1. Popular music: The Everly Brothers, I recommend this song. There is also Loretta Lynn and Dwight Yoakum and Merle Travis, I like this video. In jazz there is Lionel Hampton.
2. Visual artist: Edgar Tolson, that image is not fully safe for work. John James Audobon worked in the state quite a bit.
3. Movie, set in: Goldfinger, though of course immobilizing that stock would not affect the world price of gold very much. And keep in mind the nominal price of gold was pegged back then under Bretton Woods — should we really have expected a lot of goods and services deflation, just because some nutcase set off a bomb? I don’t think so.
4. Monk: Thomas Merton. He was an excellent writer, as a monk I cannot judge.
5. Author: Hmm…I don’t really like either Robert Penn Warren or Hunter S. Thompson. So Thomas Merton wins a second category, try The Seven Storey Mountain.
7. Movie director: I believe John Carpenter grew up there, he has several excellent films, including The Thing, Starman, Dark Star, and Escape from New York. I don’t actually enjoy the D.W. Griffith movies.
6. NBA player: Darrell Griffith (I was never a fan of King Rex). I was in high school when UofL, led by “Dr. Dunkenstein,” won their first NCAA championship. The next year they had one of their scrimmages at our high school gym.
7. Movie director: According to Wikipedia John Carpenter was born in Bowling Green and went to WKU. But should this even be a category? I would have made it movie stars and gone with Jennifer Lawrence (Katniss Everdeen! Duh). Even inflation adjusted, she is the highest grossing action heroine.
8. Poet and impresario: I also can't quibble with Muhammad Ali.
John may be the only one who finds this funny, but a friend sent me a link to one of these stupid Facebook 'Which Star Wars Character Are You?' quizzes. Being an idiot (and a Star Wars dork) of course I took the quiz.
Guess who I am?
The answer is below the jump so as to not ruin the suspense...
The Bet is Yale University historian Paul Sabin's (no relation to Nick) telling of the story and political culture surrounding Paul Ehrlich and Julian Simon's 1980-1990 $1,000 bet over the Hotelling rule. OK, it wasn't really over the Hotelling rule, but it was about Hotelling-like predictions of changes in depletable resource prices. In particular, the bet focused on the change in prices of five metals (Copper, tin, chromium, nickel and tungsten--I think they made that last one up) over a 10 year period. Whack-job dooms-day ecologist Paul Ehrlich--OK, that's unfair to Ehrlich, he is a butterfly biologist, not an ecologist (is that biased?)--famously predicted throughout the late 1960's and 1970's the coming cataclysmic collapse of the Earth's environmental/ecological systems due to natural limits and exponential population growth.
In short, Ehrlich believed that humans are but one part of the broad ecosystem, and subject to all of the natural laws and limits that come with being part of that system--including species collapse due to exceeding the system's natural carrying capacity. Ehrlich was the loudest voice of the early zero-economic growth movement (and a contemporary of the Club of Rome and Limits to Growth). One observable indicator of Ehrlich's and his colleagues' dire predictions would be the Hotelling-like rise in depletable resource prices over time. As resources become more scarce (reach their natural limits), prices would have to rise. This is a somewhat ironic prediction from Ehrlich given the lack of price rationing in the Limits to Growth-type models of world collapse, but I digress.
Julian Simon, a mild-manned Chicago-trained University of Illinois professor of marketing (who eventually ended up in the University of Maryland School of Business), disagreed with Ehrlich's basic premise that population growth necessarily strained the natural limits of the ecosystem and instead argued that scarcity creates increasing opportunity costs and opportunities for investment, exploration, discovery, innovation and development of subsitute forms of capital. In short, Simon the economist argued that the simple form of Hotelling (prices rise in response to increasing scarcity) was correct, but the extension needs to be accounted for--increasing prices create incentives for the generation/investment/invention of alternative resources. Simon believes that increased in population actually increased general well being, increased the stock of human capital and would ultimately result in the creation of substitute pools of resources (whether natural or man-made). Simon believed that man-made capital would remain substitutable for depleted natural capital and resource prices would fall.
In the end, Simon won the bet and Ehrlich paid off without much fanfare. But in Sabin's view, the bet highlighted a growing set of divides: The academic divide between ecoologists and economists on matters of the environment, the philosophical divide between growthers and zero-growthers, and the political divide between the left and the right over matters of economic management. Sabin does an intriguing job of couching the bet within the heated political environment of the 1970's and 80's tracing the environmental movement through the national political scene from the environmental conservatism of Nixon, to the limited growth/strict conservation advocacy of Carter (not much mention of Ford), to the deregulated free-marketism of Reagan. In the end Sabin draws lessons from both Ehrlich and Simon to make a strong and lucid case for a middle ground between the coercive population reduction arguments of Ehrlich and the free-market environmentalism of Simon.
On a personal note, I found the book particularly useful at providing a different perspective on my own training in environmental economics. Beginning my graduate training in 1991, the year after the bet ended, the foundations of market-based environmental interventions had already been accepted by most economists and much of the mainstream public (to varying degrees of course). "The Bet" provides an interesting, easy-to-read introduction to the muddy politics and social setting that served as a backdrop for the development and relevance of the field of environmental economics. The political and public context provided by "The Bet" has helped to provide me with a much better understanding of how I ended up thinking like I do about environmental issues.
