08 MAR 2015 by ideonexus
PhDs Lack Skills for Surviving Outside Academia
Inefficiency arises from the fact that substantial resources have been invested in training these scientists and engineers. The trained have foregone other careers – and the salary that they would have earned – along the way. The public has invested resources in tuition and stipends. If these ‘investments’ are then forced to enter careers that require less training, resources have not been efficiently deployed. Surely there are less expensive ways to train high school science teachers...
1 19 DEC 2014 by ideonexus
How the Finance Industry Hurts the Economy
In perhaps the starkest illustration, economists from Harvard University and the University of Chicago wrote in a recent paper that every dollar a worker earns in a research field spills over to make the economy $5 better off. Every dollar a similar worker earns in finance comes with a drain, making the economy 60 cents worse off.
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...the growth of complex financial products has served primarily to boost income for the firms themselves, Philippon said. A new paper from researchers in t... 1 
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notes08 NOV 2013 by ideonexus
Economics Uses Magical Language
A common feature in systems of magic is animism — attributing to inanimate objects the functions of life, assuming things to possess will, purpose, and power.
It is significant (though quite in keeping) that "Economists" and "Financiers" have this characteristic at- titude of mind towards, and employ animistic forms of expression in writing and talking about "Money" and "Capital."
Whether this is due to unconscious belief in magic or is mere metaphor, the result, in either case, is befo...It's use of animism in describing the economy is suspect, but the same metaphors are used in real science as well.
19 JAN 2013 by ideonexus
Vaccines as a Positive Externality
A science-based example of a positive externality is vaccinations. Vaccinations work based on the number of people in the population who are vaccinated. Once a certain threshold is reached, the disease can't spread effectively and is essentially eliminated. As long as enough people are vaccinated, others who choose not to be still get to enjoy that positive externality at no cost. These are what economists call freeloaders. Economists like the golden rule: Do unto others as you would have the... 1 notes
notesPeople who don't get vaccines benefit from those who do because of the lower rates of disease.
19 JAN 2013 by ideonexus
Externalities
In every economic transaction there is a willing buyer and a willing seller. and they agree on a price that benefits both. But there are spillover effects in many economic transactions—costs and/or benefits that are transferred to third parties. Friedman called these spillovers "neighborhood effects." Today, most economists call them "externalities.
At their most basic, externalities don't have to involve buying and selling. If you smoke in a restaurant instead of stepping outside it's ea... 1 notes
notesExamples of externalities, public side-effects, good and bad, of our personal actions that impact the commons.
22 MAR 2012 by ideonexus
The Political Environmental Conundrum
Action regarding the environment requires objectivity, precision, accuracy, validity, replication, constructive criticism, and consensus. Scientists, engineers, and economists have to stay focused on putting accurate data into the hands of decision makers, while they explain their findings to the public, which, in the end, wields decisive power in a free society. Mechanisms must be developed to transform highly technical findings into governmental and economic policies.
If we can reach a po...Folksonomies: politics environmentalism
Folksonomies: politics environmentalism
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notesGingrich succinctly explains the political, scientific, and media schisms that promote inaction concerning environmental issues.
27 JUL 2011 by ideonexus
Preschool Social Programs Demonstrate the Importance of a...
In 1962, researchers wanted to test the effects of an early-childhood preschool training program they had designed. Kids in Ypsilanti, Michigan, were randomly assigned to one of two groups. The first attended the preschool program (which eventually became a model for other preschool programs nationwide, including Head Start). The second group did not. The differences powerfully illustrate the importance of a child’s early years.
The kids in the program academically outperformed the contro...Programs like Head Start have a lifetime's worth of positive benefits for the children enrolled in them.
