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Ph.D., Economics (Yale, 1990)
Rensselaer Polytechnic Institute
(800) 523-6468, (860) 548-7860
Interesting Reading -- Below is a graph of the Cyclically Adjusted Price/Earnings ("CAPE") Ratio (in blue), compared with the long-term average interest rate; i.e. 10-year US Gov't Bonds (in red). (See http://en.wikipedia.org/wiki/P/E_ratio). Data from website for Robert Shiller's Irrational Exuberance: http://www.econ.yale.edu/~shiller/data.htm. Downloaded October 9, 2015.
For a source on "Q", go to the website for Valuing Wall Street by Smithers and Wright, www.smithers.co.uk/faqs.php You can also download their spreadsheet for q at www.ems.bbk.ac.uk/faculty/wright/pdf/Wright2004dataset.xls. An interesting summary of their case is made in the following paper by Wright: "Measures of Stock Market Value and Returns for the US Nonfinancial Corporate Sector, 1900-2002": http://www.ems.bbk.ac.uk/faculty/wright/pdf/wrightReviewOfIncomeAndWealth2004.pdf
IDEA Database of Economic Research, now based at the
Economist . The best weekly news magazine in the English
language, Time Magazine for grown-ups. Widely read by corporate and
government policy makers, and by professional economists. The
"premium" material on this Economist web site is only accessible
via a Rensselaer subscription; you will need your
RFE -- Resources for Economists on the Internet This is the most widely-used general gateway for economic data-links. Be sure to look at the Short-cuts section for a general listing. Three of the most commonly used and most interesting links are given below.
Data & Links This is a good quick look at the most
International Economics Gateway The name says it all.
WEBSITES of some prominent economists: Brian Arthur Samuel Brittan Bradford DeLong Nicholas Economedis Paul Krugman Barry Nalebuff Stephen Roach Nourile Roubini Robert Shiller Joseph Stiglitz Hal Varian
Debates about The IMF Joe Stiglitz, the chief economist at the World Bank , was recently forced to step down. This may be because he had initiated a fundamental criticism of the IMF as a 'global central bank'. This was similar to the way, in the 1930s, J.M. Keynes said that the Fed and the Bank of England were doing exactly the wrong things.
Economics of the Internet, Information Goods Maintained by Hal Varian, a well-known micro-economist and Dean at UC Berkeley’s School of Information Management & Systems. This is the best source for "Network Externalities," a very hot topic.
on Network Externalities
by Brian Arthur, the economist whose ideas helped
launch the case against Microsoft.
Third Industrial Revolution: Technology, Productivity, and Income Equality , by Jeremy
Greenwood. A brilliant paper, relating paradoxes of the IT revolution
to earlier revolutions in (1) railroads and (2) electrification. Really
helps to clarify many recent debates about the "Internet bubble" in
equity markets, the long productivity slump of 1972-1995, and rising income
inequality. Published by the Federal Reserve of
More Specialized Research
Bio-economics tries to promote the idea that economies are more like living systems than like mechanical objects. Interestingly enough, the founder of this group, Michael Rothschild, author of "Bionomics" , is also helping to make the good old profit mechanism within firms work better, by integrating IT process monitoring and feedback with basic optimization techniques.
The Santa Fe Institute The high-powered and increasingly influential world of non-linear, "complexity" approaches to economics and other "Complex Evolving Systems." Fascinating computer graphic simulations of evolutionary processes.
University of Iowa's Electoral "Stock Market" This is a game in which you can buy "stock" in one candidate’s winning a Congressional or Presidential race. It has shown itself to be far more accurate than ordinary polling, and much cheaper besides!
Money – Past, Present & Future This is, IMHO, the best link on my list – a rare mix of history, economics, and financial-political debate. You may think you know what money is, but that’s probably an illusion. It’s amazing how little economists really understand about this force that "makes the world go round."
EXPERIMENTAL ECONOMICS SITES: This research is changing our understanding of how decisions get made, and how markets actually work. The University of Virginia's Veconab is an excellent site with tools for running online experiments. Here you can LOGON to the VECONLAB. The University of Arizona's Economics Science Lab is another research program on controlled laboratory experiments.
** Macroeconomic Stability of Centralized and Decentralized Exchange: Anthropological Data ** This paper revisits an anthropological and historical data set I used years ago, and tests implications about macro-economic stability. It is a companion piece to the "Reciprocal Networks" piece mentioned in the previous section.
** "Consumer Confidence and Income
Inequality" ** tests the degree to which income distribution can explain changes in
US Consumer Confidence. This paper was delivered at the XII World Congress of
the International Economics Association
** "The Case for Redistributive
Liberalism" appears in a "discussion
roundtable" on Eastern Europe in Economic Systems (March ‘98)
published by the Osteruopa Institut of the
** "Have Most People Benefited from
the Recovery?" in the Winter 1998 issue of The Connecticut Economy
, published by the
Connecticut Center for Economic Analysis at the
I have a long term interest in The Evolution of Exchange Systems seen in "primitive" economies through anthropology, in economic history, and in current technological developments. This is based on my earlier articles on the Evolution of Complexity in Primitive Economies and Corporate Barter .
** CONNECTICUT’S PROPERTY TAXES: ASKING THE RIGHT QUESTIONS - a Study for the Governor's Blue Ribbon Commission on Property Tax Reform. How Regressive are Property Taxes in Connecticut? (Go to P. 8) ** in The Connecticut Economy, published by UConn.
The Evolution of Externality Rights: Flexibility vs. Ambiguity appeared in the European Journal of Law & Economics . A shorter article on the same themes is ** "An Experiment on Externality Rights" **, in Classroom Expernomics .