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There's a lot to like about @dylanmatt fanboying over Raj Chetty's big data and social problems class. But positioning systematic data analysis as a substitute for Econ 101 misses the point. They're complements not substitutes.
But the deeper message is surely right: Econ 101 should show how economics speaks to big issues; it should showcase the breadth of economic inquiry; we should link theory to data; we should prize evidence; and we need to make the class more inclusive.
My advice to young econ students is "all of the above": Learn the fundamental insights and principles of economic reasoning, AND learn how to interpret empirical claims, AND learn how to transform data into insight.

(I would be surprised if Raj disagrees.)
Read 6 tweets
I know @Kevinmilligan will cringe, but I will tweet an example of a Carbon Tax with lump-sum "Rebate" at an Intermediate Microeconomics level (1/4)

(Note: this is mainly just me prepping an example for a future in which I teach Intermediate Micro) #teachecon
Suppose we have a consumer that only consumes 2 goods (or two groups of goods):
1. a carbon intensive good, y
2. a carbon neutral good, x
And the consumer has an income of I
(2/4)
If we impose a carbon tax of t, it raises the price of y, but not x.
Consumer reduces consumption of y. They also reduce x, but not as much: 1) The tax decreases their purchasing power, they thus buy less of both goods. 2) They also substitute x for y
Read 4 tweets
Nobel Prize goes to the great Bill Nordhaus -- the founder of modern environmental economics, joint with Paul Romer, who founded the modern innovation-driven approach to understanding economic growth.
Both Bill and Paul have long been tipped to one day win the Nobel. So this will be a popular prize among his fellow economists. The timing of Nordhaus' prize -- coming as the IPCC says that action to warns us that action is necessary -- is perfect.
At one level, this prize doesn't seem like an obvious combination -- both are somewhat related to modern growth theory, but not in any particularly coordinated or similar fashion.
Read 18 tweets

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