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	<title>Comments on: Reasoning Economically</title>
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	<link>http://www.deeshaa.org/2005/09/25/reasoning-economically/</link>
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		<title>By: Atanu Dey on India&#8217;s Development  &#187; How to study economics</title>
		<link>http://www.deeshaa.org/2005/09/25/reasoning-economically/comment-page-1/#comment-110250</link>
		<dc:creator>Atanu Dey on India&#8217;s Development  &#187; How to study economics</dc:creator>
		<pubDate>Sat, 20 Oct 2007 08:36:54 +0000</pubDate>
		<guid isPermaLink="false">http://www.deeshaa.org/2005/09/25/reasoning-economically/#comment-110250</guid>
		<description>[...] ad a little, think a lot, and as far as possible avoid doing much at all.   	Related post: Reasoning Economically.      Stumble it!          	 	        	 	7 Com [...]</description>
		<content:encoded><![CDATA[<p>[...] ad a little, think a lot, and as far as possible avoid doing much at all.   	Related post: Reasoning Economically.  </p>
<p>  Stumble it!     </p>
<p> 	7 Com [...]</p>
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		<title>By: Dr J Holdsworth</title>
		<link>http://www.deeshaa.org/2005/09/25/reasoning-economically/comment-page-1/#comment-72778</link>
		<dc:creator>Dr J Holdsworth</dc:creator>
		<pubDate>Sun, 21 Jan 2007 03:40:47 +0000</pubDate>
		<guid isPermaLink="false">http://www.deeshaa.org/2005/09/25/reasoning-economically/#comment-72778</guid>
		<description>An excellent insight into the world of economists that any prospective student should be privvy to.</description>
		<content:encoded><![CDATA[<p>An excellent insight into the world of economists that any prospective student should be privvy to.</p>
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		<title>By: Tom von Alten</title>
		<link>http://www.deeshaa.org/2005/09/25/reasoning-economically/comment-page-1/#comment-3974</link>
		<dc:creator>Tom von Alten</dc:creator>
		<pubDate>Sat, 22 Oct 2005 04:07:02 +0000</pubDate>
		<guid isPermaLink="false">http://www.deeshaa.org/2005/09/25/reasoning-economically/#comment-3974</guid>
		<description>&lt;blockquote&gt;&lt;i&gt;Economics has an explanation of pretty much any social phenomena. Once you know to how to reason economically, it all becomes obvious.&lt;/i&gt;&lt;/blockquote&gt;

This works for substituting &quot;religion,&quot; &quot;political science&quot; and no doubt many other fields of study in place of &quot;economics.&quot;  We have no shortage of explanations.  

Marvin Harris&#039; book, &quot;Cows, Pigs, Wars, and Witches : The Riddles of Culture&quot; does a nice job of weaving a few of our &#039;ologies&#039; together.  That was from Anthropology 101 in my case.</description>
		<content:encoded><![CDATA[<blockquote><p><i>Economics has an explanation of pretty much any social phenomena. Once you know to how to reason economically, it all becomes obvious.</i></p></blockquote>
<p>This works for substituting &#8220;religion,&#8221; &#8220;political science&#8221; and no doubt many other fields of study in place of &#8220;economics.&#8221;  We have no shortage of explanations.  </p>
<p>Marvin Harris&#8217; book, &#8220;Cows, Pigs, Wars, and Witches : The Riddles of Culture&#8221; does a nice job of weaving a few of our &#8216;ologies&#8217; together.  That was from Anthropology 101 in my case.</p>
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		<title>By: salil wagh</title>
		<link>http://www.deeshaa.org/2005/09/25/reasoning-economically/comment-page-1/#comment-3820</link>
		<dc:creator>salil wagh</dc:creator>
		<pubDate>Thu, 06 Oct 2005 10:46:35 +0000</pubDate>
		<guid isPermaLink="false">http://www.deeshaa.org/2005/09/25/reasoning-economically/#comment-3820</guid>
		<description>although i am suppose to say about ur article here, I found ramblings by Krishnan more interesting. Its high that we as practitioners of sciences start understanding the basic tenets of our professions.
Salil</description>
		<content:encoded><![CDATA[<p>although i am suppose to say about ur article here, I found ramblings by Krishnan more interesting. Its high that we as practitioners of sciences start understanding the basic tenets of our professions.<br />
Salil</p>
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		<title>By: dartmouth</title>
		<link>http://www.deeshaa.org/2005/09/25/reasoning-economically/comment-page-1/#comment-3728</link>
		<dc:creator>dartmouth</dc:creator>
		<pubDate>Thu, 29 Sep 2005 23:03:32 +0000</pubDate>
		<guid isPermaLink="false">http://www.deeshaa.org/2005/09/25/reasoning-economically/#comment-3728</guid>
		<description>great great articles. im currently a undergrad in economics and came about this website searching google. Please continue with the economic bloggings. =)</description>
		<content:encoded><![CDATA[<p>great great articles. im currently a undergrad in economics and came about this website searching google. Please continue with the economic bloggings. =)</p>
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		<title>By: Krishnan</title>
		<link>http://www.deeshaa.org/2005/09/25/reasoning-economically/comment-page-1/#comment-3705</link>
		<dc:creator>Krishnan</dc:creator>
		<pubDate>Mon, 26 Sep 2005 17:59:05 +0000</pubDate>
		<guid isPermaLink="false">http://www.deeshaa.org/2005/09/25/reasoning-economically/#comment-3705</guid>
		<description>&lt;code&gt;
I&#039;m reminded of an SVSekar comedy where a garage mechanic comes to see a doctor. Suddenly the doctor gets an urgent phonecall. The doctor tells the mechanic - &quot;just sit in my chair &amp; watch my clinic, I&#039;ll be back real soon&quot;. The mechanic blurts out &quot;But what is it that doctors do ?&quot;. But the doctor rushes out of the clinic, &amp; the dumbfounded mechanic sits down gingerly on the doctor&#039;s chair.

