Our future

Here's an interesting article about Larry Summers and Tim Geithner, two possible choices for New York Federal Reserve president. It's a pretty interesting look at the two gentlemen. A WSJ blog gives more information.

Greg Mankiw writes a memo to President-elect Barak Obama. Hopefully Obama listens to Kling (and many others) on the auto industry.

Some advice for those seeking jobs in academia.

Prof Glaeser says that we need better teachers to improve our education system. I think there's much more to the issue. Also, Prof Glaeser doesn't say how we should attract better teachers--some data, for example, shows that better teachers often work at private schools, where they get lower pay. So, if pay isn't a good enough incentive, how do we attract teachers? Either much larger pay, or we should take a look at the incentives of teachers. My bet is that teachers are concerned with their work environment, their freedom in the classroom, and job security. The government has done a number of things to dissuade teachers from staying in their field. (h/t Thoma)

Still on education, Charles Murray argues that we should get rid of four-year BAs.

For those that follow oil prices and the industry, Mike Shedlock provides a wealth of information. Personally, I thought it was hilarious that Venezuelan president Hugo Chavez "predicted" $100/barrel oil, with no qualifiers. Firstly, price tends to increase in all goods--we call this inflation, and it's especially true in prices tied to the dollar--so with no time qualifier, Chavez's "prediction" is basically self-evident. Secondly, not even Chavez could "predict" how oil would skyrocket (proving him right, by technicality), then plummet again (making him still sound ridiculous).

Lastly, in a paper about the ancient history of economics, Gavin Kennedy talks about the origins or bargaining. Now that's economic history!