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. [...] ...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...

 Why Economists Will Continue to be Wrong

Carter had initially used arbitrary parameters in his perfect model to generate perfect data, but now, in order to assess his model in a realistic way, he threw those parameters out and used standard calibration techniques to match his perfect model to his perfect data. It was supposed to be a formality--he assumed, reasonably, that the process would simply produce the same parameters that had been used to produce the data in the first place. But it didn't. It turned out that there were many ...

 Pass Along Wisdom

“Understand this,” said Xaphania: “Dust is not a constant. There’s not a fixed quantity that has always been the same. Conscious beings make Dust, they renew it all the time, by thinking and feeling and reflecting, by gaining wisdom and passing it on. “And if you help everyone else in your worlds to do that, by helping them to learn and understand about themselves and each other and the way everything works, and by showing them how to be kind instead of cruel, and patient instead o...

 Research Subjects Expand Naturally on Their Own

John Washbrook, who was himself a senior academic in the department, took me under his wing and he told me something that very important. He said, "Just start something, no matter how humble." This is not recall; about programming, this is about research. But no matter how humble and unoriginal and unimportant it may seem, start something and write a paper ab about it So that's what I did. it turned out to be a very significant piece of advice. I've told that to every research student I've e...