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ust different incarnations of adam smith s pin factory or could it be that our understanding of forces that have existed forever is what s changing ten years ago behavioral economics was coming into vogue but this was clearly a case where it was our understanding of economic behavior that was changing not the behavior or the force driving it itself topics in economics that seem newly relevant today include negative interest rates and universal basic income or negative income tax maybe like artificial intelligence these are simply modern applications of ideas that have been around for decades perhaps the biggest change in economics will be a shift from scarcity to abundance after all economics is the study of how scarce resources are allocated what happens when there s more than enough of everything to satisfy demand at p 0 so what s the next new thing in economics posted by charlie at 8 27 am 0 comments friday june 2 2017 readmitted and it feels so good apologies to peaches herb well i ve been granted readmission to ut so that s good my registration period opens in a couple of days to complete the degree requirements and thereby formally add an economics major to my degree i have to take five more econ classes 329 statistics 320l macro theory 341k econometrics and two upper division econ electives i plan to do that over three semesters which will have me finishing up in december 2018 i also have to satisfy a bunch of new requirements that have been added since i was last in school including a visual and performing arts class an ethics and leadership class and several multicultural classes but according to my advisor and from what i ve read i should be able to successfully petition the department to apply courses i ve already taken to satisfy those requirements worst case i might need to take one class which could actually be fun so once again unto the breach i m excited i think being in school will help me structure my time and my thinking a bit more which i really want right now if i get the classes i want in the fall i ll be on campus tth 9 30 5 00 which is a reasonable if not ideal schedule what else once i actually get registered fingers crossed that i ll get the classes i need i ll need a parking permit for which registration opens in july and actually i think that s it huh great next step registration next wednesday june 7 at 8a tally ho posted by charlie at 10 22 am 0 comments monday may 29 2017 it s happening again seven years ago i put my economics studies on hold to start a company which i wound up getting funded growing and ultimately selling this morning i submitted my application for readmission to ut to finish adding an econ degree to my cs degree if all goes as planned i ll resume my studies in the fall 2017 semester lots has happened since then but luckily both my ut eid and this blog still exist and i plan to put them both to good use hook em horns posted by charlie at 11 01 am 0 comments sunday october 23 2011 economics loses two of its best i just removed greg mankiw s and paul krugman s blogs from my feed reader s economics section while both of them are trained as economists and incredibly accomplished in the field neither of them writes anything i find educational these days they ve both become shrill hyper partisan talking heads which is a shame posted by charlie at 7 46 am 0 comments thursday september 29 2011 the ever increasing productivity of machines i have a lot to say about this but not enough time right now to say it so this post is a placeholder for a future discussion but here s the short version you need to get on the correct side of this curve if you re competing with computers instead of benefiting from them you re toast also seth godin nails it posted by charlie at 12 07 pm 0 comments monday july 18 2011 bummer i wasn t selected to attend the startup onomics conference i just got the email from the organizers of startup onomics the behavioral economics summit for startups at this time we have sent out the first round of invites we had an overwhelming amount of startups apply to come and we were only able to invite 20 based on our space limitations there will be a second round of invitations sent on a rolling basis this will be limited but don t worry if you have not received an invite at this time you can still participate we will be live streaming the event for our friends abroad and those who cannot attend we will send an update about this as the event comes closer thanks for your interest in the startuponomics summit and we hope to catch you next time around i m totally bummed i was really looking forward to it and thought i would be an ideal candidate to attend i m the founder of a startup in a space that is rife with behavioral economics issues i m an economics student with a specific interest in behavioral economics and i m already planning to be in san francisco for a week immediately after the conference if anyone has an in with the organizers hal cough varian cough google cough cough i m certainly not above having strings pulled in my favor posted by charlie at 8 40 am 0 comments sunday july 17 2011 economics i can believe in son 1 has fixed my blog problem i m going to make him a carrot cake comparative and absolute advantage sun jul 17 08 54 28 via twitter for mac diane coyle diane1859 posted by charlie at 6 35 am 0 comments monday june 13 2011 jeremy grantham goes malthusian from business insider jeremy grantham we re headed for a disaster of biblical proportions specifically grantham says the phenomenon of ever more humans using a finite supply of natural resources cannot continue forever and the prices of metals hydrocarbons oil and food are now beginning to reflect that now i m not as learned as mr grantham but i disagree there are substitutes for metals and hydrocarbons and anyone who has driven across the united states can tell you that we re nowhere near running out of capacity to grow more food then again the switch to substitutes takes time as does bringing online new food production capacity in the mean time if demand significantly outstrips supply things could get ugly posted by charlie at 11 16 am 0 comments wednesday june 8 2011 homo economicus from how and when to make a decision in the economist s more intelligent life magazine if all our decisions are so influenced by external factors that raises an inevitable question to what extent are we involved in our own decision making professor ackerman believes the answer is very little all of these subtle influences suggest that most of what is causing our behaviour we are really not aware of people are just very good at post hoc reasons for their behaviour tastes and preferences mentioned and then immediately set aside in most microeconomics courses seem to me to be the overriding inputs in almost all personal decisions marketers figured this out a long time ago what s taking economists so long posted by charlie at 6 37 am 0 comments friday june 3 2011 zmp s revisited tyler cowan following up on last summer s discussion of zero marginal product workers zmp s as he calls them offers a proof point people unemployed over 6 months rose by a whopping 361k 44 of all unemployed but again unless each worker s productivity remains constant over time it doesn t it doesn t follow that the currently unemployed weren t productive when they were working it could just be that the currently employed are working harder which stands to reason zmp s indeed zmv econ bloggers