My name is Jim Garven. I currently hold appointments at Baylor University as the Frank S. Groner Memorial Chair of Finance and Professor of Finance & Insurance. I also currently serve as an associate editor for Geneva Risk and Insurance Review.
At Baylor, I teach courses in managerial economics, risk management, and financial engineering, and my research interests are in corporate risk management, insurance economics, and option pricing theory and applications.
Please email your comments about this weblog to James_Garven@baylor.edu.
“LIKE our doctor facing a mysterious illness, economists should remain humble and open-minded when considering how best to fix an ailing economy. A growing body of evidence suggests that traditional Keynesian nostrums might not be the best medicine.”
Health Care Reform
The ‘Cost Control’ Bill of Goods
“How Peter Orszag and the White House sold a health-care illusion.”
Politics and Public Policy
Congress’s Long-Term Care Bomb, by Scott Harrington
“The public is growing wary of the cost of ObamaCare. Yet there is one budget-busting provision that hasn’t received the attention it deserves: a new long-term care entitlement.”
The New Socialism, by Charles Krauthammer
“Socialism having failed so spectacularly, the left was adrift until it struck upon a brilliant gambit: metamorphosis from red to green. The cultural elites went straight from the memorial service for socialism to the altar of the environment. The objective is the same: highly centralized power given to the best and the brightest, the new class of experts, managers and technocrats. This time, however, the alleged justification is not abolishing oppression and inequality but saving the planet.”
Apparently not, and for some rather surprising reasons, according to Ms. McArdle. Also, as is evident from this graphic from her article, the rate of change in the trendlines for and against has begun (since November) to increase at “alarming” rates…
ObamaCare Keeps Falling in the Polls, by John Fund
“A business ad campaign could turn the tide even in the House.”
Politics
ObamaJobs: Uncle Sam’s Hiring Hall, by Daniel Henninger
“The U.S. can’t have new entrepreneurs and tax them too.”
Obama Moves Toward Center Stage, by Peggy Noonan
“If he’s going to bow to something, it might as well be reality.”
For what it’s worth, I am one of 4 Baylor professors “mentioned” in an article entitled “Honorable Mentions” which appears in the current issue of Baylor Magazine.
Just in time for Christmas, here is a 5 minute, 52 second clip from the “Christmas at Baylor” DVD produced and directed by David Byrd in December 2003. Enjoy!
Here’s a list of articles that I have been reading today (organized by topic):
Economics and Public Policy
An Empire at Risk, by Niall Ferguson
“We won the cold war and weathered 9/11. But now economic weakness is endangering our global power.”
Finance
Fama Lecture: Masters of Finance
“From the American Finance Association’s “Masters in Finance” video series, Eugene F. Fama presents a brief history of the efficient market theory. The lecture was recorded at the University of Chicago in October 2008 with an introduction by John Cochrane.”
Foreign Policy
Obama’s hollow speech on Afghanistan, by Charles Krauthammer
“We shall fight in the air, we shall fight on the landing grounds, we shall fight in the fields, we shall fight in the hills — for 18 months. Then we start packing for home.”
Game Theory
Game theory on Colbert Report – mutually assured destruction, by Presh Talwalkar
Game theory in Numb3rs: hide and seek, by Presh Talwalkar
Health Care Reform
Kill the bills. Do health reform right., by Charles Krauthammer
“The United States has the best health care in the world — but because of its inefficiencies, also the most expensive. The fundamental problem with the 2,074-page Senate health-care bill (as with its 2,014-page House counterpart) is that it wildly compounds the complexity by adding hundreds of new provisions, regulations, mandates, committees and other arbitrary bureaucratic inventions.”
Here’s a list of articles that I have been reading today (organized by topic):
Financial Crisis
Lack of Candor and the AIG Bailout, by Peter Wallison
“If AIG wasn’t too big to fail, why did the government rescue it? And why do we need to turn the financial system upside down?”
Politics
He Can’t Take Another Bow, by Peggy Noonan
“An icon of a White House that is coming to seem amateurish.”
Public Policy
Cap and Trade Is Dead, by Kim Strassel
“The recently disclosed emails and documents from University of East Anglia’s Climate Research Unit compromise the integrity of the United Nations’ global warming reports.”
“Like all great public issues, the health care debate is fundamentally about values, about whether we have a moral preference for vitality or security.”
Highly Recommended
Happy Franksgiving, by Melanie Kirkpatrick
“How FDR tried, and failed, to change a national holiday.”
The Desolate Wilderness, by Nathaniel Morton
“A chronicle (written in 1620) of the Pilgrims’ arrival at Plymouth, as recorded by Nathaniel Morton, keeper of the records of Plymouth Colony, based on the account of William Bradford, sometime governor thereof.”
Public Policy
Homebuyer Tax Credits Threaten the FHA, by Robert Pozen
“Funding a down payment with the credit increases the odds the buyer will default.”
Risk & Uncertainty
The Uncertainty Economy
“Nurturing a fragile economic recovery into a durable expansion requires policies that restore public confidence and reassure investors, risk-takers and employers. The Democratic agenda is doing precisely the opposite, which is how you get subpar growth and fewer new jobs.”
“For late-19th-century anarchists, terrorism was the “propaganda of the deed.” And the most successful propaganda-by-deed in history was 9/11 — not just the most destructive, but the most spectacular and telegenic.”
Politics
Help Wanted, by Kim Strassel
“The Democratic Party seeks a wildly optimistic individual to oversee a national jobs-creation program.”
Medicalizing mass murder, by Charles Krauthammer
“What a surprise — that someone who shouts “Allahu Akbar” (the “God is great” jihadist battle cry) as he is shooting up a room of American soldiers might have Islamist motives. It certainly was a surprise to the mainstream media, which spent the weekend after the Fort Hood massacre playing down Nidal Hasan’s religious beliefs.”
Religion
The China President Obama Didn’t See, by Leslie Hook
“Dissident intellectuals have been attracted to Christianity.”