In a while, a patient comes in &amp; says, &quot;Doctor, my joints are aching&quot;.
The &quot;doctor&quot;-mechanic thoughtfully replies, &quot;Why don&#039;t you drink a can of motor oil ?&quot;

Jokes aside, this article is mostly preaching to the converted. Obviously economists will be delighted to know that they &quot;do economics&quot;, just as schoolteachers &quot;mould the character of the next generation&quot;, or lawyers &quot;seek justice&quot;, or doctors &quot;cure disease&quot;. These lofty goals obscure the actual specifics &amp; clarify nothing.

I&#039;m reminded of that priceless scene in Roja where the villagers ask the groom what he does, &amp; he says he is a cryptographer. 

But what is it you do? they persist. 

Suddenly one bright villager, obviously confusing cryptography with photography because they sound phonetically alike, declares &quot;the groom takes pictures!&quot;, &amp; the villagers are appeased. Atleast the groom is gainfully employed!

Over a decade ago, our Professor got up &amp; welcomed us, &quot;the future electronic engineers of India&quot;, to the engg school.
afaik, not a single one of my classmates is doing anything today remotely related to electron or engineering. though all of them without exception declared themselves &quot;electronics engineer&quot; on their wedding invitation!
the majority of them work in software outfits. some went to B-school &amp; serve as middle managers. and so on...

again, no doctor ever cures disease. the drugs that do so are cooked in big pharma by chemists &amp; molecular biologists &amp; the like. the doctor simply asks you if you have health insurance. if you don&#039;t, he politely turns you away. if you do, he will put you on a drug regimen that he&#039;s been trained to do so in med school, and hope that your insurance covers the cost of said drugs.
the schoolteacher is an overworked underpaid employee of the schoolsystem who makes sure kids absorb the texts in the syllabus well enough to not flunk out of the state boards. and we can all safely conclude that lawyers are sharks who have nothing to do with justice and everything to do with billing you $250 by the hour.

Wittgenstein declared himself a philosopher, but pottered around in gardens to make ends meet. Another favorite philosopher Thoreau measured the lengths and widths of farms for a living. The DOL informs me that most mathematicinans work in the insurance business as actuaries...

&quot;observing people&#039;s behavior&quot; is all fine, but i would doubt if that is a monetizable activity. most economists i know either teach economics/finance/B-school subject in some univ setting, or work for some financial outfit or investment bank or somesuch, where they go by the term &quot;quant&quot;, &amp; put out reports predicting the GDP or some consumer confidence index for the next quarter, based on which the firm places bets on the market.