maybe posted by charlie at 8 41 am 0 comments monday may 30 2011 startup onomics the behavioral economics summit for startups has it really been more than seven months since i last posted to this blog yikes well at least i have a good excuse i ve spun a new company out of spanning sync raised a round of venture funding hired an incredible team of engineers salespeople and marketers and entered full startup mode my formal economics studies have been put on hold for the moment but my extra curricular studies continue unabated keynes varian harford ariely ahamed levy benioff hazlitt thaler cowan rosen carr my kindle runneth over and then this morning comes the uncannily timed news of a summit on behavioral economics for startups spooky and it s in san francisco just before dreamforce which is already on my calendar extra spooky i ve submitted my application and hope to be accepted to attend if so i ll document the whole thing extensively here our business after all is one that is greatly affected by our prospective customers ability to gauge risk a classic problem in behavioral economics fingers crossed posted by charlie at 8 16 am 0 comments monday october 18 2010 the new york times on why economists disagree from the x factor of economics people but there s a good reason that human irrationality isn t part of the standard economic models and this gets to the dilemma of economics if you have a simple problem you can offer a simple solution but the economy is a hugely complex problem so we either simplify the problem and offer a solution or embrace the complexity and do nothing excellent article and yes i m still here sadly i ve had to put my formal economics studies on hold while happily i pursue an aggressive expansion of my business i ll be posting thoughts about the economics of that business here on the 40 year old freshman so don t unsubscribe from the feed just yet posted by charlie at 5 37 am 0 comments friday august 27 2010 intermission i m taking this semester off from my economics studies to devote more time and thought to my business and our new product in particular i plan to resume my studies in the spring update my break wound up being a little longer than a semester ha posted by charlie at 7 46 am 0 comments sunday august 15 2010 hard economics times from kerry a pasquale kerry austin utexas edu subject informational eco 351k cancelled for fall date august 13 2010 12 07 00 pm mdt to la eco students utlists utexas edu dear students if you are registered for eco 351k current issues in business economics for the fall semester please note that this class will be cancelled unfortunately the department chair was unable to find anyone to teach this class once your next registration access occurs please make any necessary adjustments to your schedule to accommodate this change if you are having difficulty finding another economics class please let us know and we ll see how we can assist you sincerely economics undergraduate advising kerry pasquale undergraduate advising center coordinator department of economics ut austin 512 471 2973 posted by charlie at 9 18 am 0 comments monday july 19 2010 diminishing marginal utility of business school this ad for ut s mba program is probably truer than it was intended to be posted by charlie at 11 26 am 0 comments zero marginal product workers there s an interesting debate going on over at tyler cowan s marginal revolution blog about zero marginal product workers here s my theory which i posted in the comments there let s say jack and john are both employed doing the same work while employment is high and fear of unemployment is therefore low if either loses his job he can likely find another one then the economy craters and jack loses his job john s fear of unemployment is now higher than it was since he sees not only his colleague jack get laid off but also dire unemployment figures in the news now fearful john works harder to keep his job than he did when the economy was good and by so doing makes up for the productivity lost by jack s layoff to management who measures only total productivity and not per worker productivity it looks like jack was a zero marginal productivity worker as the economy rebounds they re under no pressure to rehire jack so unemployment stays high i d be interested in any reactions to this theory and in finding out how one would formally describe it in economic terms posted by charlie at 8 44 am 0 comments saturday june 19 2010 nnt on engineers mathematicians and economists the black swan author nassim taleb makes so secret of his disdain for economics and most economists engineers can compute but not define mathematicians can define but not compute economists can neither compute nor define fri jun 18 11 50 04 via ubertwitter nassim n taleb nntaleb since i have a computer science degree with a math minor and am working on an economics degree apparently i m in the process of wiping out my abilities to compute and define ha posted by charlie at 11 55 am 0 comments monday june 7 2010 so i actually earned that a after all last week i sent this email to dr watson regarding my eco 420k grade dr watson i m happy and relieved to see on the registrar s site that i received an a in your 420k class but i have to say i m a little surprised too i wasn t at all sure i had done well on the final exam i don t see a grade for it on blackboard can you tell me how i did thanks charlie this morning he responded charlie on the final exam you scored 73 5 out of 90 compared with a class average of 44 that is an excellent score and it was in fact the second highest score in a class of 48 students congratulations on your overall performance which was well deserving of your a thanks for your participation in the class and best of luck with your future studies randal watson whew posted by charlie at 1 29 pm 0 comments monday may 24 2010 blackboard for ipad ut uses an online system called blackboard that lets instructors post assignments grades course documents etc blackboard now has an ipad app cool posted by charlie at 3 05 pm friday may 21 2010 420k grade i ll be collecting my thoughts about this course and posting them later but for now i ll just say i m glad it s over and that i did well posted by charlie at 9 50 am 0 comments sunday april 25 2010 just registered for the fall semester i had planned on taking statistics next semester but after micro theory i need something more interesting to keep me engaged so instead of 329 i registered for dr miravete s 351k current issues in business economics here s a syllabus pdf from the last time he taught this class i m really looking forward to it plus after three classes in a row in the detestable utc building waggener hall will be a welcome change posted by charlie at 9 57 am 0 comments older posts home subscribe to posts atom about me charlie austin texas united states hi i m charlie wood i m the founder and former ceo of spanning acquired by emc a married father of two a native texan and austinite and the oldest guy in most of my classes at ut where i m adding an economics major to my computer science degree for more about my re entry into academic life read this blog s inaugural post view my complete profile search this blog subscribe to posts atom posts all comments atom all comments econ blogs i read marginal revolution 1 hour ago robert reich 1 year ago david friedman s ideas 2 years ago the baseline scenario 3 years ago predictably irrational 4 years ag...
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