Nobel (and Ig-Nobel) Prizes

[manleywoman]

Congratulations to Mr. Diamond, Mr Mortenson and Mr Pissarides. Well done.

Why are Americans so good at Economics, and yet we have the economy we have now? Sigh.

[GarrAarghHrumph]

Why are Americans so good at Economics, and yet we have the economy we have now? Sigh.

Maybe because one of the Americans who won for econ was nominated to the Fed Board, and yet we won't let him on? Seriously. We can't get out of our own way.

Actually, it's politics:

Diamond, 70, is an economist at the Massachusetts Institute of Technology, and an authority on Social Security, pensions and taxation.

President Barack Obama has nominated Diamond to become a member of the Federal Reserve. However, the Senate failed to approve his nomination before lawmakers left to campaign for the midterm congressional elections. ...Senate Republicans have objected to what they see as Diamond's limited experience in dissecting the inner workings of the national economy.

[genegri]

I took both Professor Peter Diamond's class and another MIT professor (finance), Andrew Lo's class. Professor Lo joked with us that all economics professors were Democrats and all finance professors were Republicans. Economics gurus are good with theory, but it's the finance folks who actually play with money.

Think economics majors at basic biology PhDs, who do research and make $50k if they manage to stay in academia. And finance majors as MD physicians, who make $300k.

[jeffisjeff]

I took both Professor Peter Diamond's class and another MIT professor (finance), Andrew Lo's class. Professor Lo joked with us that all economics professors were Democrats and all finance professors were Republicans. Economics gurus are good with theory, but it's the finance folks who actually play with money.

Think economics majors at basic biology PhDs, who do research and make $50k if they manage to stay in academia. And finance majors as MD physicians, who make $300k.

Ah, but the accounting profs make more than either economics profs or finance profs. So what does that tell us?

But, not sure I agree with the claim that most economics professors are Democrats. I think there are quite a few at both ends of the political spectrum.

I recently had to read some of Diamond's work on search theory. I managed that, but now I am trying to actually incorporate into something I am working on. We'll see how that goes.

[Schmeck]

And here I was thinking all the doctors and professors at MIT were liberal democrats? It's such a flaky place, how would a conservative Republican survive?

[jeffisjeff]

And here I was thinking all the doctors and professors at MIT were liberal democrats? It's such a flaky place, how would a conservative Republican survive?

MIT flaky? Someone's pretty clueless. Or should I say flaky?

[Schmeck]

MIT flaky? Someone's pretty clueless. Or should I say flaky?

Goodness yes, it is a flaky place - I spend quite a few hours there every month witnessing the flakiness! They may be brilliant, but there is a 'duh' factor in there as well...

[GarrAarghHrumph]

We actually stopped hiring MIT engineers because they were too flaky. They were brilliant academically; but in a manufacturing plant, we need more like... UMass Amherst engineers. Still top 50, but more practically based than theoretical. More like Norm Abram than like Albert Einstein.

[jeffisjeff]

Goodness yes, it is a flaky place - I spend quite a few hours there every month witnessing the flakiness! They may be brilliant, but there is a 'duh' factor in there as well...

And you associate this kind of "flakiness" with so-called "liberal democrats"?

[Schmeck]

And you associate this kind of "flakiness" with so-called "liberal democrats"?

No, they are two different entities completely - but I do know that MIT does want to share in certain research projects, as they embrace the academic idea of sharing information, etc, but they constantly butt heads with the government, who wants to keep things a bit more hush-hush. So, they are more liberal in that sense, and more democratic.

The flakiness - now, just go sit outside the student center on a nice, sunny day (or a wet, slushy one!) and observe...

And since I led this thread onto a tangent, I will try to bring it back -

How have the sanctions against Norway been going for the Chinese? My Norwegian SIL has been laughing so hard about that, I'm sure!

[genegri]

Ah, but the accounting profs make more than either economics profs or finance profs. So what does that tell us?

They do? I had no idea. I guess it is true that knowing how to hide, I mean, how to prevent accounting irregularities is the most in demand skill? Kicking myself, why didn't I go into accounting instead?

We actually stopped hiring MIT engineers because they were too flaky. They were brilliant academically; but in a manufacturing plant, we need more like... UMass Amherst engineers. Still top 50, but more practically based than theoretical. More like Norm Abram than like Albert Einstein.

A couple of our most brilliant VPs are MIT grads. But overall, I agree with you that for 99% employees, it's not as important to be super smart than it's to be hardworking and a team player. A company of Einsteins would make a true disaster.

[jeffisjeff]

No, they are two different entities completely - but I do know that MIT does want to share in certain research projects, as they embrace the academic idea of sharing information, etc, but they constantly butt heads with the government, who wants to keep things a bit more hush-hush. So, they are more liberal in that sense, and more democratic.

It is pretty hard to see how anyone would have gotten the above point from this statement, which is what I was questioning:

And here I was thinking all the doctors and professors at MIT were liberal democrats? It's such a flaky place, how would a conservative Republican survive?

It seems pretty clear that you were talking about political affiliation since you felt the need to bring up Republicans (who clearly are not, in your opinion, flaky).

[jeffisjeff]

They do? I had no idea. I guess it is true that knowing how to hide, I mean, how to prevent accounting irregularities is the most in demand skill? Kicking myself, why didn't I go into accounting instead?

Cooking the books is highly profitable, I guess.

I actually think it has more to do with supply and demand. There are tons of undergrads wanting to study accounting (or, rather, whose parents want them to study accounting so that they can have a nice, stable, well-paying job). But there aren't enough accounting professors. I mean, really, who wants to get a PhD in accounting. ( )

[GarrAarghHrumph]

It's not that people don't want to get a PhD in accounting. It's that the opportunity costs are too high. You take 6-10 years away from a career that's actually quite lucrative on its own, to become an accounting professor making less than an accountant leaving a big 4 firm does.

[jeffisjeff]

It's not that people don't want to get a PhD in accounting. It's that the opportunity costs are too high. You take 6-10 years away from a career that's actually quite lucrative on its own, to become an accounting professor making less than an accountant leaving a big 4 firm does.

Actually, my anecdotal experience is that many PhD accountants didn't actually study accounting as undergrads / masters. A PhD in accounting (at least at the schools I am familiar with) seems to require a rather strong background in mathematics (probability, statistics, linear algebra, optimization), that most undergrad accounting programs don't provide or prepare students for.

[allezfred]

How have the sanctions against Norway been going for the Chinese?

They've moved on to snubbing Eurovision winners

[Gazpacho]

They've moved on to snubbing Eurovision winners

[Schmeck]

They've moved on to snubbing Eurovision winners

Oh my goodness, that's just so pathetic! I wonder if China would protest the entire United States if the Academy of Motion Pictures gave an Oscar to some Chinese dissident? It is the AMP that does that, right? And is that how you spell dissident? It looks wrong to me, but I can't spellcheck - and my dictionary has vanished!

[Reuven]

They've moved on to snubbing Eurovision winners

How bloody pathetic.