Quote of the day

From "Econblogs: Economists think out loud online" by Betty Joyce Nash in the Spring/Summer 2008 issue of Region Focus published by the Federal Reserve Bank of Richmond (This quarterly magazine provides information on, and analysis of, the Fifth District economy and the public policy issues affecting it.):

This dissemination of economic thought and the accompanying controversy seem positive. Economist John Whitehead says he catches heat on the blog Environmental Economics that he writes with co-author Tim Haab. While his “geeky” research ideas don’t spike traffic, his posts about global warming economic policies do. Take the debate about whether carbon taxes will reduce greenhouse gas emissions more effectively than cap-and-trade policies. “The party line [in economics] is that carbon taxes are superior for dealing with climate change,” he says, adding that he supports a cap on carbon emissions and the trading of those allowances. “I get ripped pretty hard from economists about that,” he says. “Every time I mention cap and trade I get a flood of comments.”

The entire Spring/Summer 2008 issue will be good:

In this issue of Region Focus, we describe how economics is trying to get at the Big Questions — the way the field is embarking on a reorganization, how its members are communicating with each other and nonspecialists, and how their research focuses are shifting.

[Two more incredible quotes below the fold!]

Blogging also hones research instincts. Whitehead, now that he’s blogging, reads more, including other blogs. “It used to be I’d have a geeky research paper and be at a loss at the end about how to sell it in terms of policy and practical applications,” he says. “Now, I always seem to have a handle on what makes the paper halfway important or what policy it can be applied to.”

Blog technology could also speed publishing. Professional organizations could sponsor blogs enabling real-time discussions on papers rather than formal comments years after publication. “Research could be a whole lot more efficient,” Whitehead says. Already, journals publish online as soon as they’re ready. But the Internet could speed the discussion and research part of it.