Jeremy Singer-Vine has cute little tool for translating economics jargon from the Federal Reserve meetings into plain English. The Planet Money Program on NPR used it to translate the FED’s latest plan into something much more readable without, I think, loosing much of the meaning. The design of the tool is quite nice but it must be pretty tricky to implement unless the FED’s statements are much more formulaic than I hope they are.
For example:
FED: Longer-term inflation expectations have remained stable, but measures of underlying inflation have trended lower in recent quarters.
Translation: Inflation has gone from low to super low.
My favorite part of the translation:
FED: Information received since the Federal Open Market Committee met in September confirms that the pace of recovery in output and employment continues to be slow.
If you’ve ever thought that science articles in major newspapers all seem to follow a similar pattern you should read this article by Martin Robbins, the Guardian’s “Lay Scientist”. It’s hilarious.
My students know my weaknesses too well. I had a well crafted argument today that I should let them watch Judson Laipply‘s YouTube video, “Evolution of Dance“. The gist of the argument was that they never really understood evolution until they saw the video (we covered evolution last year); the way the dance moves evolved, with small changes from one to the other is an excellent analogy for the gradual evolution of organisms. The best example was how The Robot changed into Breakdancing. I let them watch it of course, it was a good argument and the video is pretty harmless. And if it actually helped them learn about evolution ….
With a national unemployment rate of 10%, most students are aware of the current recession. When they ask about what the government is doing about it, the answer is that they’re following the advice of a man who died over 60 years ago, John Maynard Keynes.
Keynes wrote the textbook on how to manage economies, particularly in response to recessions. If the economy is in a recession because people are not spending money, then his solution was for the government to spend the money instead. Friedrich Hayek, however, disagreed.
Hayek’s disagreement with Keynes is a disagreement about human nature. This is after all what economics is all about, how people behave. Hayek though that recessions are necessary for economies and societies adjust to changes. Economies go into recession because as things change, such as technology, some businesses will fail because their products are no longer necessary. Eventually new companies and industries will replace these, but as that transition occurs, there will be the general hardship of a recession.
So, if the government spends money to support the economy all it’s doing is preventing necessary change, which means that in the long run, the economy will be worse off than if the government just let the change occur. Necessary adjustments will have to occur sooner or later.
The thing which is most needed to secure healthy conditions is the most speedy and complete adaptation possible of the structure of production. – F. Hayek
Even today are ongoing arguments either way. The government, specifically the heads of the Federal Reserve and the department of the treasury, Ben Bernanke and Tim Gethner, is dealing with the current recession by following Keynes’ prescription. They are adding more money to the economy. Other economists disagree.
The video illustrates the differences between Hayek’s and Keynes’ view of the economy using a music video and a rap. It is a wonderful example of how serious issues (and you can see the sincerity of the creators) can be explained in a way that catches the attention. I like how the authors give the same message in two modes: the words explain the concepts and the video illustrate them (look out for Tim and Ben).
Why have I not found this site before, Evil Mad Scientist Laboratories. A place where people will put serious thought, rigorous design and atrocious single-mindedness to create, well I’m not sure I can call it anything other than, “very interesting” projects. Applications of robotics that would make Asimov cry (probably with joy at human ingenuity, probably).
They carefully detail how to create such wonderful projects as:
This intelligently done history of Auto-Tune is wonderful for several reasons. First, it has a simple, elegantly executed story arc, where it describes the trajectory of a fad from introduction to over-exposure to parody/remix and finally to a new equilibrium. And it discusses these concepts in a clear and entertaining way.
Second, Auto-Tune is a great example of something that was created for one purpose but finds a new life in a completely different discipline. The technology was created for analyzing seismic signals in petroleum exploration before being applied to music. It is amazing what can come from working with people of diverse backgrounds, and having a broad appreciation of the world. Group work is important.
Third, in touching on parody, it brings up an issue that adolescents, in particular need to understand; parody is not just a cheap joke, it has something important to say. It uses humor to address significant issues:
While making fun of something is easy [mockery], parody requires a study of both technique and form, before creating its own recontextualization.
Third, the overexposure stage of fads and memes is something everyone should be aware of. The meme infiltrates so many aspects of the culture that it becomes irritating. As a Middle School teacher I see it primarily in the language my students use. By introducing this concept to my student, we now have a common language for talking about at least one type issues in the classroom.
Finally, equilibrium. An important concept in natural and social science, the concept is neatly encapsulated in how the fad starts off small, overshoots and gets smaller but does not disappear as there remains some lower level of use.