Alternative careers for economics majors

http://www.bungie.net/inside/aboutus.aspx#25100

“It’s the economy, stupid! Drive players to invest in our game economy by analyzing the subtleties of behavioral economics and pondering the pitfalls of specialization and free trade. Theorize why people make irrational economic choices and use the tricks you’ve learned to ensure players only make the irrational choices you want them to. Create an economic system that will fulfill a player’s needs just as much as shooting an alien in the face.

The Economy Designer at Bungie will develop a robust and rewarding game economy that drives player behavior toward intended goals and validate those systems through intense simulation, testing and iteration. You’ll design the systems and mechanics which drive in-game trade, satisfy the players’ need for possessions and wealth whilst ensuring rewards retain their intended value despite attempts to exploit or grief the system. You will determine what data is necessary to mine, ensure we have all of the hooks necessary to gather that data, and come up with all of the interesting metrics and questions we should ask of that data. You will run simulations of these mechanics based on expected player behavior and test these simulated results against actual player behavior; tuning the live system accordingly.”

 

Could virtual economies change how economic theory is tested?

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Secret Loans

http://www.bloomberg.com/news/2011-11-28/secret-fed-loans-undisclosed-to-congress-gave-banks-13-billion-in-income.html

The Federal Reserve and the big banks fought for more than two years to keep details of the largest bailout in U.S. history a secret. Now, the rest of the world can see what it was missing.

The Fed didn’t tell anyone which banks were in trouble so deep they required a combined $1.2 trillion on Dec. 5, 2008, their single neediest day. Bankers didn’t mention that they took tens of billions of dollars in emergency loans at the same time they were assuring investors their firms were healthy. And no one calculated until now that banks reaped an estimated $13 billion of income by taking advantage of the Fed’s below-market rates, Bloomberg Markets magazine reports in its January issue.

Saved by the bailout, bankers lobbied against government regulations, a job made easier by the Fed, which never disclosed the details of the rescue to lawmakers even as Congress doled out more money and debated new rules aimed at preventing the next collapse……”

 

You know what…Bernanke has constantly hinted that there needs to be a firm fiscal policy addressing our poor economic conditions. But take into consideration these massive loans. How can congress, or anyone for that matter, make policy suggestions when all the cards aren’t on the table.?

 

Mas dinero, pero nunca para la gente. Solamente para bancos. Revolución!!!

I think what they are doing here is what Ramon was arguing against, except this time, they are going foreign. This is not going to help their image, and justifiably so. I jokingly added the title, as I feel this is how it is going to be spun in the near future.

La contracción del crédito segundos

I think the 2nd round of major credit tightening is about to begin. This article articulates what is beginning to occur in banks becoming more skittish about the happenings in EU and the compiling of uncertainty that is bound stress credit markets worldwide. Let’s hope they can get their economic act together, as well as the US because I think this is a preview of what can happen to us since we are in a period of super cheap borrowing. But, the austerity measure should be moderate. Nothing like what Greece is experiencing because that is too much too soon.

Steven’s specialty

In this article, we tackle the question if inflation is good, or not. It continues here. Personally, I am not a big fan of NGDP targeting because it assumes that growth is constant with some fluctuations. I am more of a fan of maintaining price stability, mainly because it gives assurance to how we can forecast our expectations, given the large amounts of uncertainty.

Finance Job Losses Near 200K as Firms Cut Back

BLS has cited that both financial and government employment have been leading the charge when it comes to cutting employment. Labor is arguably the highest cost of any firm public or private and is more than likely why we should not be surprised by this article.

Economics on the Daily Show

On discrimination against the ugly American.

Aside: Should we go with blogspot? It let’s you post videos. WordPress is crankier. It let’s you embed youtube vids, for example, but in general it does not allow for embeds except on its non-free service.