Economic Rockstar

Economic Rockstar

By Frank Conway - Economics and Finance Lecturer - interviews Dan Ariely, DeirBusinessEducationInvesting
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Economic Rockstar episodes

  • 062: Stephen Terry on Real Business Cycles, Total Factor Productivity, Short-Termism and Doing a PhD

    Stephen Terry is Assistant Professor of Economics at Boston University.

    In 2013 he was a Dissertation Intern, Federal Reserve Bank of Richmond and, from 2007 to 2009, Stephen was a Research Associate at the Federal Reserve Bank of Kansas City.

    Stephen  received a PhD in Economics from Stanford University in 2015 as well as an  MA in Economics in 2011.

    Stephen also has an MA in Mathematics from the University of Oklahoma and a BA in Economics from University of Texas at Arlington.

    Stephens research interests include short-termism, uncertainty and real business cycles.

    In this episode you will learn:

    • about Stephen's experience with the two-body or joint location problem.
      • about Stephen’s PhD process and the experience he developed along the way.
        • of some suggestions if you’re considering undertaking a PhD.
          • the differences and similarities in the mathematics of economics and the mathematics of other disciplines such as physics and chemistry.
            • if there is a divergence or a convergence in the branches of macroeconomics and microeconomics.
              • what really happens during recessions.
                • and much more.
                  • Check out the shownotes and links mentioned in this episode at www.economicrockstar.com/stephenterry
                    • Visit www.economicrockstar.com and subscribe for updates and more.
                    • 45 min
                    • 061: Roger Whitney on the Myths to Retirement Planning and the Lazy Mans Method to Saving

                      Roger Whitney began his career as a Financial Advisor in 1991 and witnessed first-hand the rise and fall of the 'New Economy' and the Dot-com bubble that ended in 2000.

                      This experience made Roger realise that financial management is about people, not money, and that they are served best by advisors that are fiduciaries to their clients and have the heart of a teacher.  

                      In 2003 Roger left, at the time, the largest private bank in the world and co-founded WWK Wealth Advisors. Today, they are a firm of 14 professionals managing over $200 million in assets.  Roger is a lifelong learner and holds many degrees and certifications. He has a B.A. in International Relations, is a Certified Investment Management Analyst and a Certified Private Wealth Advisor.  

                      Roger also teaches courses on Wealth Management, Retirement Planning and Employee Benefits.  Roger’s blog, The Retirement Answer Man, was recently awarded the 2015 PLUTUS award for the best Retirement focused blog and podcast. You can check it out at rogerwhitney.com.

                      In this episode you will learn:
                      • the problem with budgeting.
                        • develop one habit to control your budgeting needs and requirements.
                          • lazy man’s method to saving.
                            • four myths that could ruin your retirement and how to avoid them.
                              • the Permanent Income Hypothesis.
                                • how Roger got his cashflow in place when setting up his business.
                                  • and much more.
                                    • Check out the shownotes and links mentioned by Roger at www.economicrockstar.com/roger-whitney
                                    •  

                                      52 min
                                    • 060: Manu Saadia on Trekonomics - The Economics of Star Trek: Scarcity, Productivity and Public Goods

                                      Manu Saadia fell into science fiction and Star Trek fandom at the age of eight, back in Paris, France, where he was born and raised.

                                      Manu  studied history of science and economic history in Paris and Chicago. After many happy years in the Ivory Tower, he yielded to his childhood passion for the future.

                                      Manu embarked on his continuing mission to explore strange new worlds by boldly going where many have gone before: Los Angeles, CA, where he advise and (occasionally) builds tech companies.

                                      Manu received the 2005 Wayne C. Booth Graduate Student Prize for Excellence in Teaching at the University of Chicago.

                                      His book, Trekonomics, is currently available for pre-order at www.inkshares.com and will be released in 2016.

