- Over at the incredibly good blog Priceonomics, there is a massive piece that explores the obsession of Indian families in getting into the competitive and prestigious IIT system. This made me realise how easy we have it here in New Zealand – in a globalised labour market, this is our competition and they are ridiculously hungry for success.
- Funnily enough, an IIT graduate himself, Raghuram Rajan, famous for his presentation at Jackson Hole before the financial crisis, gave a lecture that explores everything interesting at the moment – including some discussion of the zero lower bound and uncertainty. It’s called “A step in the dark: unconventional monetary policy after the crisis“.
- In the aftermath of Greg Mankiw getting up in everyone in the economic blogosphere’s grill about the 1%, Noah Smith riffs on a Chris Brown song with an interesting illustration of how he sees Greg Mankiw’s “just desserts” concept of reward for value creation. “I get what you get in ten years, in two days”.
- In the aftermath of Kevin Rudd rolling Julia Gillard, which provided a lot of entertainment value via my Twitter stream, William Pesek has a piece at Bloomberg View on Australia’s real crisis. It’s already been reprinted on the SMH website so it’s getting read widely.
- Daron Acemoglu and James Robinson have a very interesting piece in the Journal of Economic Perspectives called “Economics versus Politics: The Pitfalls of Policy Advice”. Meeting the phrase “future political equilibria” is worth the price of admission alone.
- Justin Wolfers writes at Bloomberg View about how the markets are getting all worked up about the Federal Reserve. Apparently GS thinks the sell down is equivalent to a US$1 trillion reduction in QE, while only US$255 billion is likely when the Fed does start tapering 3 months earlier than expected.
Have a good weekend! Here’s the song. Language warning.