Maryland native Scott Van Pelt has a schtick every time he invites ESPN baseball analyst (and fellow Terrapin) Tim Kurkjian onto his radio show: he closes by saying something in Ballimerese and making Kurkjian burst out into furious, high-pitched laughter.
We've compiled these moments into one supercut, which you can play above. We encourage you to go here, where ESPN has made each moment individually available, for more context. SVP's show is already one of the WWL's best products, & that they're willing to have fun with this stuff is worth everyone's appreciation.
First a little background for those who don't follow Major League Baseball (why don't you?): The Houston Astros are bad...really bad. The team is in the supposed process of rebuilding after moving to the American League from the National League this year. They are currently 31.5 games out of first place. That means they would have to win 31.5 more games than the first place team in order to catch them--and they would have to pass the other 3 teams in front of them. With only 32 games left in their season, that seems, shall I say, unlikely. How have they accomplished the feat of incomeptence. Easy, they cut costs. Running a baseball team as a cost-minimizer will lead to bad baseball. But, on the bright side, Forbes is claiming that the Astros are on pace to have one of the most profitable seasons in baseball history.
Before we delve into how things have been absolutely awful, let's concentrate on the peculiar manner in which the Astros have been extremely successful. According to Dan Alexander of Forbes, the franchise is the most profitable in MLB history.
We probably should have made sure you were sitting before that last sentence:
The Astros are on pace to rake in an estimated $99 million in operating income this season. That is nearly as much as the estimated operating income of the previous six World Series championship teams — combined.
The reason is quite simple: Owner Jim Crane has reduced cost dramatically as the club tries to rebuild and move forward in the American League.
We are very disappointed that, earlier today, Forbes released
an article that includes significant inaccuracies relating to the
Astros' finances. The Astros do not disclose financial information.
However, as MLB will
confirm, the information reported in the Forbes article relating to the
Astros' revenues, the Astros media rights fee from CSN Houston, and CSN
Houston's per subscriber rate are all significantly inaccurate. As a
result, the conclusion about the Astros operational profit is
How dare you call us profitable!
Apparently it's better to suck on and off the field.
A tiny liberal arts school in rural Kentucky that hosted vice presidential debates in 2000 and 2012 announced a $250 million donation Tuesday, one of the largest single gifts in higher education history.
The all-stock donation to Centre College from the A. Eugene Brockman Charitable Trust ranks among the 20 biggest gifts ever to a U.S. college or university, according to a list maintained by the Chronicle of Higher Education. ...
Centre will use the money to set up scholarships for students majoring in science, economics and computer science. ...
Starting in fall 2014, 40 new Brockman Scholarships will be funded each year for students majoring in the natural and computational sciences and economics, with a total of 160 students receiving the full-ride scholarships plus more benefits by 2017, the school said. The merit-based scholarships will cover tuition, room and board, and fees — which will cost $45,100 for the coming school year — as well as money to support study abroad, summer research and internships. ...
Brockman formed the charitable trust in 1981. His son, Robert T. “Bob” Brockman, is a Centre graduate and a former chairman of the school’s board of trustees. ...
The elder Brockman “saw firsthand the tremendous impact that Centre had on his son ... whose own drive and ambition were empowered by his experience as a Centre student,” said Evatt Tamine, trustee of the Brockman Trust.
The leafy campus in Danville, a picturesque central Kentucky town of about 16,000, has found itself on the nation’s political center stage twice, when it hosted vice presidential debates in 2000 pitting Dick Cheney and Joe Lieberman and again in 2012 when Joe Biden and Paul Ryan squared off.
Centre expects enrollment of about 1,370 students for the fall semester. The school ranked 52nd nationally among liberal arts colleges in last year’s ratings from U.S. News & World Report, but it ranked fifth in best undergraduate teaching and alumni giving.
I majored in economics at Centre College. I'm quite sure I would not have been a "Brockman Scholar." At the time, the economics major was one of the easiest with more of a political economy bent. Many of the knuckleheads majored in it. My first semester of graduate school was a shock.
$250m is a lot of stock. Suppose it earns an average of 3.5% each year. That will generate $8.75m and support 160 students with almost $10k per student for study abroad and et cetera (if I was economics faculty I would definitely try do some faculty-student research that requires grant money for a survey :)
The elder Brockman also saw firsthand "... that preparation for leadership and service in a rapidly changing world best takes place with the firm intellectual, moral, and social grounding that young people receive especially well at Centre." I received some serious grounding in front of the student higher judiciary! Thanks Dean Mount!
Ranking 52nd nationally requires a "but" afterwards? As if 52nd is kinda sorry?
"This blog aims to look at more of the microeconomic ideas that can be used toward environmental ends. Bringing to bear a large quantity of external sources and articles, this blog presents a clear vision of what economic environmentalism can be."
Don't believe what they're saying
And allow me a quick moment to gush: ... The env-econ.net blog was more or less a lifeline in that period of my life, as it was one of the few ways I stayed plugged into the env. econ scene. -- Anonymous
... the Environmental Economics blog ... is now the default homepage on my browser (but then again, I guess I am a wonk -- a word I learned on the E.E. blog). That is a very nice service to the profession. -- Anonymous
"... I try and read the blog everyday and have pointed it out to other faculty who have their students read it for class. It is truly one of the best things in the blogosphere." -- Anonymous