                                      In this episode you will learn:
                                      • why Manu Saadia wrote Trekonomics.
                                        • about the Star Trek Economics panel at Comic Con.
                                          • why economists love Star Trek.
                                            • about inkshares and how it can help authors publish their book.
                                              • how traditional media rather than social media boosted pre-order sales of Trekonomics - an ironic outcome.
                                                • when Manu’s interested in economics and Star Trek collided.
                                                  • about the work of Isaac Asimov and how his stories are a discourse on economics.
                                                    • how the stories of robots and the future by Asimov influenced and shaped the storyline in Star Trek.
                                                      • about the replicators in Star Trek and how they solve the problem of economic scarcity.
                                                        • about the Ferengi’s and how they represent capitalism and trade.
                                                          • why The Federation or the humans in Star Trek do not use money but have a foreign account to trade with the Ferengi’s.
                                                            • and much much more.
                                                              • Check out the shownotes page and links mentioned in this episode at www.economicrockstar.com/manu-saadia 
                                                                • Subscribe to the Economic Rockstar podcast on iTunes and never miss an episode.
                                                                • 59 min
                                                                • 059: Shawn Humphrey on La Ceiba Microfinance, Tribal Teaching and Creating a Culture of Commitment in the Classroom

                                                                  Shawn Humphrey is currently an Associate Professor of Economics at the University of Mary Washington.

                                                                  Shawn is the founder of the Two Dollar Challenge, La Ceiba Microfinance, the Month of Microfinance, and the Poverty Action Conference.

                                                                   

                                                                  Shawn describes himself as a Tribal Teacher, a Diligent Do-Gooder and a Global Grassroots Mobilizer.

                                                                  In this episode you will learn:
                                                                  • about the social entrepreneurial journey that Shawn found himself pursuing.
                                                                    • about Shawn’s Tribal Teaching pedagogy and if this is the future of education.
                                                                      • why Shawn wanted to help the poor in Honduras and to encourage people to experience poverty.
                                                                        • about Shawn’s family experiencing poverty in the 1970s and how their standing in the community led him to believe that there was a better way to treat and help people out of poverty.
                                                                          • about how La Ceiba are helping the poor in Honduras.
                                                                            • about the importance of building relationships with individuals that seek assistance from La Ceiba.
                                                                              • the problems with micro-finance due to group lending and peer-pressure.
                                                                                • about the Two Dollar Challenge and you can get involved.
                                                                                  • why supporting local leaders is the key to ending poverty.
                                                                                    • about Shawn’s 7 year journey to finding a common ground in humanity.
                                                                                      • why Shawn’s initial desire to feel significant while helping the poor is now a constant battle.
                                                                                        • about Tribal Teaching and the pedagogy Shawn has  designed and embraced to make a better learning environment and process.
                                                                                          • and much more.
                                                                                            • Never miss an episode. Subscribe to the Economic Rockstar podcast on iTunes or join the Economic Rockstar community and I'll send you up-dates on new podcast episodes.
                                                                                            • 58 min
                                                                                            • 058: Morten Jerven on Poor Numbers and Why Economists Get It Wrong With Africa

                                                                                              Morton Jerven is Professor of Economic History and Development at the School for International Studies at Simon Fraser University in Vancouver, Canada.

                                                                                              In 2014, Morton was appointed Associate Professor in Global Change and International Relations at Noragrica at the Norwegian University of Life Sciences.

                                                                                              Morton has published widely on African economic development, and particularly on patterns of economic growth and on economic development statistics.

                                                                                              Upon the release of his book, Poor Numbers: How We Are Misled by African Development Statistics and What to Do about It, Morton caused uproar across Africa and had been expelled from two conferences. His latest book Africa: Why Economists Get It Wrong is now available on Amazon.

                                                                                              Morton is an economic historian, with an MSc and PhD from the London School of Economics.

