Favorite Economists, Economics Journals, and Economics Blogs May 18, 2011
Posted by David in Economics.add a comment
The latest issue of Econ Journal Watch reports the results of a survey of American economists, where a random sample were asked to list their three favorite economists before 1900, their three favorite deceased 20th century economists, their three favorite living economists over sixty, and their three favorite economists under 60. In addition, they were asked to list their three favorite journals and their three favorite economics blogs. All respondents were tenured or tenure-track professors at American universities, and the total number of respondents was 299. So, who were the winners?
Economists before 1900: Adam Smith (1), David Ricardo (2), and Alfred Marshall (3).
Deceased 20th century economists: John Maynard Keynes (1), Milton Friedman (2), and Paul Samuelson (3).
Living economists over 60: Gary Becker (1), Kenneth Arrow (2), and Robert Solow (3).
Living economists under 60: Paul Krugman (I can’t believe this but, yes, he is the gold medalist), Greg Mankiw (2), and Daron Acemoglu (3).
Favorite economics journals: American Economic Review (1), Journal of Economic Perspectives (2), and Journal of Political Economy (3).
Favorite economics blogs: Greg Mankiw (1), Marginal Revolution (2), and Paul Krugman (3 [unfortunately]).
If you’re curious, below are my rankings, with survey ranks in parentheses:
1: Adam Smith (1), Carl Menger (12), and Alfred Marshall (3).
2: Friedrich Hayek (4), Ludwig Lachmann (-), and Joseph Schumpeter (5).
3: Douglass North (11), Ronald Coase (4), and Brian Loasby (-).
4: Certainly not Krugman, but other than that I think we need to wait and see.
5: Journal of Institutional Economics (-), Journal of Law and Economics(-), and Public Choice (20).
6: Coordination Problem (8), Think Markets (-), and Marginal Revolution (2).
I doubt if my preferences surprise anyone as much as I was surprised by the popularity of Paul Krugman (he was mentioned by 60 of the 299 economists, with the runner-up (Greg Mankiw) only garnering 22 votes).
Source: Davis, W.L., B. Figgins, D. Hedengren, and D.B. Klein (2011), “Economics Professors’ Favorite Economic Thinkers, Journals and Blogs (along with Party and Policy Views),” Econ Journal Watch, 8(2): 126-146.
Economics for Romantic Occasions May 13, 2011
Posted by David in Reflections.add a comment

If you’re having problems establishing (or maintaining) a relationship because you are no good at saying appropriately romantic things to the person you desire, may I suggest a number of suitable utterances. These statements and questions are not only good for initiating desired mutual utility gains, they also demonstrate your knowledge of economics, which as we all know is the sexiest subject you can study in college. Sarah Skwire and others at www.modifiedrapture.com created all but two of these 20 useful lines.
1 You have got the curves to supply my demand.
2 Let’s go to bed and try to disprove the law of diminishing marginal utility.
3 You’re my favorite kind of moral hazard.
4 I have a feeling you really understand “the nature of the firm.”
5 I love you so much I’m willing to forgo my exit option.
6 Wanna talk about our private goods?
7 How about a little horizontal integration?
8 Now those are some tangible assets!
9 I’ll reveal my preferences if you will.
10 Bottom up or top down (Hayek vs. Keynes 2nd Round)
11 Hey, baby, let’s make our utility functions interdependent (S. Horwitz).
12 Care to help me violate some social norms?
13 Let’s reduce some entry barriers together.
14 You make my demand curve perfectly inelastic!
15 You’re my stimulus package.
16 Your invasive activity causes me no negative externalities.
17 How about a little mutual adjustment.
18 If you go down on my factor of production I’ll churn out a consumption good.
19 We’ve got to internalize the positive externalities that are caused by the nature of your firm.
20 May I use my invisible hand to explore our interactive consumption behavior after a merger?
HT: Steve Horwitz at Coordination Problem
Am I an Extremist? May 10, 2011
Posted by David in Personal stuff, Politics, Reflections.add a comment
I generally like to claim that I don’t like political extremists, whether extreme left or extreme right (which to me seem almost identical in their intolerance and penchant for violence). But maybe we’re all extremists in some way or other. Anyway, that’s a relatively new belief of mine, which is loosely related to the idea that we all have some sort of (explicit or implicit) hard core that we’re not prepared to give up or question.
On the other hand, it seems as if most people combine extremism in one domain with moderation in most other parts of life. For example, I know several academics who are extreme in their conviction that education is the most important thing there is, and hence that is should always be the first priority of both people in general and the government. I also know religious people who are adamant that faith is the most important thing in life, but who are political and cultural moderates in most other domains. And it’s instructive to notice how the extreme atheist Richard Dawkins combines extremism in the religious domain with very uncontroversial middle-of-the-road political opinions. Politics and religion aside, it is also clear that some people define their lives by their unwavering belief in and support for a particular soccer club, by a passionate interest in a particular music genre, or by an intense conviction that correct grammar is absolutely essential for the good life.
Having observed all this, I started to examine if I also have extremist attributes, given that I have voted for boring centrist political parties, that I am skeptical of both religious fundamentalism and Dawkinsian atheism, like soccer in general (but no specific club), enjoy listening to a variety of musical genres, and think that good writing is enjoyable but still think that substance is more important than style.
The short answer is that I, too, am an extremist. When I teach institutional economics, I like to point out that we need to distinguish between (political and/or legal) formal institutions and (cultural, unwritten) informal ones. And my extremism is that I am not prepared to question – and believe passionately in – the essential desirability of a great deal of circulation of ideas, people, and goods. In other words, I strongly favor free expression, free emigration and immigration, and free trade. My extremism manifests itself as an inability to concede any points to people who want to restrict free speech (think flag-burning, Nazi hate speeches, and pornography), free migration (think Arizona and anti-Muslim political parties in Europe), and the free flow of consumer and capital goods (think France and labor unions).
But I realize that a desirable lack of laws and regulations is not enough. Sustainability requires that there is cultural support for the free circulation of ideas, people, and goods. And the cultural support that matters is tolerance, which is one of the reasons why I am quite enthusiastic about Richard Florida’s work on the importance of tolerance for creativity. And therefore I think that tolerance is the essential social value, not love (which is personal), nor politeness (which is nice but can distract from honesty), nor creativity (which can be nasty if the creator is intolerant).
Fortunately, I am an optimist when it comes to the future of “free circulation” and its tolerant underpinnings. Economic development means that intolerance and isolationism become increasingly costly (since creativity and innovativeness become more important with increases in the overall complexity of the economy). Increasing tolerance of different races and culturally similar immigrants was an important aspect of mature industrial societies. During the post-industrial revolution that we are witnessing at present, it is clear that an increasing number of people tolerate culturally dissimilar immigrants, sexual minorities, and less conventional lifestyle choices. Hopefully all (non-violent) lifestyle choices will become tolerated by almost everyone in the mature post-industrial society of the future.
The Never-ending Controversy, Part II May 1, 2011
Posted by David in Economics, Politics.Tags: Hayek, Keynes
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Last year I discovered hip-hop as an enjoyable genre, with Fear the Boom and Bust. A sequel is now available, at
http://econstories.tv/2011/04/28/fight-of-the-century-music-video/
The Fight of the Century features the following refrain:
Which way should we choose?
more bottom up or more top down
… the fight continues …
it’s time to weigh in
more from the top or from the ground
…let’s listen to the greats
Keynes and Hayek throwing down
And this is my favorite part:
Creating employment is a straightforward craft. When the nation’s at war, and there’s a draft. If every worker was staffed in the army and fleet. We’d have full employment and nothing to eat.
HT: James Taylor