October 2009 Archives

It was one year ago today, back on October 14, 2008, when Jason Debacker and I started this blog. The first post on Econosseur.com was entitled, "Who is to blame for the crisis? Supply and demand approach". As of the writing of this post today, we have had 39,069 visitors. Jason and I wanted to thank all of you who have read our commentary, suggested ideas, or given constructive criticism in the comments. We love the forum.

Below are some of the highlights from the last year.
The Nobel Prize in Economics was awarded today to Elinor Ostrom and Oliver Williamson for their contributions to our understanding of the economics of institutions and their governance. It is noteworthy that Ostrom is the first woman to win the Nobel Prize in Economics. Women in economics should be bursting with gratitude (or envy) that Prof. Ostrom has broken the "separating hyperplane" ceiling that has existed for the profession's highest award until today.
You must read Greg Mankiw's post from today entitled, "First-year Grad Student Wins Nobel Prize in Economics!" And please do it in the following order. First read what Mankiw wrote about young Quintus Pfuffnick winning the Nobel Prize in Economics (not really). Then click on the link to the AP story about the Nobel Peace Prize award. Well played, Greg.

Here is a fun little video parody from Reason.tv. (Thanks to Jason for the link.)

After getting a B.A. in economics from BYU in 1998, I went to work for Thredgold Economic Associates for two-and-a-half years. Jeff Thredgold took an unconventional route to becoming a Chief Economist for major banks. He came up as a bond portfolio manager. As such, I always felt like he had very good intuition for what was happening in markets on a day-to-day basis.

One of Jeff's most insightful arguments is one that he has been making for as long as I've known him. In this week's issue of his weekly economic newsletter, The TEA Leaf, Jeff drives the point home, yet again, in compelling fashion.

"What [Ron] Paul and other Fed critics don't understand is that the Federal Reserve has an overseer...something or someone IT has to answer to. That something is the American bond market."

Authors

  • Richard W. Evans is an Assistant Professor of Economics at Brigham Young University

  • Jason DeBacker is an Assistant Professor of Economics at Middle Tennessee State University

  • Kerk L. Phillips is an Associate Professor of Economics at Brigham Young University