The Browser
Cecily Cecily

Writing Worth Reading

Economics Is Good For Lots Of Things

“Just as some engineers study computers and others study nuclear reactors, some economists study taxes, other study financial markets, and still others study how psychological biases should change the design of policy. So to use the chaos in financial markets as a reason to discredit all of economics is analogous to discrediting all of engineering on the count of a Fukushima disaster” (1,750 words)

The Role Of Financial Institutions

Not an easy read, but full of interesting ideas about financial-market theory and modelling. Most financial-market economics focuses on individual behaviour. But Wall Street doesn’t look like that. Main actors are institutions with their own quirks and constraints. Shouldn’t we focus more on institutional behaviour? “The burden must on the traditionalists to show that models of individual investing can subsume those of institutions in most cases” (1,320 words)

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