Human vs Machine Progress

Machines are increasingly replacing humans across many walks of life. Huge numbers of jobs are being made obsolete. Historically this trend has been a positive force in terms of living standards. Additionally, as old jobs have been replaced, humans have found new work to do.

The claim that machines will ...

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Don't use Scatterplots

In a series of blog posts, Gary Rubinstein attempts show that the Value Added Modelling scores recently released by the NYC Department of Education prove that VAM (Value Added Modelling) is not accurate.

However, whatever flaws VAM may have, Gary Rubinstein (henceforth GR) hasn't demonstrated them. All he has ...

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Subpenny rule elimination - roundup

Just thought it's worth pointing out a couple of responses to my post proposing the elimination of the subpenny rule.

Alex Tabarrok discusses this on Marginal Revolution. In particular, look at David Krych's comment criticizing my proposal - I haven't had time to fully evaluate it, but it ...

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Unemployment and market clearing

In a recent blog post, Karl Smith defends U3 from it's critics. The majority of his defense is spot on - U3 is a consistent, well-understood measurement which we can use to measure changes over time, and we also have a pretty good understanding of it's relationship to other ...

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A High Frequency Trader's Apology, Pt 1

I'm a former high frequency trader. And following the tradition of G.H. Hardy, I feel the need to make an apology for my former profession. Not an apology in the sense of a request for forgiveness of wrongs performed, but merely an intellectual justification of a field which ...

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