View: On Buiter, Goodwin, and Nonlinear Dynamics
Not sure how long this has been a feature on the Economist’s website, but aggregating readers’ comments around different topic areas is an interesting way in to a story. Clicking on a term displays all reader comments from across the website relating to that subject, with a link to what article they were left on.
Cloud on Economist.com aggregates reader comments | Journalism.co.uk Editors' Blog
Google’s Chief Economist: “Newspapers Have Never Made Much Money From News”
Erick Schonfeld is a technology journalist and the former Editor in Chief of TechCrunch. At TechCrunch, he oversaw the editorial content of the site, helped to program the Disrupt conferences and CrunchUps, produced TCTV shows, and wrote daily for the blog. He joined TechCrunch as Co-Editor in 2007, and helped take it from a popular blog to a thriving... → Learn More Earlier today, Google chief economist Hal Varian gave a presentation to an FTC workshop on the changing economics of the newspaper industry.
