Politics and Academia

How many academics would be employable in the real world? :)

Outside of empirical science (to which economics does not belong), there is too much research being done on marginal topics. In the financial economics field, with which I have some familiarity, how many papers does one come across that is a 30 page writeup detailing a minor permutation to some mathematical model? If the tenure system incented professors to teach rather than write papers for one another to read the system could add more value.

First, any "hot" topic in academia gets beaten to death. This applies to both theoretical and empirical work (think event studies in Finance). This is inevitable when, as Arnold points out, the game is impressing your peers. In particular, junior faculty have a HUGE incentive to pursue safe paths to tenure and, sadly, by the time they receive tenure this mindset is usually cemented.

Second, Lakoff's claim to personal sacrifice is as absurd as the notion that he is contributing to the public good by indoctrinating impressionable students. There are dozens of newly-minted Ph.D.s that would gladly accept the mantle of his “sacrifice.” A real sacrifice would be to give up his tenured position. I’m sure his training and talent would more than qualify him for a job as a Walmart greeter.

I am an academic and I find Lakoff's statements to be absurd. Success in the business world typically requires an ability to understand the "Big Picture." Success in academia more frequently requires an ability to dissect the small incremental issues. Very different skills.

I think that Lakoff's article is best viewed as an example of someone trying to reduce cognitive dissonance.

Yes. It found it's limitation with Lucas, while Chamley borders on the idiotic. Rational expectations operate only within the environment of Peoples' expectation of the time span under which they will realize their defined goals. People perceiving their Income is increasing slower than their Expenses will decrease their consumption--Tax Cuts or not. This is the expectation is will take longer to reach their personal goals.

Both Tax and Fiscal policy work poorly as economic stimulus. I believe that a semi-permanent Tax rate with a potential spot Surtax for Emergencies works better than shifting Tax rates. I also think a permanent Overnight Interest rate of 4.25% without any adjustments allow all Participants in the Economy to adjust their economic performance to account for financial Service charges. The final note of necessity is to maintain a stable Currency. lgl

LGL == why 4.25%

Down with the universities! They get all kinds of implicit subsidies from student loans! They adopt their own Robin Hood policies, charging different people different amounts based on their income, trying to give the poor a leg up. The effect is to screw the middle class.

I think the government should drastically cut back on any kind of funding that subsidizes elite schools like Harvard. No subsidies to elites. We should also outlaw price discrimination, i.e. "financial aid." And we should enact academic bills of rights that prevent anti-conservative discrimation in academia. Make the tenured radicals do honest work for a living.

Escracez l'infame.

(Disclaimer: I'm a student-debt slave. I have an axe with Harvard's name on it.)