                                                                                               

                                                                                              In this episode, you will learn:

                                                                                              • why Morten was expelled from two conferences in Africa
                                                                                                • about the knowledge problem that exists in economic statistical data.
                                                                                                  • whether economic data from African countries is intentionally misleading or if it’s a methodology and availability problem.
                                                                                                    • what is GDP and why is it used.
                                                                                                      • the problems with measuring GDP.
                                                                                                        • why the production approach is really the only valid method to measuring GDP.
                                                                                                          • whether we should allow Google and other companies that store big data to provide economic data.
                                                                                                            • whether cooperation or conflict between big data and official statistics will emerge.
                                                                                                              • how observing the brightness of countries from space is now being used to measure economic growth.
                                                                                                                • what the IMF does to missing data, such as GDP.
                                                                                                                  • and much more.
                                                                                                                    • Subscribe to the Economic Rockstar podcast on iTunes and never miss an episode.
                                                                                                                      • To access the shownotes and links mentioned in this episode, visit www.economicrockstar.com/morten-jerven
                                                                                                                      • 55 min
                                                                                                                      • 057: Alvin Roth on Match-Making, Repugnant Markets and Market Design

                                                                                                                        Alvin E. Roth is the Craig and Susan McCaw Professor of Economics at Stanford University.

                                                                                                                        He is also the Gund Professor of Economics and Business Administration Emeritus at Harvard University.

                                                                                                                        Professor Roth has made significant contributions to the fields of game theory, experimental economics and market design and is known for his emphasis on applying economic theory to solutions for "real-world" problems.

                                                                                                                        In 2012, Alvin won the Nobel Memorial Prize in Economic Sciences jointly with Lloyd Shapley "for the theory of stable allocations and the practice of market design”

                                                                                                                        Alvin has a B.S form Columbia University,  and earned his MS and Ph.D. from Stanford University.

                                                                                                                        Alvin’s latest book Who Gets What and Why: The New Economics of Matchmaking and Market Design is now available on Amazon.

                                                                                                                        In this episode you will learn:

                                                                                                                        • what economics is and if we need money to allow a market to operate efficiently.
                                                                                                                          • about the price discovery process in economics.
                                                                                                                            • what is match-making markets and how similar the labor market is to the dating market.
                                                                                                                              • what is market design and why it is important.
                                                                                                                                • how entrepreneurs and start-ups, like Airbnb and Uber, use market failure to solve a problem.
                                                                                                                                  • what is a repugnant market.
                                                                                                                                    • the difference between a thick and a thin market.
                                                                                                                                      • what makes a market thick.
                                                                                                                                        • about the black market for kidneys.
                                                                                                                                          • how kidney exchange works.
                                                                                                                                            • and much more.
                                                                                                                                            • Subscribe to the Economic Rockstar podcast on iTunes and never miss an episode.

                                                                                                                                              Check out the shownotes and links mentioned in this episode at www.economicrockstar.com/alvin-roth

                                                                                                                                              43 min
                                                                                                                                            • 056: Campbell Harvey on Improving Significance Tests, the Importance of Positive Skew and the Future of Blockchain

                                                                                                                                              Campbell R. Harvey is Professor of Finance at the Fuqua School of Business at Duke University and a Research Associate of the National Bureau of Economic Research in Cambridge, Massachusetts. He served as Editor of The Journal of Finance from 2006-2012 and is President-elect of the American Finance Association.

                                                                                                                                               

                                                                                                                                              Campbell’s research interests include statistical methods, risk management, asset allocation, real assets and cryptocurrencies. He is the Investment Strategy Advisor to the Man Group plc, the world’s largest, publicly listed, global hedge fund.

                                                                                                                                              In this episode you will learn: 

                                                                                                                                              • why it’s important to use t-statistics and significance tests and how it can be improved.
                                                                                                                                                • about the very simple idea Professor Campbell Harvey applies to his statistical modelling to improve the robustness of his tests.
                                                                                                                                                  • why it’s wrong to use 2 standard deviations to have 95% confidence when running many tests.
                                                                                                                                                    • about ‘Significant’, the XKCD cartoon that illustrates the vulnerability of statistical significance testing.
                                                                                                                                                    • why the level of skew in a distribution must play more of an important role in risk management and portfolio selection.