The economist John Kenneth Galbraith was taking a nap on a weekend, when he was put on a plane and taken away to a secret location, with strict instructions to his wife &amp; family to keep mum on his absence. At the scret location ie. Camp David, JKG found himself in the presence of a dozen economists who were also similarly escorted away on their weekend. President Nixon confronted the bunch &amp; said &quot;price of meat is going thru the roof. what should i do ?&quot;
obviously, beefprice is a function of cattle supply and cattlefeed supply, which had been heavily hit by a drought in the south of usa.
one could simply wait &amp; hope the supply demand curves of beef reach some equilibrium, but the situation was dire &amp; there was rioting in the public. Nixon hoped the economists would have an answer. JKG said &quot;price controls!&quot;. So Nixon instituted a prize-freeze on beef for 90 days. Public was elated, Nixon&#039;s rating soared &amp; all was well. 90 days later, the freeze was lifted. Economics prevailed, &amp; the price of beef exploded. Poor Nixon repeated the gimmick with his economists &amp; asked them &quot;what should i do now ?&quot; JKG wanted to say price-control again, but another economist pre-empted &quot;you can&#039;t step into the same river twice&quot;. Nixon shot back &quot;yes you can, if the river is frozen!&quot;

Now that&#039;s an example, albeit a lot moe dramatic, of what economists actually do...
&lt;/code&gt;


 
 






















</description>
		<content:encoded><![CDATA[<p><code><br />
I'm reminded of an SVSekar comedy where a garage mechanic comes to see a doctor. Suddenly the doctor gets an urgent phonecall. The doctor tells the mechanic - "just sit in my chair &amp; watch my clinic, I'll be back real soon". The mechanic blurts out "But what is it that doctors do ?". But the doctor rushes out of the clinic, &amp; the dumbfounded mechanic sits down gingerly on the doctor's chair.</p>
<p>In a while, a patient comes in &amp; says, "Doctor, my joints are aching".<br />
The "doctor"-mechanic thoughtfully replies, "Why don't you drink a can of motor oil ?"</p>
<p>Jokes aside, this article is mostly preaching to the converted. Obviously economists will be delighted to know that they "do economics", just as schoolteachers "mould the character of the next generation", or lawyers "seek justice", or doctors "cure disease". These lofty goals obscure the actual specifics &amp; clarify nothing.</p>
<p>I'm reminded of that priceless scene in Roja where the villagers ask the groom what he does, &amp; he says he is a cryptographer. </p>
<p>But what is it you do? they persist. </p>
<p>Suddenly one bright villager, obviously confusing cryptography with photography because they sound phonetically alike, declares "the groom takes pictures!", &amp; the villagers are appeased. Atleast the groom is gainfully employed!</p>
<p>Over a decade ago, our Professor got up &amp; welcomed us, "the future electronic engineers of India", to the engg school.<br />
afaik, not a single one of my classmates is doing anything today remotely related to electron or engineering. though all of them without exception declared themselves "electronics engineer" on their wedding invitation!<br />
the majority of them work in software outfits. some went to B-school &amp; serve as middle managers. and so on...</p>
<p>again, no doctor ever cures disease. the drugs that do so are cooked in big pharma by chemists &amp; molecular biologists &amp; the like. the doctor simply asks you if you have health insurance. if you don't, he politely turns you away. if you do, he will put you on a drug regimen that he's been trained to do so in med school, and hope that your insurance covers the cost of said drugs.<br />
the schoolteacher is an overworked underpaid employee of the schoolsystem who makes sure kids absorb the texts in the syllabus well enough to not flunk out of the state boards. and we can all safely conclude that lawyers are sharks who have nothing to do with justice and everything to do with billing you $250 by the hour.</p>
<p>Wittgenstein declared himself a philosopher, but pottered around in gardens to make ends meet. Another favorite philosopher Thoreau measured the lengths and widths of farms for a living. The DOL informs me that most mathematicinans work in the insurance business as actuaries...</p>
<p>"observing people's behavior" is all fine, but i would doubt if that is a monetizable activity. most economists i know either teach economics/finance/B-school subject in some univ setting, or work for some financial outfit or investment bank or somesuch, where they go by the term "quant", &amp; put out reports predicting the GDP or some consumer confidence index for the next quarter, based on which the firm places bets on the market.</p>
<p>The economist John Kenneth Galbraith was taking a nap on a weekend, when he was put on a plane and taken away to a secret location, with strict instructions to his wife &amp; family to keep mum on his absence. At the scret location ie. Camp David, JKG found himself in the presence of a dozen economists who were also similarly escorted away on their weekend. President Nixon confronted the bunch &amp; said "price of meat is going thru the roof. what should i do ?"<br />
obviously, beefprice is a function of cattle supply and cattlefeed supply, which had been heavily hit by a drought in the south of usa.<br />
one could simply wait &amp; hope the supply demand curves of beef reach some equilibrium, but the situation was dire &amp; there was rioting in the public. Nixon hoped the economists would have an answer. JKG said "price controls!". So Nixon instituted a prize-freeze on beef for 90 days. Public was elated, Nixon's rating soared &amp; all was well. 90 days later, the freeze was lifted. Economics prevailed, &amp; the price of beef exploded. Poor Nixon repeated the gimmick with his economists &amp; asked them "what should i do now ?" JKG wanted to say price-control again, but another economist pre-empted "you can't step into the same river twice". Nixon shot back "yes you can, if the river is frozen!"</p>
<p>Now that's an example, albeit a lot moe dramatic, of what economists actually do...<br />
</code></p>
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		<title>By: SJ</title>
		<link>http://www.deeshaa.org/2005/09/25/reasoning-economically/comment-page-1/#comment-3699</link>
		<dc:creator>SJ</dc:creator>
		<pubDate>Sun, 25 Sep 2005 17:30:10 +0000</pubDate>
		<guid isPermaLink="false">http://www.deeshaa.org/2005/09/25/reasoning-economically/#comment-3699</guid>
		<description>one of the finest article i hve ever come across. Pls continue...</description>
		<content:encoded><![CDATA[<p>one of the finest article i hve ever come across. Pls continue&#8230;</p>
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		<title>By: Stephen Stohs</title>
		<link>http://www.deeshaa.org/2005/09/25/reasoning-economically/comment-page-1/#comment-3698</link>
		<dc:creator>Stephen Stohs</dc:creator>
		<pubDate>Sun, 25 Sep 2005 16:01:02 +0000</pubDate>
		<guid isPermaLink="false">http://www.deeshaa.org/2005/09/25/reasoning-economically/#comment-3698</guid>
		<description>Hi Nu,

