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hey should you should more to come promise posted by charlie at 6 08 am 0 comments monday january 29 2018 payoffs tastes and preferences it looks like i managed to write exactly one blog post last semester huh let s try to improve upon that last semester ended up much as it started with my macro theory class a total disappointment and my statistics class an interesting if a bit dry intellectual challenge hopefully this semester will be a bit more satisfying this time around i m taking eco 354k game theory with dale stahl and eco 341k econometrics with stephen trejo econometrics has a reputation as a fairly easy class especially when compared to the 329 stats class i took last semester so far that seems to be true but we re only a couple of weeks in so the jury is still out game theory on the other hand has a reputation as a difficult course a fact dr stahl mentioned in the first class meeting but so far the only challenging aspects have been understanding what the professor is trying to convey in his lectures he sometimes rambles and gets tangled up in explanations and what he s trying to elicit in his homework assignments they re sometimes imprecise and ambiguous i find this worrisome in fact i ve considered dropping the course altogether after all i m doing this not for the degree but to satisfy my own intellectual curiosity right actually i m not completely convinced of my own motivations understanding one s own tastes and preferences is one of the most difficult things we as consumers do i think when i decided to go back to school it was simply because i was interested in economics and wanted to be taught and graded instead of having to create my own curriculum and discipline myself to follow it but now i m near the end after this semester and one more course i ll be able to say i have degrees in computer science and economics which appeals to me actually i ll still have one degree but with a double major whatever so unless something changes between now and 5pm wednesday the deadline to drop a class i ll stick with the game theory class suboptimal though it may be update i dropped it upon reflection i didn t have confidence in the professor or his ability to deliver what i paid for if there s one thing i learned from running a startup it s to fire fast posted by charlie at 11 42 am 0 comments wednesday october 11 2017 variance i ve reversed my earlier decision to move this blog to medium and will instead keep it here at blogger no school like the old school c ok so where was i oh yeah i said i was going back to school to finish up my econ degree and that i would start blogging about it again well here we are almost half way through the semester and i haven t blogged a bit time to fix that the semester so far has been a bit of a mixed bag i m really enjoying my economic statistics class the professor who has been teaching this course at ut for over 20 years is an excellent teacher the course is carefully designed and includes a good mix of lectures reading homework assignments quizzes in class exercises and exams and the subject matter is challenging without being overwhelming we just got our first midterm exam scores and i m happy and relieved to report that i scored 101 7 that exam only counts for 15 of the overall grade in the class so i certainly can t coast but i m feeling good about it my macro theory class is proving to be a different story the professor is a newly minted ph d and while he has mastered the material he hasn t yet mastered the art of teaching lectures consist of his presenting prepared slides occasionally going off on some arcane mathematical proof and not much else there isn t much time for discussion which is a shame given how interesting and consequential the material is there are no graded homework assignments no papers no quizzes and no textbook i feel like i haven t learned much so far which makes the midterm coming up next week rather daunting yesterday the professor posted a sample midterm giving the first concrete idea of what next week s exam will look like if i were to take the sample exam without any further preparation i estimate my grade would be in the 20 s so lots of studying to do before next tuesday to prepare i ll study the lecture slides and accompanying notes re read the corresponding sections in a widely used intermediate macro textbook and make sure my answers to the provided practice problems somewhat match the given solutions i ll do what it takes to perform well on the test but i m left with the feeling i could have gotten just as much from reading a textbook as i will from taking this course overall i m satisfied with my decision to go back to school but i m reminded that the value of the experience is largely dependent on the quality of the professors which can be uneven posted by charlie at 9 53 am 0 comments saturday june 3 2017 the next new thing in economics i come from the technology world which regularly reinvents itself 30 years ago the personal computer dominated the industry 20 years ago it was the internet ten years ago the iphone was announced which would ultimately become the world s first trillion dollar product today the tech world has moved on to machine learning virtual reality and drones i wonder if the same is true in economics does the world economy change so dramatically as to change the focus of the field of economics or is it all just 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 ne...
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