I love this as well. I'll show you shortly what my new Progress class students thought mattered most for "getting big new things done" this term, but incentives, liberty, agglomerations, and good organizations is not far off! 2/2

Important practical implication. Do you find CRRA, GHH, and/or KPR to be straight jackets in your applications? Use our function! Free complementarity ξ & income effect γ. Recover CRRA for ξ=0; GHH for γ=0 (KPR a bit more complicated, roughly limit γ->1) Natural name: GHH-CRRA...

Wow... NYC's congestion pricing has led to big drops in PM2.5 and improvements in local air quality.

Two sides to every coin.

Check out the updated version!

Another cool tidbit about this was in 1804, US total government revenue was only $11-12 million. We borrowed debt greater than our yearly income, and paid it back in full without any subsequent inflation! Our exorbitant privilege was not by chance, it was earned. Debt matters.

I've been asked: what do I think of @Kalshi & @Polymarket? These are still very early days. My vision, which I started to articulate ~1990, is of a world very different from both the world of then, and the world of today. A world where markets are accepted as offering more

Here's immigration: https://t.co/6UtizbNWO3

Kuhn-Tucker is Karush-Kuhn-Tucker … let it be known :)

Few people in the profession are more impressive than Darrell Duffie. If you work in finance or in macro with asset prices, chances are you’ve spent time with his textbook “Dynamic Asset Pricing Theory.” I learned much of what I know about the subject by working through the

God bless America!!! DK must actually be drunk with this price

This is not a good idea. Hiking an inefficient tax (tariffs) to pay for cutting an efficient tax (the payroll tax) would make us worse off.

Our mission to be The World’s Most Trusted Driver is more imperative than ever. Nearly 100M miles of data shows that Waymo’s are involved in 91% fewer serious-injury crashes than human drivers.

Lots of people assuming this is purposeful manipulation, and, yes, there are definitely cases of that (e.g., Varsity Blues), but the reality, from what I’ve seen, first among my peers and then as a teacher, is actually worse: these kids *actually* believe they are disabled! Yes,

“At Brown and Harvard, more than 20% of undergraduates are registered as disabled. At Amherst: more than 30 percent. At Stanford: nearly 40 percent”

In 2013, Markus K. Brunnermeier (@MarkusEconomist) invited me to give a guest lecture in his Princeton graduate course on two venerable topics: the Cambridge capital controversy and Austrian business cycle theory. I put together a set of slides for what I recall was a 75-minute

Woah!

Peter Robinson (@p_m_robinson), Fed Chair Jay Powell, @HooverInst Director @CondoleezzaRice, and former CEA Chair Michael Boskin on the legacy of George Shultz and economic policy

This assumes very little prerequisite knowledge. We need to start using this for teaching intermediate macroeconomics. Macro without microfoundations needs to be expelled from the field: the hand-waveyness of undergrad macro is why so many people get into heterodox macro.

Dynamic Programming by Thomas J Sargent and John Stachurski Provides a rigorous and unified presentation of recent advances in dynamic programming, along with code, algorithms, and many applications. 📚 https://t.co/5k26qTjsj5