“The Theory of Economics does not furnish a body of settled conclusions immediately applicable to policy. It is a method rather than a doctrine, an apparatus of the mind, a technique of thinking, which helps its possessor to draw correct conclusions.”
- John Maynard Keynes, 1922, Money (v)
In this blog, I hope to analyze policy issues from an economic perspective. I plan to grapple primarily with economic policy, but also will have a significant amount of posts on other domestic policy and international relations, along with the occasional tangent.
What will unite my analysis will be the use of the economic method of thinking: the set of tools used by economists. Built on the scientific method, the economic method adds in tools relevant to the social sciences: the model of rational agents and rational expectations, acknowledging incentives, thinking on the margin, identifying equilibrium, etc.
My first ever economics class was an intro to micro course taught by the fantastic John List. On the first day of class, he gave an introduction where he made one point that has stuck with me since and that I echo above. The field of economics, he noted, is often ridiculed, and often for good reason; nevertheless, it has produced the most efficient and powerful tool set in the social sciences. The economic method of thinking is not just useful for studying economics, but also for the other fields of the social sciences and beyond as well. This blog will certainly reflect that philosophy.
A quick introduction to who I am:
I’m a third year majoring in math and economics and minoring in Mandarin Chinese at the University of Chicago who grew up Massachusetts. I approach policy analysis as a citizen of the United States, and like telling stories through graphs.
P.S. Happy Fourth of July!
- NGDP futures via blockchain: Market monetarism meets cryptocurrency (And: how to set up a prediction market on Augur)
- The "Efficient Restaurant Hypothesis": a mental model for finance (and food)
- Behavioral biases don’t affect stock prices
- Yes, markets are efficient – *and* yes, stock prices are predictable
- NGDP targeting and the Friedman Rule