It’s Bill Gross’s rambling pleas for action from Washington that get most of the attention. But I think PIMCO strategist and portfolio manager Paul McCulley is actually much better than his boss at laying out the case for government intervention. This is from his July commentary, which I just stumbled across: [T]he paradox of thrift [...]
But that’s not gonna stop me from posting it. From Brad DeLong: Here’s what NetNewsWire throws up as tops in attention in the “economics” category: * Mark Thoma’s Economist’s View http://economistsview.typepad.com/economistsview/ * Alex Tabarrok and Tyler Cowen’s Marginal Revolution http://www.marginalrevolution.com/marginalrevolution/ * Justin Fox’s Curious Capitalist http://time-blog.com/curious_capitalist/ * Barry Ritholtz’s The Big Picture http://bigpicture.typepad.com/comments/ * James [...]
From the abstract of “An Economic Model of the Planning Fallacy,” (pdf!) by Markus Brunnermeier, Filippos Papakonstantinou, and Jonathan Parker: People tend to underestimate the work involved in completing tasks and consequently finish tasks later than expected or do an inordinate amount of work right before projects are due. We present a theory in which [...]
