QOTD: “”I have a dream. It involves a Star Trek chair and a bank of monitors.”

Bank of England Chief Economist Andy Haldane:

“I have a dream. It involves a Star Trek chair and a bank of monitors. It would involve tracking the global flow of funds in close to real time, in much the same way as happens with global weather systems.”

Is the binding constraint on better macroprudential policy a lack of timely information? If they had that information, could a world regulator really have averted the crisis in 2007?

Full speech here.

Piketty Panel

Hello New Zealand readers.  Just giving you a heads up that tomorrow (Thursday, 23 October) there is a panel discussion on the Piketty book (Capital in the Twenty-First Century) and its relevance to New Zealand.

As I contributed to the related book of book reviews, and as this particular event is in Wellington (where I live), I’m on the panel.  Here are the details which I stole from an email:

The event is at the Royal Society (11 Turnbull Street, Thordon) and begins at 5.30pm.
 
Bernard Hickey is chairing the panel, with the other panellists being Geoff Bertram, Brian Easton, Prue Hyman, Max Rashbrooke and Cathy Wylie. 
 
The aim of the event is simply to have some broad and engaging discussion on the relevance of Piketty for New Zealand, with reference to the book being launched on the night. 

And if it swings your boat, you can even join the Facebook event.

If you want to prepare beforehand, here is my long-form review (filled with typos – like honestly filled, it is a first draft that never went any further), here are some common misconceptions, and here is a list of other reviews.

Discussion Tuesday

From Noah Smith on Twitter:

My question to you fine folk, are both types of models useful?  If so how?

Discussion Tuesday

Today, let us discuss the conclusion from this post about language and Piketty:

The language of economics often treats people as commodities: the phrases “representative agent” and “human capital” are examples of this.   Sometimes these phrases are useful abstractions, but they also contribute to the sometimes pernicious indifference of mainstream economics to issues of justice.  Piketty’s take on human capital might make us a little less indifferent.

QOTD: On politics and economics

I was chatting about some policy recently with another economist, when they came out with this great line about how some policy was being reported (overseas):

Every political editor loves it and all the economics editors are unimpressed.

What does this mean?  What does this imply about politics and economics?  I’ll leave it up to you to discuss that – I’ll just giggle ;)