8
votes
Significance of circular flow diagram?
As you pointed out the diagram is used to illustrate that Production (or more appropriately output) = Income. In this case it equates it to consumption but that is not generally true of all circular ...
- 54.5k
8
votes
Learning post-keynesian and marxist economics
.. what explains the lack of pluralism in the current academic landscape?
A) This is mostly due to empirical revolution in economics.
In the past economics used to have a lot of schools of thought (e....
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5
votes
Accepted
Teaching changes in "demand" v. "quantity demanded"
I think the terminology below is pretty unambiguous and also common:
a shift in the demand curve
to refer to movements from $D$ to $\tilde D$ (using shift is quite more specific than using ...
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5
votes
Current status and trends in the choice of software for teaching econometrics
In 2008 the American Economic Association (AEA) created a reproducible research requirement about posting the code and the data for their papers. According to analysis done by the AEA Data Editor ...
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5
votes
Significance of circular flow diagram?
My field of interest is the government bond markets. Based on a couple of decades of experience, I would argue that it is safe to say that people do not intuitively grasp the circular flow of income ...
- 9,852
5
votes
Accepted
Are simultaneous equation models out of fashion? Why?
I think this is already answered in the paper itself and in addition I think this is due to the way how they define 'simultaneous equations' topics.
First as authors of that paper opine:
This ...
- 54.5k
4
votes
Current status and trends in the choice of software for teaching econometrics
At McMaster University in Canada (#4 in Canada for research and #98 worldwide) both undergraduate and graduate (MA and above) economics programs utilize STATA for econometrics for its ease of use (...
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3
votes
Accepted
Articles on the definition of causality in Economics
As 1muflon1 said, the concept of causality in economics is intertwined with the concept of causality in other sciences, in particular statistic and econometrics, and the concept of probabilistic ...
- 3,372
3
votes
Accepted
Tax revenue formula maximization- whats the name of this formula?
This seems to be just a spin on Ramsey's rule. By Ramsey's rule (derived through Lagrangian method assuming zero cross-elasticities) the optimal tax for a market where supply is not explicitly ...
- 54.5k
3
votes
Current status and trends in the choice of software for teaching econometrics
In my experience in Ecomomics I would say Stata and Matlab. Stata is widely used at the undergrad level and for microeconometrics, while Matlab is introduced more at the postgrad level for general ...
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2
votes
Is there really an "efficient equilibrium *price*" with externalities?
The blue lines are labelled as being costs, not prices. The line labelled "Private Cost" represents quantity supplied for a particular cost to the consumer. The line labelled "Social Cost" represents ...
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2
votes
Economics of Health Textbook Recommendation
The two main textbooks in any Health Economics class are: Michael F. Drummond - Methods for The Economic Evaluation of Health Care Programmes and Andrew Briggs - Decision Modelling for Health Economic ...
- 21
2
votes
Significance of circular flow diagram?
This diagram actually communicates simply what economists do when thinking about General Equilibrium Theory. Though The image dosen't embody all details of whats going on the picture is captured.
To ...
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1
vote
Textbooks for Teaching Intro Micro (Principles): What are the tradeoffs?
FWIW I looked at a number of books and decided on Stevenson and Wolfers (by MacMillan). Big selling points to me were that the book covers a lot of more "modern" topics (like social ...
1
vote
Textbooks for Teaching Intro Micro (Principles): What are the tradeoffs?
I can't really give you an answer because I am currently teaching AP with on the Barron's Review book, but I can say that having epub versions of your textbook really helps when making presentations. ...
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1
vote
Applied financial econometrics textbook
Laopodis "Financial Economics and Econometrics" (1st edition, 2021) by Routledge seems relevant. It has plenty of chapters on application/implementation of financial theories, hypotheses and ...
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1
vote
Applied financial econometrics textbook
You can have look at:
Brooks Introductory Econometrics for Finance <- good introduction to this subject.
Lee & Lee Handbook of Financial Econometrics and Statistics <- more advanced ...
- 2,681
1
vote
Why is the IS-LM model taught?
my question is rather simple but I would like to know why the IS-LM model is still taught in from my experience most undergrad economics classes?
Yes, it is still being taught and it is actually ...
- 54.5k
1
vote
Illustrating difficulty to find dominant strategies: series of simple one-shot two-players games
Start with the following matrix.
$$ \begin{matrix}1 && 0 && 0\\
1 && 1 && 0\\
1 && 1 && 1 \end{matrix}$$
You will choose a $1$ in the matrix and ...
- 356
1
vote
Is there really an "efficient equilibrium *price*" with externalities?
The efficient price corresponds to the one which would lead to a Pareto Efficient Allocation.
Without market failures, this price is coming from your equilibrium between the supply and the demand.
...
- 98
1
vote
Accepted
Teaching: from Microeconomics to Open-economy macro
This is for Micro, entirely based on my own opinion and experience.
Syllabus:
The most useful topics would be those on production and cost and perfect competition. I see no point of talking about ...
- 721
1
vote
Accepted
Do Hong Kong highschool teachers earn more than Hong Kong quants?
As you said it doesn’t make sense to compare entry level finance jobs with non-entry level normal jobs. Salary increase in finance is usually quite large - also many have bonus schemes, which many ...
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