Author: Arnav

Myths about Derivatives

Although my students already know that some of these are myths, it does not hurt to be reminded of them every once in a while. Here is a sampling of the first myth, that includes the story of Thales, one…

Open University: Robert Shiller

Students, here is the link as promised: http://oyc.yale.edu/economics/financial-markets Here is the description of the course: Financial institutions are a pillar of civilized society, supporting people in their productive ventures and managing the economic risks they take on. The workings of these…

Aside

Via The Big Picture:

“There is a cult of ignorance in the United States, and there always has been. The strain of anti-intellectualism has been a constant thread winding its way through our political and cultural life, nurtured by the false notion that democracy means that “my ignorance is just as good as your knowledge.” -Isaac Asimov in Newsweek (January, 1980)

Over thirty years later and nothing has changed. *Sigh*.

 

 

The CBO on the Budget Deficit

The federal government’s fiscal year 2011 has come to a close, and CBO estimates, in its latest Monthly Budget Review that the federal budget deficit for the year was about $1.30 trillion, approximately the same dollar amount as the shortfall…

In Memoriam

Sad, sad news. It came too soon – as it usually does. He inspired, he innovated and he created. A marketing genius, Steve will be truly missed. When I was 17, I read a quote that went something like: “If…

Aside

From Steve Randy Waldmann at interfluidity:

I no longer trust my own government to be the provider of a civilized society. No government is perfect or without corruptions. But in 2007, I thought I lived in a remarkably well-governed nation that had gone off-kilter under a small and mean administration. In 2011, I view my government as the sharp edge of an entrenched kleptocracy, engaged in ever more expansive schemes of surveillance and arrogating powers of ever less restrained brutality. At a visceral level, I dislike President Obama more than I have disliked any politician in my lifetime, not because he is objectively worse than most of the others — he is not — but because he disproved my hypothesis that we are a country with basically good institutions brought low by poor quality leadership. Whenever I hear the President speak and am impressed by the quality of his intellect, by his instinct towards diplomacy and finding common ground and rising above petty struggles, I despair more deeply. Not just because a leader of high quality failed to restore passably clean and beneficient government. It is worse than that. The kleptocracy has harnassed this man’s most admirable qualities and made them a powerful weapon for its own ends. He has rebranded as “moderate”, “adult”, “reasonable”, practices such as unaccountable assassination lists and Orwellian nonhostilities. He has demostrated that the way grown-ups get things done in Washington is by continually paying off thieves in suits. Perhaps it is unfair to blame Barack Obama for all this. Maybe he has done the very best a person could do under our present institutions. But then it is not unfair to detest the institutions, to wish to see them clipped, contained, or starved. [link]

Lunatics Might Topple Ivory Tower

(Ignore the title for a second — it will make sense at the end of the post.) Online education is still not accepted as a legitimate source of education. As a (self-proclaimed) tech-savvy educator, this is a puzzle to me.…