October 10th, 2022 → 7:01 am
“He that made us with such large discourse,Looking before and after, gave us notThat capability and godlike reasonTo fust in us unused.” — Hamlet
The Nobel Prize in Economics was announced this morning, and it went to three men – Ben Bernanke, Douglas Diamond, and Philip Dybvig – who all wrote important works on banking and financial crises. These have been, and are, important to our understanding of how, and when, to regulate the banking sector. I always like it (as was also done last year) when the Nobel is awarded to research that has real practical and policy implications. Kudos to this year’s winners!
Filed under: Economics/Money
August 31st, 2022 → 9:59 am
“[The poor child] whose large styleAgrees not with the leanness of his [mother’s] purse.” — Henry VI, Part II
I took a little liberty with today’s quote, to contextual it to the chapter of Seeking Forgiveness published today. In it Rachel wrestles with her son’s request for more stuff. More toys! More video games! Another Xbox! You want to give your child everything you can, but isn’t there a limit??
Filed under: Economics/Money
October 15th, 2016 → 5:40 am
“It would make a man mad as a buck to be so bought and sold.” – Comedy of Errors
This line from Comedy of Errors has nothing to do with buying or selling anything. It’s said by a servant who’s just pissed off at being ill-treated and abused and made to stand out in the cold. The line struck me as, even in the 16th century, commerce clearly had a negative reputation. We knew this already from Merchant of Venice, of course, but fascinating to see the same negative connotations pop up in other plays as well.
Filed under: Blog & Economics/Money
October 7th, 2016 → 5:16 am
“I’ll meet with you upon the mart.” – The Comedy of Errors
I’m currently reading The Comedy of Errors with my online discussion group. And I came across the above line in the first Act, where “mart” is used in reference to a market. I looked into it, and it was quite common hundreds of years ago to use the word “mart” instead of “market,” though that isn’t generally done today. As an economist in my day job, I find that fascinating.
Filed under: Blog & Economics/Money
June 29th, 2015 → 5:07 am
“If you repay me not on such a day
In such a place, such sum or sums as are
Expressed in the condition, let the forfeit
Be nominated for an equal pound
Of your fair flesh, to be cut off and taken
In what part of your body pleaseth me.” – Merchant of Venice
There’s been increasing talk lately of Greece leaving the Euro. And some of it seems to be saying that a Grexit wouldn’t be that bad. In my opinion, it would be awful for Greece if they left, truly catastrophic. Akin to the pound of flesh Skylock tried to bargain for in Merchant of Venice. Other countries wouldn’t suffer nearly so bad, but Greece would be left near to dying. Don’t do it Greece!
Filed under: Blog & Economics/Money
February 16th, 2015 → 5:31 am
“I’ll have my bond. Speak not against my bond.
I have sworn an oath that I will have my bond.” – Merchant of Venice
Warning: This post is a little wonky. Greece’s new government has suggested a number of reforms to help the country get out from under its punishing austerity measures and recover their economy. One of the best is an old idea which I have never understood why it hasn’t gotten more traction (but then again, I am not a macroeconomist) – GDP-indexed bonds. Such bonds pay more when times are well, but also automatically pay less when times are tough, which 1) only makes sense, 2) reduces debt-to-GDP volatility, and 3) prevents pro-cyclical fiscal policy that exacerbates both busts and booms. Since we know that creditors will have their bonds, why not make them smarter bonds?
Filed under: Blog & Economics/Money
October 29th, 2014 → 5:48 am
“O Hamlet, what a falling-off was there.” – Hamlet
$2.59/gallon yesterday. Can you believe it?!?
Filed under: Blog & Economics/Money
August 19th, 2014 → 6:00 am
Gonzalo: “Comes to the entertainer–“
Sebastian: “A dollar.”
Gonzalo: “Dolour comes to him, indeed: you have spoken truer than you purposed.” – The Tempest
Shakespeare loved to play on the double meaning of words/sounds – here it’s with “dollar” and “dolour.” A radio announcer (I’m afraid I can’t recall which one) used this quote yesterday in relation to the Family Dollar bidding war. You get a dollar, but really it leads to dolor. Ain’t this true of so many mergers? Ain’t this true of so much in life!
Filed under: Blog & Economics/Money
June 28th, 2014 → 7:05 am
“More are men’s ends marked than their lives before.
The setting sun, and music at the close,
As the last taste of sweets, is sweetest last,
Writ in remembrance more than things long past.” – Richard II
100 years ago today Archduke Francis Ferdinand was assassinated, and the world slid into its first World War. It is humbling to look back on it now; the horror, the uninevitability of it, the profound waste. There is a world that existed before June 28, 1914, and a rather different world that was borne after it.
Filed under: Blog & Economics/Money & Literature/Theatre/Art & Other & Politics/Politicians & Stupid/Evil People
October 9th, 2013 → 5:43 am
“Thou shalt find she will outstrip all praise.” – Tempest
In all honesty, I’m not a macroeconomist. So I can’t confidently proclaim Yellen to be the best choice for the next Federal Reserve chairwoman(?)ship. But from everything I do know, and have read, she sounds pretty competent to me. And Summers would have just been a stupid choice. So congratulations Janet! I look forward to having a woman in the top job.
Filed under: Blog & Economics/Money & Politics/Politicians