Charlie Munger on Economists

From an interview with Warren Buffett's partner Charlie Munger:

How and why do you think economists have gotten this so wrong?

I would argue that the economists have not been all that good at working concepts of good and evil into their profession. Nor do they understand, at all well, the economic consequences of bad accounting.

HT to Paul Kedrosky

Final Grades, but Not Final Thoughts

Grades for the last homework and the final exam have been posted, and I'm very pleased with mine. The final was tough but I scored 57/60. I'm glad (and, I must admit, relieved) that my first class grade as a readmitted student will be an A.

This semester I've done a lot of thinking—but not much blogging—about both economics and going back to school. Over the summer I plan to organize some of those thoughts and write about them here.

Next semester I'll be taking Dr. Gervais' macro class. If you'll be in my class let me know!

(Early) ECO 304K Final Today

Since I'll be out of town tomorrow I've elected to take the early final exam (my first since December 1992!) today from 3p-6p.

I've reviewed my notes from the semester and am working the problems on the exams from the other section of the class. Then I'll "take" the sample final, make one last run through my notes, and then take the real one.

The best news is that I'll have three hours in which to complete the final but it only has roughly twice as many questions as each of the previous exams, so I shouldn't be time-constrained (ceteris paribus ;).

Wish me luck!

(A #2 pencil is required for the machine-graded multiple choice section of the exam. I honestly can't remember the last time I used a pencil, and couldn't find one in my house. My wife bought me these last night. :)

Extracurricular Economics Reading: The Company of Strangers

I just started reading Paul Seabright's The Company of Strangers: A Natural History of Economic Life. Based on the introduction it looks like it's going to be fascinating.

Much Better!

I got my regraded midterm #2 back today and am pleased to report that I was awarded all of the points I disputed, bringing my score up from 24 to a perfect 30. Much better! I'm not sure what the scribble is below my new score though—is that a heart? Hmm.

Today I also went by the Liberal Arts Dean's Office to transfer to the LA college and change majors from from computer science to economics. I felt guilty, like I should have sent a breakup note to the CS department: "Hey CS, thanks for the degree. I'm leaving you for something new and more interesting." But I didn't.

One nice aspect of my new school is the (slightly) lower tuition. For a full course load, natural sciences students (Texas residents) pay $4,421/semester while liberal arts students pay only $4,260. Even only taking three hours I'll save $71. That's not much but it's not nothing either. (The curious can see the whole tuition schedule here.)