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Education Public Policy Social Science

Higher Education’s Enemy Within

Well worth reading; from this weekend’s op-ed section of The Wall Street Journal. Ungated PDF version available at http://bit.ly/higheredenemywithin

Opinion | Higher Education’s Enemy Within

An army of nonfaculty staff push for action and social justice at the expense of free inquiry.

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Education Politics Religion Social Science The Real World

Free Inquiry on Campus

The “Free Inquiry on Campus: A Statement of Principles by a Collection of Middlebury College Professors” document, published in the “Aftermath at Middlebury” is well worth reading and pondering.

On March 2, 2017, roughly 100 of our 2500 students prevented a controversial visiting speaker, Dr. Charles Murray, from communicating with his audience on the campus of Middlebury College.  Afterwards, a group of unidentified assailants mobbed the speaker, and one of our faculty members was seriously injured.  In view of these unacceptable acts, we have produced this document stating core principles that seem to us unassailable in the context of higher education within a free society.
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Higher Education Politics Religion Social Science The Real World

On the importance of "viewpoint" diversity…

I am proud to be a member of the Heterodox Academy (see http://heterodoxacademy.org/). Heterodox Academy members are all professors who have endorsed the following statement: “I believe that university life requires that people with diverse viewpoints and perspectives encounter each other in an environment where they feel free to speak up and challenge each other. I am concerned that many academic fields and universities currently lack sufficient viewpoint diversity—particularly political diversity. I will support viewpoint diversity in my academic field, my university, my department, and my classroom.”

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Economics Politics Public Policy Social Science

AEI President Arthur Brooks on the topic “Capitalism Without Attachment”

Tip of the hat to Free Enterprise at The Baugh Center for posting this video of Dr. Brooks’ April 21 talk at Baylor University entitled “Capitalism Without Attachment: Creating a prosperous society without losing our souls”:

LectureVideo

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Economics Politics Public Policy Social Science

AEI President Arthur Brooks on the topic "Capitalism Without Attachment"

Free Enterprise at The Baugh Center for posting this video of Dr. Brooks’ April 21 talk at Baylor University entitled “Capitalism Without Attachment: Creating a prosperous society without losing our souls”: LectureVideo]]>

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Economics Social Science Technology The Real World

“Big” Data…

Steven Levitt’s nearly 1 hour long talk entitled “Thinking Differently about Big Data“ is quite exceptional; Professor Levitt gave this talk as part of the National Academy of Sciences “Drawing Causal Inference from Big Data” colloquium in Washington, D.C. on March 26, 2015.

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Economics Social Science Technology The Real World

"Big" Data…

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Economics Politics Public Policy Social Science The Real World

Media Bias, Echo Chambers, and the Future of Democracy

This 1 hour long presentation by University of Chicago economist Matthew Gentzkow is well worth watching; Professor Gentzkow explores the implications of new media technologies for the health of American democracy.

Media Bias

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Economics Finance Risk and Uncertainty Social Science

Suggested books and readings on finance and risk management

In my opinion, the following 3 books are particularly worthwhile for students who are interested in learning more about finance and risk management:

  1. Against the Gods: The Remarkable Story of Risk, by Peter L. Bernstein.
  2. A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing, by Burton G. Malkiel.
  3. Stocks for the Long Run : The Definitive Guide to Financial Market Returns and Long-Term Investment Strategies, by Jeremy J. Siegel.

Philosophically, these books present what I would consider to be an “orthodox” perspective; i.e., they fit well with the so-called rational choice, efficient markets view of the world which is prevalent in most departments of finance and economics. For some “heterodox” alternatives, I like (but am nevertheless highly critical of) both of Nicholas Taleb’s books:

  1. Fooled by Randomness: The Hidden Role of Chance in Life and in the Markets (read this first).
  2. The Black Swan: The Impact of the Highly Improbable (the sequel to “Fooled by Randomness”).

Finally, I would be remiss to not also include two other favorites which are not books on finance or economics; rather they deal with the history and philosophy of applied mathematics. These books include:

  1. Innumeracy: Mathematical Illiteracy and Its Consequences, by John Allen Paulos.
  2. A Brief History of Infinity, by Brian Clegg.
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Economics Politics Public Policy Social Science

77 cents on the dollar

The key problem with the “77 cents on the dollar statistic” cited in President Obama’s SOTU speech is that it is based upon a naive comparison of average earnings for females compared with males. There are a number of other wage determinants (e.g., differences in occupations, positions, education, job tenure, hours worked, etc.) which must also be taken into consideration.  AEI scholar Christine Sommers notes (in the Daily Beast article linked below): “When all.. relevant factors are taken into consideration, the wage gap narrows to about five cents. And no one knows if the five cents is a result of discrimination or some other subtle, hard-to-measure difference between male and female workers.”

www.thedailybeast.com
“It’s the bogus statistic that won’t die—and president deployed it during the State of the Union—but women do not make 77 cents to every dollar a man earns.”
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