Steve Keen's Behavioral Economics Lectures

My firm conviction that education through lectures is epistemologically inefficient but cost efficient, however poor the results, does not limit my openness to critically read or listen to different viewpoints, however new or old, accepted or not accepted.  It is important to understand other positions and ideas in order to know why you agree or disagree.

I first ran across Keen's 2009 lectures on behavioral economics years ago and found them interesting, but I refrained from linking to them, because one lecture was missing and I had hoped it would be

What Does the Seattle Minimum Wage Study Teach Us Followup

 On August 5th, I wrote a post on the Seattle minimum wage study data and methodological problems in response to a editorial in the Springfield, Illinois State Journal-Register newspaper.

Here is a new critical analysis published at EconoFact entitled: "What Does the Seattle Experience

Mark Thoma's Econometrics Lectures

Although educational study after study have found that students do not retain subject material, after presenting acceptable regurgitation qualifying as a passing mastering of the subject material as opposed to smaller discussion classes which require oral and written participation in which questioning is a fundamental element in the development of a critical thinking process, colleges and universities find lecture courses extremely cost effective.  You can see the result in the varying quality of professional expertise and competence.

Having said that, Mark Thoma has a series of videos of his whole econometrics course (19 lectures),

Douglas L. Campbell on "Breaking Badly: The Currency Union Effect on Trade"

Douglas Campbell has written a very interesting paper on the effects currency unions have on trade in which the analysis of the data comes to different conclusions than current economic literature.  He explains the paper in his blog post and his concerns that the paper will never be published, because he is going up against big names in the profession.  Basically, his paper tests whether omitted variables in past studies affect the analysis of a large data set.  He looks at each major currency union including the eurozone and appropriate control groups and finds according to the papers abstract: "As several European countries debate entering, or exiting, the Euro, a key policy question is how much currency

J. W. Mason on "What Recovery?"

I believe J. W. Mason's recent Monetary Policy Report for the Roosevelt Institute entitled "What Recovery?" is a very important paper on employment, wages, productivity and GDP growth.  It should be read by as many people as possible.

The Executive Summary reads:"This paper critically examines the widely held view that the U.S. economy is today operating at close to potential. The paper makes five core arguments. First, GDP

Seattle Minimum Wage Study Data and Methodologoical Problems

 Today, the State Journal-Register published a Guest Column editorial which cited a recent Seattle minimum wage study, which can actually be found in full at NBER via the link.  The Guest Column is a typical ideological, propaganda mish mash advocating against any raising of the minimum wage ($7.25 nationally, $8.25 in Illinois), which, if the national minimum wage had kept pace with inflation, would be $10.10, which is less than a living wage for one adult in Springfield, Illinois (Sangamon County), which is a relatively inexpensive metropolitan area, as can be seen with this Living Wage calculator from MIT (choose state then county).

While the University of Washington study has stirred attention and deserves consideration, it has also been the subject of critical economic analysis which has raised serious data limitation and

ETF Liquidity: How Difficult is ETF Market Making?

When Goldman Sachs decided to quit as a lead market maker for ETFs, you have to ask just how liquid ETFs would be in volatile, declining market. Goldman Sachs was dissatisfied with a business that yielded fractional pennies on trades while, as a large bank, it was required to maintain strict regulatory capital requirements for liquidity.  This retreat from the ETF market maker business means that smaller, less regulated firms, which will not have strict capital requirements, will be picking up the Goldman Sachs  ETF market making business and be responsible for the liquidity of ETF trades.

In "ETF Liquidity: A Market Maker's Perspective" and "Understanding a Market Maker's Risk Can Help You Save on Transaction Costs" in this Vanguard publication, there is a discussion of the market maker process.  The articles also advise not attempting transactions at the opening or close of the