Lars P. Syll

James Heckman — ‘Nobel prize’ winner gone wrong Here’s James Heckman in 2013: “Also holding back progress are those who claim that Perry and ABC are experiments with samples too small to accurately predict widespread impact and return on investment. This is a nonsensical argument. Their relatively small sample sizes actually speak for — not against — the strength of their findings. Dramatic differences between treatment and control-group outcomes are...

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Dutch books and money pumps Mainstream neoclassical economics nowadays usually assumes that agents that have to make choices under conditions of uncertainty behave according to Bayesian rules (preferably the ones axiomatized by Ramsey (1931), de Finetti (1937) or Savage (1954)) – that is, they maximize expected utility with respect to some subjective probability measure that is continually updated according to Bayes theorem. If not, they are supposed to be...

Modern macroeconomics — totally messed up Until a few years ago, economists of all persuasions confidently proclaimed that the Great Depression would never recur. In a way, they were right. After the financial crisis of 2008 erupted, we got the Great Recession instead. Governments managed to limit the damage by pumping huge amounts of money into the global economy and slashing interest rates to near zero. But, having cut off the downward slide of 2008-2009,...

Economists — people being paid for telling stories justifying inequality If economics was an honest profession, economists would focus their efforts on documenting the waste associated with protectionist barriers for professionals. They devoted endless research studies to estimating the cost to consumers of tariffs on products like shoes and tires. It speaks to the incredible corruption of the economics profession that there are not hundreds of studies...

But once, we were here (personal)  [embedded content] In loving memory of my brother, Peter ‘Uncas’ Pålsson. div{float:left;margin-right:10px;} div.wpmrec2x div.u > div:nth-child(3n){margin-right:0px;} ]]> Advertisements

Keynes vs. Wicksell — the loanable funds theory The fundamental difference between Keynes and Wicksell and in general the supporters of the LFT [Loanable Funds Theory] lies in the specification of the consequences of the presence of bank money. Introducing the distinction between the natural rate of interest and interest rate on money, Wicksell and the LFT supporters state that an economy that uses bank money converges towards the equilibrium position that...

Habermas and Rorty on intersubjectivity and truth We teachers do our best to be Socratic, to get our job of re-education, secularization, and liberalization done by conversational exchange. That is true up to a point, but what about assigning books like Black Boy, The Diary of Anne Frank, and Becoming a Man? The racist or fundamentalist parents of our students say that in a truly democratic society the students should not be forced to read books by such...

I Universitetsläraren kunde man för inte alls så länge sedan — apropå den pågående debatten om studentgenomströmningen på våra universitet och högskolor —  läsa följande i sanning intressanta påpekande från en universitetslektor vid Luleå tekniska universitet: För högskolans del gäller det att lägga energin på de studenter vi faktiskt har och acceptera att de inte är som vi själva var som studenter. Att ingen tänkt på detta! Så enkelt. Så elegant. Det borde ju vem som helst...