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books these days my team and i also turn them into websites and ebooks to do it well we draw on 500 years of book making craft and very rarely we get to try to add something to that craft the core project specifically the production of their textbook the economy has enabled us to do really exciting perhaps pioneering book making work for over fifteen years book makers like me have been pulled in two directions you re a print person or you re a digital person this is largely a practical matter the skills and tools for each have been completely different which meant the workflows for creating each format were completely different as were their distribution channels the practical matter of skills has framed the evolution of publishing as print vs digital when of course the conversation should be about print and digital not just because we re stuck with a multiformat world whether we like it or not but because print and digital formats are symbiotic in ambitious book projects especially where we want a book to have a social impact neither can be successful without the other print books generate instant credibility they carry a sense of permanence and authority that digital formats cannot muster but print does not scale and it s locked into a funding model where the end user pays for every copy digital formats and websites in particular are the opposite web publications struggle to muster the authority of a printed book but they scale instantly and allow for a range of funding models books as websites can be public goods in a way that printed books cannot especially for the poor so when a book needs to make an impact it simply must be in print and digital formats it cannot have impact without the authority of print and it cannot have impact without the scale of the web for most book makers like me who make print and digital publications this has meant creating two versions the print edition and the digital edition the print edition is usually the master and the digital version a laborious post production conversion this is an expensive process often done by teams of glorified copy pasters and since most books need to be corrected and updated after a short time everything must be done twice and version control between the formats is error prone clearly the holy grail for book production workflows is to produce all formats from one source simultaneously many teams have tackled this challenge big incumbents like adobe have tried valiantly to extend their print production tools to produce ready to use digital formats but their roots in page design are too deep to make this simple or scalable and given the nature of the web and the high costs of developing software digital workflows based on proprietary software don t spread or become standards for print and digital book production to grow we need open source tools that produce high end print ready files and sensible websites with the core project we are right at the frontier and the production quality has to be seen to believed the book loads almost instantaneously in a browser and renders beautifully on a mobile device and it contains features that make the use of supplementary slides unnecessary take a look for instance at figure 1 2 you ll notice six slides in the sidebar click through each of these in turn you ll see global inequality along three dimensions within and between countries and across time watch the movement of the entire income distribution in china from 1980 to the present day as it leapfrogs one set of countries after another there s no need for ancillary resources just project the book itself on a screen and talk through it as arthur says we are at the frontier finally there s the innovation in outreach in building a community of adopters and getting graduate students excited about teaching again last month we launched core usa with a workshop involving about twenty graduate students and thirty faculty funded by a generous grant from the teagle foundation this is the first of several such workshops one of the primary goals of which is to identify graduate students with strong potential in both teaching and scholarship and provide them with exposure to the our materials and community these students will be designated core teagle fellows which we hope will provide a strong positive signal as they enter the academic job market in a year or two if you re hiring look out for these pioneers and if you re a graduate student consider applying for next year s workshop and if you d like to support this initiative just buy the print version of the economy you ll enjoy it and a small portion of the proceeds will flow to the non profit that produced it there s some serious disruption going on in economics pedagogy and textbook publishing right now and it s exciting to be in the thick of things posted by rajiv at 9 03 2017 03 05 00 am 3 comments email this blogthis share to x share to facebook share to pinterest tuesday march 07 2017 the teaching of economics in 2013 with funding from the institute for new economic thinking university college london friends provident foundation azim premji university bangalore and sciences po paris a group of concerned economists created core the curriculum open access resources for economics wendy carlin from university college london led the initiative and i was fortunate enough to have been involved from the outset the group soon grew to encompass a couple of dozen members from a broad range of countries including france chile colombia turkey and india core s vision is that economics should be an inquiry into the fundamental problems facing humanity today and the ways that economic reasoning can address them not just a training in abstract problem solving we sought to directly address the problem of a lack of good teaching resources consistent with this vision and the attendant issues including limited incentives for faculty and their teaching teams to make use of what is available since its launch core has successfully begun to produce high quality resources for the teaching of economics through this global collaboration of scholars and to distribute these resources free of charge worldwide under a creative commons license our e book the economy currently in beta is being taught as the required introductory course at university college london ucl the toulouse school of economics humboldt university berlin and other top economics departments in europe it is also being taught at the lahore university of management sciences azim premji university bangalore the university of sydney and universidad de los andes bogota more than 2 300 verified instructors have been cleared for access to core s full range of supplementary teaching materials and over thirty thousand students spread across 78 different countries have registered for access to the e book as part of its strategy to improve the teaching of economics core is now seeking to expand its outreach and impact in the united states it will do so in collaboration with barnard college which has just received a major award from the teagle foundation for exactly this purpose my department colleagues homa zarghamee and belinda archibong will join me in directing this effort at the heart of the initiative is a series of workshops involving faculty and graduate students who will be selected through a competitive application process and provided with stipends and partial reimbursement of travel costs these