Economics Profession Post "Inside Job"

"Should economists be required merely to disclose who finances their research, as many academic journals already require? Should they have to reveal which corporate clients they advise, consult for or give speeches to? Should they even be allowed to serve as corporate directors and officers, as many business and finance professors do?"

These questions come form a New York Times report that Economics Professional Organizations are considering the formulation of professional ethics. Students of economics who have viewed "Inside Job", What do you think?

More Occupied Wall Street

I found this link to the Occupied Wall Street Journal!

Creative folks at work! This is the future of the great democracy that is the USA! I read somehere someone had compared the people of OWS to Richard Florida's Creative Class. Whose book, Rise of the Creative Class,/theory I find fascinating.

Austerity versus stimulus

We can't have it both ways. I read an article titled "Time to Disband the Supercommittee" in the Nation online. It's time to admit that strict means for trimming the federal deficit will only cool the economy during a period of major unemployment. It is true that most Americans are more interested in jobs than budgets.

Occupy Wall Street

I am a 60's conservative who has morphed into a social (at least) liberal. Back in my college days a leader of the SDS (Students for a Democratic Society) accused me of being a fascist. Today I find myself enchanted by Occupy Wall Street.

I ask myself why. What has changed in my perspective (because I believe we are all the result of our experiences)? Well, my rose colored glasses are gone for one thing. As a woman of the 60's and 70's I found that when I left the security of my small state and my state university, I was no longer considered an equal or even a person of consequence. Life was not fair for everyone, especially uppity, smart women! First it was grad school and then corporate and political America which burst my bubble of security. Both were hostile environments for a woman during that period. Many of my colleagues left the business world conquered. Perhaps it was just greed combined with a supportive husband (we have been married 40 years this winter), but I did not leave. I stayed to fight leaving 4 jobs in less than 10 years until I settled in our family business for 10 years.

I suppose this is why I follow the 99% and feel such respect for those who will not be ignored! Hooray! This rant was stimulated by an article posted by the author of our textbook for economics. Enjoy!

Paul Krugman

Professor Krugman had a link to this video on his blog.

Since I enjoy reading his commentary in the New York Times, I felt compelled to post this biographical video on my blog.

Talk about Trade-offs!

I just read an article in the Wasington Post about the extension of an oil pipeline to the Gulf Coast. I believe that Global Warming is a threat and I was alarmed by the BP spill in the Gulf of Mexico, so normally I would be skeptical about this project. However the urgent need for jobs in this economy has me paying close attention to this debate.

Trade-offs make many economic decisions difficult. It is easy to sit back and negate a project that is potentially harmful when the economy is growing briskly and unemployment is low. Yet do we want to ruin the climate and dirty the envirnment in the name of prosperity? Is there a reasonable adjustment that might mitigate the negative externalities of this project? Should this venture be postponed until technology is dicovered that will prevent negative spillovers? Oh, that's right, I have a job. In fact my entire nuclear family is employed.

Choices are liberating until we get to these important trade-offs. Then they become a burden. What a burden for our chief executive to take on himself. It is amazing to me that so many people wish to take up these kinds of burdens.