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What the fu*ck???? My Macro Economics Teacher Won The Nobel Prize in Economics!!!
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| occrider |
Hahaha I remember that fuc*ker!!!
Anyway, he won the nobel for dynamic macroeconomics: the time consistency of economic policy and the driving forces behind business cycles.
http://web.gsia.cmu.edu/default.aspx?id=142825
The guy was such an incredible bore, I could barely stand his class! His teaching methadology essentially consisted of putting a graph on the projector and explaining nominal price rigidities, sticky-price models of output, global linkages and economic growth, the life cycle, tax policy, the current account, blah blah blah blah blah ...
I can't tell you how many times I skipped his class before it started to kick my ass :p. Anyway, I survived with a "B". Quite an acheivment imo considering the lifestyle I was living :D. |
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| ResonantDrag |
congrats for the "B"
there's something fun about seeing a familiar face in Nobel land. i haven't seen the recent awards, but i'll assume UCSB's science reign has diminished. :(
edit: still got 1/3 of the physics award:D |
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| occrider |
| quote: | Originally posted by ResonantDrag
congrats for the "B"
there's something fun about seeing a familiar face in Nobel land. i haven't seen the recent awards, but i'll assume UCSB's science reign has diminished. :(
edit: still got 1/3 of the physics award:D |
Hehe yes my school is relatively small in the grand scale of things with respect to business/economics. It primarily strives to be an MIT wannabe but inadervtantly has an excellent business program. Therefore most of the publicity is placed upon its computer science/engineering/robotics acheivments. As such I'm always surprised/encouraged to hear of CMU's acheivments in the business/economics sector. Hehe and I had to bust my butt for that b ... like I said, the guy was a fuc*ker :p |
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| Q5echo |
from the looks of that picture i'd figure he was pretty suave with the ladies.
imagine the tail he's pulling now with that prize around his neck and a fat wad Benjamins in his pocket!
i bet he's in Vegas right now gettin his nominal price rigid by a sticky price-model sayin, "I got your GDP growth right here baby, YEEAAH":whip: :whip: :whip:
seriously, you should be very proud. |
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| biznology |
just proves to you the travesty of a 'research school'. I went to Michigan and while I may have not been the most ambitious student, the most ambitious teachers (yeah, not professors) i had were some of the best people Ive met in life. happens when boring people write papers|
tho on the same topic, best professor Ive ever had:
Kenneth Leiberthal, Prof of Chinese Studies at UM, and former Asian Security Advisor to Clinton:
link: http://polisci.lsa.umich.edu/faculty/klieberthal.html
not boring in the least, and his work on Chinese post-Communist and pre -Comm history is amazing. |
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| policerobots |
| quote: | Originally posted by Q5echo
\ "I got your GDP growth right here baby, YEEAAH":whip: :whip: :whip:
seriously, you should be very proud. |
HAHAHHAHA THATS SOME FUNNY
"THATS RIGHT BABY MAXIMIZE MY UTILITY!!!!" |
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| Dupz |
| quote: | Originally posted by policerobots
"THATS RIGHT BABY MAXIMIZE MY UTILITY!!!!" |
Whoever would think that economics could be funny... but, damn, thats some funny :D
maximise my utility.... thats gold!! |
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| imokruok |
Well, your old professor hangs out in good company.
| quote: |
Bush's tax cuts too small, says Nobel winner
http://straitstimes.asia1.com.sg/wo...,277703,00.html
WASHINGTON - Professor Edward Prescott, who picked up the Nobel Prize for Economics on Monday, has said President George W. Bush's tax rate cuts should have been bigger.
'What Bush has done has been not very big, it's pretty small,' Mr Prescott told CNBC financial news television.
'Tax rates were not cut enough,' he added.
Lower tax rates provided an incentive to work, Prof Prescott said.
He and Norwegian Finn Kydland won the 2004 Nobel Economics Prize for research into the forces behind business cycles.
The American analyst, who is a professor at Arizona State University and a researcher at the Federal Reserve Bank of Minneapolis, said a large tax cut in 1986 had lowered rates while collecting the same revenue.
But 'in the early 90s the economy was depressed by the tax increase in 1993 by about 4 per cent, and it's right at that level now'.
Prof Prescott says lower tax rates offer an incentive to work.
Mr Bush, who is fighting to get re-elected on Nov 2, has cut taxes by about US$1.7 trillion (S$2.9 trillion) during his term.
The US leader has accused his Democratic rival John Kerry of favouring tax increases, despite Mr Kerry's promise to cut taxes for everyone earning under US$200,000 a year.
