1/? A thread...Why am I right about certain aspects of strategy, even understanding it better than Nicklaus? Far too often players of past generations hold their playing background out as an appeal to their authority. I did not play on the PGA Tour, why?
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It's Sunday, Fed blackout, am recovering from soccer match, sipping on double espresso, so of course a perfect time to take on Tyler Cowen here. 🙂
Like many people, I enjoy reading Tyler's blog. But there are times (alright, many times) I disagree with him. This is no big deal. I also disagree with myself sometimes (especially my past self). But his recent post left me
What is he trying to say here? After thinking about it for a bit, I think he's critiquing the idea that "running the economy hot" leads to employment *and* real wage gains. Perhaps the former, but only at the expense of the latter. At least, this is what a textbook IS-LM model
tells us if one "runs the economy hot" through increased fiscal stimulus (on consumption and transfers, not public infrastructure investment). If this is what he meant, then he should have just said so, instead of labeling this a "Keynesian" proposition.
In fact, this property follows as a *neoclassical* proposition that is embedded in the IS-LM framework. (For non-economists, note that Keynes did not invent IS-LM; the framework was developed later by Hicks as an interpretation of *some* parts of the General Theory.)
It is hardly phony, especially on social media, to refer to IS-LM models and the like as \u201cKeynesian.\u201d Krugman pushing it and, for better or worse, rising in popularity.
— tylercowen (@tylercowen) January 17, 2021
Like many people, I enjoy reading Tyler's blog. But there are times (alright, many times) I disagree with him. This is no big deal. I also disagree with myself sometimes (especially my past self). But his recent post left me
What is he trying to say here? After thinking about it for a bit, I think he's critiquing the idea that "running the economy hot" leads to employment *and* real wage gains. Perhaps the former, but only at the expense of the latter. At least, this is what a textbook IS-LM model
tells us if one "runs the economy hot" through increased fiscal stimulus (on consumption and transfers, not public infrastructure investment). If this is what he meant, then he should have just said so, instead of labeling this a "Keynesian" proposition.
In fact, this property follows as a *neoclassical* proposition that is embedded in the IS-LM framework. (For non-economists, note that Keynes did not invent IS-LM; the framework was developed later by Hicks as an interpretation of *some* parts of the General Theory.)
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THREAD: 12 Things Everyone Should Know About IQ
1. IQ is one of the most heritable psychological traits – that is, individual differences in IQ are strongly associated with individual differences in genes (at least in fairly typical modern environments). https://t.co/3XxzW9bxLE
2. The heritability of IQ *increases* from childhood to adulthood. Meanwhile, the effect of the shared environment largely fades away. In other words, when it comes to IQ, nature becomes more important as we get older, nurture less. https://t.co/UqtS1lpw3n
3. IQ scores have been increasing for the last century or so, a phenomenon known as the Flynn effect. https://t.co/sCZvCst3hw (N ≈ 4 million)
(Note that the Flynn effect shows that IQ isn't 100% genetic; it doesn't show that it's 100% environmental.)
4. IQ predicts many important real world outcomes.
For example, though far from perfect, IQ is the single-best predictor of job performance we have – much better than Emotional Intelligence, the Big Five, Grit, etc. https://t.co/rKUgKDAAVx https://t.co/DWbVI8QSU3
5. Higher IQ is associated with a lower risk of death from most causes, including cardiovascular disease, respiratory disease, most forms of cancer, homicide, suicide, and accident. https://t.co/PJjGNyeQRA (N = 728,160)
1. IQ is one of the most heritable psychological traits – that is, individual differences in IQ are strongly associated with individual differences in genes (at least in fairly typical modern environments). https://t.co/3XxzW9bxLE
2. The heritability of IQ *increases* from childhood to adulthood. Meanwhile, the effect of the shared environment largely fades away. In other words, when it comes to IQ, nature becomes more important as we get older, nurture less. https://t.co/UqtS1lpw3n
3. IQ scores have been increasing for the last century or so, a phenomenon known as the Flynn effect. https://t.co/sCZvCst3hw (N ≈ 4 million)
(Note that the Flynn effect shows that IQ isn't 100% genetic; it doesn't show that it's 100% environmental.)
4. IQ predicts many important real world outcomes.
For example, though far from perfect, IQ is the single-best predictor of job performance we have – much better than Emotional Intelligence, the Big Five, Grit, etc. https://t.co/rKUgKDAAVx https://t.co/DWbVI8QSU3
5. Higher IQ is associated with a lower risk of death from most causes, including cardiovascular disease, respiratory disease, most forms of cancer, homicide, suicide, and accident. https://t.co/PJjGNyeQRA (N = 728,160)
