Money @ PBS

Money remains a complex subject, that is the least we can say. After more than 5,000 years of usage, money continues to drive humans crazy. Alas, we are a decade into the 21^st century, and we are still trying to figure out a way to control it, optimize it, manage it, manipulate it, distribute it, you mention it. Paradoxically, we can learn about money’s modern complexity for free. To start understanding why we cannot understand money, the U.S. Public Broadcasting Service (PBS) has made available on-line an informative documentary that tells the history of money. “The Ascent of Money” was written and hosted by renowned Harvard historian Niall Ferguson and consists of four enlightening episodes. Mr. Ferguson’s thick British accent brings further gravity to money’s ascent. Do not waste this opportunity to bring in profitable knowledge.

Books for Free!

Some time ago, former U.S. senator Ted Stevens described Internet as, "a series of tubes." Mr. Stevens' definition illustrates the generational gap between those that see Internet as a static machine and those that see it as a dynamic and open-ended platform. Significantly, for us run-of-the-mill-consumers, Internet is an unlimited source of free stuff. Take for example YalePressWiki, a Wikipedia-style website that offers free scholarly books to everyone willing to experiment the tubes. The site is a platform to read, comment, write summaries, and share links with scores of strangers. It is also a clear sign that the "series of tubes" continue to evolve, leaving behind archaic characterizations.

Deirdre McCloskey on Good Writing

Bad writing is a democratic problem in that it affects both the uneducated person and the over-educated one. The latter, In particular, over-educated fellows such as Ivory Tower members, who* have a hard time explaining their research in clear prose. Undoubtedly, failing to describe or defend ideas just because they are buried under poor writing is a disservice to humanity. Praise thy Web because She gives us Deirdre McCloskey, who has taken upon herself to teach some basic writing rules to theoretical minds and liberate humanity from illegible words. Her 15 rules of economic writing are a gift that every human being interested in clear prose should read. If you do not want to help yourself by spending 30 minutes on these rules, you can read a one-page summary. If you, however, want to go the whole nine yards you can read Professor McCloskey’s book, “Economical Writing.”

* See rule # 15.

Intelligence Square

One of the best ways of learning about any topic is to watch a debate. Nothing like a lively debate to grasp counterintuitive arguments, detect flawed ideas, or simply test long-held beliefs. When it comes to debates, the "Oxford" style offers the most fulfilling experience. These debates consist of one side proposing a claim and the other side opposing it, usually through straight-forward argumentation. In addition, the debates include an audience and a moderator that provide pre and post debate judgments. You can see excellent Oxford-style debates for free thanks to Intelligence Square, a multimedia forum that seeks to “raise the level of public discourse on our most challenging issues.” Intelligence Square’s debates are unique in the sense that they include more than one guest on each opposing side. Moreover, typically Intelligence Square’s guests are not only experts on the day’s topic but also engaging provocative debaters. You can start experiencing Intelligence Square by watching the health care, financial crisis, and foreign policy debates.

Da Hayek-Keynes Rap

Nobel laureate Paul Krugman has said that we are witnessing a “dark age” of macroeconomics. His point is that in the last 70 years there has been a lack of new knowledge and insights in the field. In other words, since the methodological debates between economists John Maynard Keynes and Friederich Hayek in the 1930s and 1940s nobody has really advanced what economists knew back then. Gratefully, economist Russ Roberts and producer John Papola got together to create one of the best educative video-clips on economics ever. Using a rap song and professional acting, the authors brilliantly illustrate the Hayek-Keynes debate. The clip’s seven minutes and 32 seconds are jam-packed with both general knowledge and subtle lessons.

Keynes and the crisis

If anything, an economic crisis is a learning experience. Not only do we learn about the things we did wrong but also we have a strong incentive to learn about past crises. If you study economic crises, you will not go far without learning about Lord Maynard Keynes, the British economist that revolutionized the way we approach and try to solve economic problems. Thanks to PBS we can learn about Keynes and his ideas from an informative dialog between one of his biographers, Robert Skidelsky, and Russ Roberts. If the conversation does not illuminate your knowledge of Keynes' economic ideas it will at least teach you that “ropey” is a British informal word for “unsound”.

Megan McArdle

I mentioned Megan McArdle when I recommended a bloggingheads episode. Remarkably, her blog "Asymmetrical Information" at The Atlantic magazine's website is a constant source of powerful insights. She is at her best when pundits make silly assumptions, flawed arguments, or forget about Econ 101 principles. Her arguments are sharp and ruthless, leaving her opponents usually like a spanked child. See examples here, here, and here. She is also helpful when shedding light on the cost of policies such as health care reform. Last but not least, she is a superb writer who can explain complex arguments with clear grammar and logical arguments, though sometimes she employs an unnecessary number of words to make a point.