This is a very nice piece.  I liked it so much that I copied it and e-mailed it to myself.  I have two editorial suggestions:

1)  Suggested title:  &quot;What Economists Do&quot;

- This is the exact point of the piece

- It alludes to the title of one of my favorite books, &quot;What Evolution Is&quot;, by Ernst Mayr.

2)  The ending could be tightened up a bit.

If you are interested, I could help you figure out where to publish this in the economics journal literature, which would involve sharing it with some of the renowned economists on the UCSD faculty where I work.  I have nothing against blogs, but many economists who would appreciate this piece will never visit the blogosphere to read it.

Cheers,

Steve

P.S.  David Rose, who was my first mentor in economics, liked to rant about how economics was a discipline in which the average layman regards himself to be an expert, regardless of having never taken a course in the subject or having the slightest clue about what economics is or what economists do ...

I will send it to him as well if you give permission to do so.</description>
		<content:encoded><![CDATA[<p>Hi Nu,</p>
<p>This is a very nice piece.  I liked it so much that I copied it and e-mailed it to myself.  I have two editorial suggestions:</p>
<p>1)  Suggested title:  &#8220;What Economists Do&#8221;</p>
<p>- This is the exact point of the piece</p>
<p>- It alludes to the title of one of my favorite books, &#8220;What Evolution Is&#8221;, by Ernst Mayr.</p>
<p>2)  The ending could be tightened up a bit.</p>
<p>If you are interested, I could help you figure out where to publish this in the economics journal literature, which would involve sharing it with some of the renowned economists on the UCSD faculty where I work.  I have nothing against blogs, but many economists who would appreciate this piece will never visit the blogosphere to read it.</p>
<p>Cheers,</p>
<p>Steve</p>
<p>P.S.  David Rose, who was my first mentor in economics, liked to rant about how economics was a discipline in which the average layman regards himself to be an expert, regardless of having never taken a course in the subject or having the slightest clue about what economics is or what economists do &#8230;</p>
<p>I will send it to him as well if you give permission to do so.</p>
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