                                                                                                                                                    • why Taleb’s Black Swan only looks at one side of the distribution - the negative side, and why we must also look at the positive side.

                                                                                                                                                    • and much more.
                                                                                                                                                      • Subscribe on iTunes and never miss and episode.
                                                                                                                                                        • Check out the shownotes page and all the links mentioned in this episode at www.economicrockstar.com/harvey-campbell
                                                                                                                                                        • 57 min
                                                                                                                                                        • 055: David Skarbek on the Economics of Prison Gangs and The Social Order of the Underworld

                                                                                                                                                          Dr David Skarbek is a Senior Lecturer in Political Economy and Undergraduate Exam Board Chair in the Department of Political Economy at Kings College, London.

                                                                                                                                                          David’s research interest is to understand how people define and enforce property rights in the absence of strong, effective governments. His work has examined incarceration, gangs, and crime in the United States.

                                                                                                                                                          David received a BS in Economics from San Jose State University and a MA and PhD in Economics from George Mason University. He previously taught in the political science department at Duke University.

                                                                                                                                                          David’s teaching include 'Research Methods for Politics’, 'Economics of Crime’ and 'Political Economy of Organized Crime’

                                                                                                                                                          David's new book is The Social Order of the Underworld: How Prison Gangs Govern the American Penal System (Oxford University Press). It examines how inmates create self-governance institutions to promote economic and social interactions behind bars.

                                                                                                                                                          In this episode you will learn:
                                                                                                                                                          • what makes states stable.
                                                                                                                                                            • how prisoners trade in a black market economy.
                                                                                                                                                              • why gang-based governance in prisons looks very different today than 100 years ago.
                                                                                                                                                                • why big prison systems have serious prison gang problems compared to small prison systems.
                                                                                                                                                                  • how women prisons are better controlled as they are governed in a decentralised way.
                                                                                                                                                                    • about the control that prisoners in adult correctional facilities have control over minors in juvenile correctional facilities.
                                                                                                                                                                      • whether private prisons result in a larger prison population.
                                                                                                                                                                        • diminishing returns to prison years.
                                                                                                                                                                          • and much more.
                                                                                                                                                                            • Subscribe to the Economic Rockstar podcast on iTunes and get access to all previous episodes. 
                                                                                                                                                                              • Visit www.economicrockstar.com/david-skarbek for the show notes to this episode, as well as the links to books and papers mentioned.
                                                                                                                                                                              • 45 min
                                                                                                                                                                              • 054: Christine Exley on the Economics of Volunteering, Market Failure in the Homeless Dog Market and Wagaroo

                                                                                                                                                                                Christine Exley is Professor of Business Administration at Harvard Business School. Christine is also Co-founder and Chief of Research at Wagaroo - an organisation dedicated in re-housing homeless dogs to responsible and loving families.

                                                                                                                                                                                Wagaroo was founded to bring a simple principle to life: When it comes to getting a pet, it's time to make it easier for people to do the right thing! No puppy mills. No backyard breeders. Just owners, rescues, responsible breeders, and shelters working together to find great homes for dogs who need them. Find out more at wagaroo.com.