Mr Kydland said he learnt he won the prize while lecturing students at the Norwegian School of Economics and Business Administration in Bergen, Norway. -- New York Times, AP
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Mmmm...tax cuts. Now that's sexy economics. |
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| ResonantDrag |
| quote: | Originally posted by occrider
Hehe yes my school is relatively small in the grand scale of things with respect to business/economics. It primarily strives to be an MIT wannabe but inadervtantly has an excellent business program. Therefore most of the publicity is placed upon its computer science/engineering/robotics acheivments. As such I'm always surprised/encouraged to hear of CMU's acheivments in the business/economics sector. Hehe and I had to bust my butt for that b ... like I said, the guy was a fuc*ker :p |
from my experience, the professors that are always on the cutting edge of new theories are also the worst in explaining current ones. I'm sure it's especially true in an economics class. A graph to a professor repeating the material may only have five factors, but if the professor is currently involved with the reality of economics, the same graph may contain hundreds of factors. a jumbled mess to try to explain coherently, IMO. again, congrats on the B.
| quote: | | Prof Prescott says lower tax rates offer an incentive to work. |
He is hanging in good company. occrider will know better than i, but this quote may imply that prescott isn't a proponent of furthering the revenue in trickle down economics. Unless by "incentive to work" he is speaking of those who on hearing of an upper-bracket tax cut think "hmm, maybe i will open that fortune 500 company today", i'll assume that he means the average middle to lower class who doesn't want to work forty hours a week only to earn 2/3 of their pay.
more money directly in the hands of the consumer translates into more money circulating throughout the service sector, which will cause a greater distribution of money throughout the economy. i'll further elaborate this idea and call it "the drag's economic beer theory".
upon realizing on payday that i have more money than my budget requires (let's say $30), i decide that the only logical way to use it is to go drinking. my tab that friday night is $20, but due to the good service i recieved coupled with the knowledge that all my bills are paid to date, i tip $10 to the bartender. of the $20, a percentage goes to the small business i haunt, and the rest to the beer distributer (thus both gaining the benifits of increased business). the bartender, earning my $10 plus money from other customers who share my own personal financial wisdom, realizes that his bills are paid and now has enough money to make those much needed car repairs. his shop expenditure go to parts and labor, and the mechanic now has money to go out drinking.
this becomes a perpetuating process that allows a multitude of businesses to show increased profits before the money trickles up to corporations who provide the majority of the needs for these small businesses. once that money is reported by the corporations and further invested into the market, you may see a rise in the market (in addition to directly causing consumer confidence to rise).
yeah, the theory is full of holes that i don't feel like patching right now, but i think it's a strong foundation for a theory that may show better economic growth than bush's plan of giving the tax dollars directly to the market investors. this makes kerry's plan look less of a robin hood plan of stealing from the rich and giving to the poor, and more like stealing from the rich, giving to the poor so the poor can spend it and get it back to the rich.
ps. occ, sorry for furthering the politicalizing of your thread, i just felt like imokruok gave a misrepresented association of your professor and bush. besides, i wanted to give a economic argument that stated the importance of drinking beer:p |
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| occrider |
| quote: | Originally posted by imokruok
Well, your old professor hangs out in good company.
Mmmm...tax cuts. Now that's sexy economics. |
Now, while I most certainly agreed with the first tax cuts and possibly the second set of tax cuts, I'm afraid I'm going to have to side with the general concensus among all economists that making the cuts permenant would be disastrous for our economy. The economist magazine did a polling of what economists thought of Bush's policies in comparison to Kerry. While Kerry didn't really garner stellar reviews, he most certainly outperformed Bush in lieu of the Bush administration's record in curbing (or lack thereof) the deficit.
http://www.economist.com/world/na/d...tory_id=3262965 |
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| MisterOpus1 |
| quote: | Originally posted by occrider
Now, while I most certainly agreed with the first tax cuts and possibly the second set of tax cuts, I'm afraid I'm going to have to side with the general concensus among all economists that making the cuts permenant would be disastrous for our economy. The economist magazine did a polling of what economists thought of Bush's policies in comparison to Kerry. While Kerry didn't really garner stellar reviews, he most certainly outperformed Bush in lieu of the Bush administration's record in curbing (or lack thereof) the deficit.
http://www.economist.com/world/na/d...tory_id=3262965 |
Aha!
Welcome, comrade!:D |
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| occrider |
| quote: | Originally posted by MisterOpus1
Aha!
Welcome, comrade!:D |
Pfft you keep your filthy socialist hands away from me :D. My blood still drips capatalism! |
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