workshops will be designed to bring together instructors who already have experience with implementing core and a larger group of potential adopters the first workshop will be held at barnard on august 17 19 2017 we will post a call for applications soon and are currently in the process of hiring a project manager among our goals is the creation of a cadre of confident networked new phds excited about making teaching a fulfilling and central part of their career in economics graduate students who complete a workshop will be certified as core teagle fellows a designation that we hope will become a credible signal of commitment to quality teaching among employers especially liberal arts colleges and public policy schools we would also like this to be a signal of scholarship potential and will accordingly screen applicants for exceptional promise in both research and teaching over the longer term we also want to identify a set of institutional partners with shared goals for the improvement of economics education and a commitment to the development and use of high quality open access instructional content to further these goals we will launch the core consortium a membership program for institutions willing to enter into a long term multi year commitment to support faculty and graduate students using core and host workshops on a rotating basis by the end of the 36 month period covered by the teagle grant we hope to have at least half a dozen institutions on board as members as well as a leadership team and an administrative structure we are enormously grateful to the teagle foundation for funding this exciting new initiative further updates will follow once a project manager is in place posted by rajiv at 3 07 2017 03 02 00 pm 1 comment email this blogthis share to x share to facebook share to pinterest wednesday march 01 2017 reigns of error the death of kenneth arrow has led lots of people to swap stories about their interactions with him larry blume has posted several of these on facebook including the following response to my own contribution quoted with permission this story is not at all surprising ken read everything i think i mentioned elsewhere that my last conversation with ken this past june concerned the theory of moral sentiments he and amartya sen were taking turns quoting from it from memory i could recognize the quotes but not respond in kind once in a conversation about nash equilibrium and rational expectations ken wondered if i had read merton on expectations not robert jr https www jstor org stable 4609267 he also had a good stock of shakespeare to call on the link is to a 1948 paper by the great sociologist robert k merton father of the nobel winning economist reading anything at all by merton is an excellent use of one s time so i went through this paper it s extraordinary not only does merton provide a very clear account of equilibrium beliefs but goes on to point out that even when these beliefs are correct in a narrow sense they can hold in place an incorrect understanding of the social world to translate this into the contemporary language of economics merton points out that the play of equilibrium strategies can go hand in hand with a deeply erroneous understanding of the game merton begins with an account of a depression era bank run that perfectly captures the multiple equilibrium logic he has in mind it is the year 1932 the last national bank is a flourishing institution a large part of its resources is liquid without being watered cartwright millingville has ample reason to be proud of the banking institution over which he presides until black wednesday as he enters his bank he notices that business is unusually brisk a little odd that since the men at the a m o k steel plant and the k o m a mattress factory are not usually paid until saturday yet here are two dozen men obviously from the factories queued up in front of the tellers cages as he turns into his private office the president muses rather compassionately hope they haven t been laid off in midweek they should be in the shop at this hour but speculations of this sort have never made for a thriving bank and millingville turns to the pile of documents upon his desk his precise signature is affixed to fewer than a score of papers when he is disturbed by the absence of something familiar and the intrusion of something alien the low discreet hum of bank business has given way to a strange and annoying stridency of many voices a situation has been defined as real and that is the beginning of what ends as black wednesday the last wednesday it might be noted of the last national bank you can see why arrow saw in this a precursor to the concept of nash equilibrium the existence of which would be established just two years later there are also echoes here of the diamond and dybvig model of bank runs in which the multiple equilibrium nature of the problem finds formal expression but merton doesn t stop there he considers how the people expressing the described behavior interpret the situation they are in and here he observes an important disparity between the manner in which the situation is viewed by the the participants themselves as compared with its interpretation from the analytical viewpoint of the social scientist the self fulfilling prophecy is in the beginning a false definition of the situation evoking a new behavior which makes the originally false conception come true the specious validity of the self fulfilling prophecy perpetuates a reign of error for the prophet will cite the actual course of events as proof that he was right from the very beginning yet we know that millingville s bank was solvent that it would have survived for many years had not the misleading rumor created the very conditions of its own fulfillment such are the perversities of social logic so beliefs are correct in one sense but at sharp variance with reality in another such reigns of error are not something we economists pay much attention to with one very notable exception in his book the anatomy of racial inequality glenn loury discusses the manner in which negative stereotypes about a group can become self fulfilling through the incentive effects that the stereotypes themselves create this is the phenomenon of statistical discrimination introduced into the economics literature by none other than kenneth arrow like merton however loury is not content to simply identify the kinds of behaviors consistent with equilibrium beliefs he wants to know how people with these beliefs will interpret the behaviors and here he deploys the idea of biased social cognition which can give rise to essentialist causal misattributions that is behavior arising in equilibrium through the operation of incentives can be interpreted by casual observers as being a consequence of deep differences in character and this has enormous consequences since biased social cognitions can cause some situations to appear anomalous disquieting contrary to expectation worthy of further investigation inconsistent with the natural order of things while other situations appear normal about right in keeping with what one might expect consistent with the social world as we know it loury has argued elsewhere that the level of mass incarceration currently prevailing in the united states could not possibly be sustained were it not for its racial character as long as essentialist interpretations of incentive driven actions continue to be widespread such high levels of confin...