                                                                                                                                                                                In this episode you will learn:
                                                                                                                                                                                • the use of assumptions in economic models for testing.
                                                                                                                                                                                  • how to encourage volunteering and whether monetary incentives work.
                                                                                                                                                                                    • how a trip to Honduras changed Christine’s academic path from mathematics to economics.
                                                                                                                                                                                      • how a story about an individuals’ plight can be a powerful message to have people react in a charitable manner, while the plight of millions with no media coverage of a personal story of suffering could become less powerful.
                                                                                                                                                                                        • about Wagaroo and why Christine set it up to help save dogs from puppy mills.
                                                                                                                                                                                          • what are thick and thin markets.
                                                                                                                                                                                            • how to spot an irresponsible dog breeder.
                                                                                                                                                                                              • about the family2family programme run by Wagaroo.
                                                                                                                                                                                                • how localised knowledge is key to separate the responsible dog breeder from the irresponsible breeder.
                                                                                                                                                                                                  • why more must be done to regulate and protect animals.
                                                                                                                                                                                                    • how Christine saved a pups life from a dog shelter when she was 17 and became her family pet.
                                                                                                                                                                                                      • why people put in less effort once they hit a target.
                                                                                                                                                                                                        • about the motivating benefits of rewarding volunteers with gift cards rather than a cash equivalent.
                                                                                                                                                                                                          • how virtual rewards, like stickers and badges, can incentivize people to meet targets.
                                                                                                                                                                                                            • how people’s perceptions of a Pit Bull are an Econ 101 thing!
                                                                                                                                                                                                              • and much much more.
                                                                                                                                                                                                                • Check out the shownotes page to this episode at www.economicrockstar.com/christine-exley
                                                                                                                                                                                                                  • Subscribe to the Economic Rockstar podcast on iTunes and never miss an episode.
                                                                                                                                                                                                                  • 49 min
                                                                                                                                                                                                                  • 053: Helena Norberg-Hodge on Localisation, Trade Treaties and the Economics of Happiness

                                                                                                                                                                                                                    Helena Norberg-Hodge is the founder and director of Local Futures. A pioneer of the ‘new economy’ movement, she has been promoting an economics of personal, social and ecological well-being for more than thirty years.

                                                                                                                                                                                                                    Helena is the producer and co-director of the award-winning documentary The Economics of Happiness, and is the author of Ancient Futures: Learning from Ladakh, described as “an inspirational classic”.

                                                                                                                                                                                                                    Helena has given public lectures in seven languages, and has appeared in broadcast, print, and online media worldwide.

                                                                                                                                                                                                                    She was honored with the Right Livelihood Award (or ‘Alternative Nobel Prize’) for her groundbreaking work in Ladakh, and received the 2012 Goi Peace Prize for contributing to “the revitalization of cultural and biological diversity, and the strengthening of local communities and economies worldwide.

                                                                                                                                                                                                                    In this episode you will learn:

                                                                                                                                                                                                                    • how and why Helena decided to advocate for and promote localisation.
                                                                                                                                                                                                                      • about Ladakh and how it was removed from the rest of the world.
                                                                                                                                                                                                                        • how the global market was very destructive to the local market in Ladakh.
                                                                                                                                                                                                                          • how globalisation destroyed the livelihood of farms and local businesses and created unemployment.
                                                                                                                                                                                                                            • how the happiness and high self-esteem among the people of Ladakh was destroyed after a decade of economic development.
                                                                                                                                                                                                                              • about Ladakh, where the Dalai Lama is the spiritual head.
                                                                                                                                                                                                                                • about the phenomenal work Helena is doing to highlight the changing lives and economy of Ladakh and other regions.
                                                                                                                                                                                                                                  • about the true meaning of the real economy and how cheap money and speculation is destroying it
                                                                                                                                                                                                                                    • why the earth is so precious and must be protected before we witness irreversible and horrific damage.
                                                                                                                                                                                                                                      • and much, much more.
                                                                                                                                                                                                                                        • Subscribe to the Economic Rockstar podcast on iTunes and never miss an episode.
                                                                                                                                                                                                                                        • 49 min

                                                                                                                                                                                                                                        About Economic Rockstar

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                                                                                                                                                                                                                                        Economic Rockstar is created for you, the economist, financial analyst, teacher or student. If you are looking to expand your knowledge or awareness, Frank Conway delivers the information you just…