Other then opportunity cost this blog is free for you. Other then an occasional link or a kind word from a friend I do not receive any payment from the blog. Basically I use it as a tool to work on my thinking as an economist, and next semester I’m going to try to integrate some post with my classes.
I was thinking the other day about money and blogging, as Trent over at Thesimpledollar has decided to remove Google ads from his blog. Thesimpledollar is an excellent basic personal finance and frugal living blog, and I have watched it grow and it now receives something like 16,000 hits a day (a few thousand times more than my blog). Trent’s decision to remove ads was based on their conflict with his advice for example he discusses the problems with payday loans and there are ads for them put up by his advertising service.
Some websites have moved to donation buttons. I’m particularly fond of this one, which asks readers to buy them a beer or coffee with a link to a $3 PayPal donation. Will asking for donations actually provide a decent amount of income? This blog entry says only if you already have a loyal readership and continue to provide an excellent product.
Just like people make money writing for magazine and newspapers, I think there will continue to be opportunities for people to earn a living blogging. However, given how writers are typically paid through subscriptions or ads, donations are likely not a sustainable way. Donations will probably only work for some or those who do not need a full time income.
Wednesday, December 19, 2007
Tuesday, December 18, 2007
Make Your Own?
Over the weekend I brewed a clone of a 60 minute Dogfishhead beer. I purchased the ingredients and recipe from Xtremebrewing. The brew supply company was started by the brewers of Dogfishhead so that homebrewers like myself could brew their own versions of Dogfishheads own products. Although, I doubt in a blind taste test my brew will taste better than the original, I still brew anyways. It is slightly cheaper so that is one reason, but really the savings is only about $5-10 for fifty beers and about 4 hours of my time.
As the Freakonomics blog pointed out a while back there is a rise in knitting, gardening and other similar hobbies that produce something of use. The rise in part is due to the fact we work fewer hours. Another reason might be an evolution of the hobby industry, making it relatively easy for someone like me with little expertise and $100 worth of equipment to brew tasty beers. As our hobbies become more productive in terms of their output we want to do them more.
Now can I wait 6 weeks until my brew is ready?
As the Freakonomics blog pointed out a while back there is a rise in knitting, gardening and other similar hobbies that produce something of use. The rise in part is due to the fact we work fewer hours. Another reason might be an evolution of the hobby industry, making it relatively easy for someone like me with little expertise and $100 worth of equipment to brew tasty beers. As our hobbies become more productive in terms of their output we want to do them more.
Now can I wait 6 weeks until my brew is ready?
Monday, December 17, 2007
How to Interview At a Non-Research 1 School
This is the second installment in my advice to job market candidates. For background information I got my PhD from Wisconsin in the Ag & Applied Economics department. I was on the job market twice. The first year I landed a visiting position at Beloit College and now I have a tenure track job at Towson. I think non-research school interviews are a bit different. Some helpful hints that are not in the Cawley piece or need to be emphasized
1. The interviewers are probably tired of being stuck in a room and traveling. Imagine they are your students who are little tired, because last night was pub night. Be enthusiastic and excited. But not manic or your students or interviewers will not take you seriously. You will also get bored with talking about your dissertation. Pretend you are the guy from the movie Memento, erase your memory each time and think instead “have I told you about my condition” --- “have I told you about my dissertation”
2. Open with some small talk. Do not be afraid to talk about the weather, the conference, your travel. Try to keep it positive so you put people in a good mood.
3. Practice explaining your research to other grad students particularly outside your field. As my father who has been at a small liberal arts school for nearly 30 years, points out smaller departments might not have someone in your area and that is why they are hiring you.
4. Talk about what classes you can teach. Make an argument if you have not TA’d or taught them you could do either intermediate micro/macro or econometrics. Give some thoughts to what might be a good text book or key concepts. This is particularly key in the class you would teach your field.
5. Try to convince them you love to teach, particularly if you are worried they might think you are not interested in a non R1 job.
6. At small liberal art schools creating your own class is encouraged. I thought up a couple of ideas like the Economics of Ebay and the Economics of Immigration. I tried to show how it would be interesting for an interdisciplinary audience.
7. The set up of the room will be weird no matter what. Try to make sure you talk to everyone even if there are 5 people. Make sure to take a quick glance at CVs of the people who are interviewing you, this also helps create better small talk.
8. Small liberal arts and other non-R1 do care about research. They might also worry about you making the transition away from grad school, discuss projects with co-authors other than your advisor or potential collaborators you may know if you are moving across the country.
Good luck in New Orleans job market candidates. If you are interviewing with Towson, I’m sure you’ll have a good time.
1. The interviewers are probably tired of being stuck in a room and traveling. Imagine they are your students who are little tired, because last night was pub night. Be enthusiastic and excited. But not manic or your students or interviewers will not take you seriously. You will also get bored with talking about your dissertation. Pretend you are the guy from the movie Memento, erase your memory each time and think instead “have I told you about my condition” --- “have I told you about my dissertation”
2. Open with some small talk. Do not be afraid to talk about the weather, the conference, your travel. Try to keep it positive so you put people in a good mood.
3. Practice explaining your research to other grad students particularly outside your field. As my father who has been at a small liberal arts school for nearly 30 years, points out smaller departments might not have someone in your area and that is why they are hiring you.
4. Talk about what classes you can teach. Make an argument if you have not TA’d or taught them you could do either intermediate micro/macro or econometrics. Give some thoughts to what might be a good text book or key concepts. This is particularly key in the class you would teach your field.
5. Try to convince them you love to teach, particularly if you are worried they might think you are not interested in a non R1 job.
6. At small liberal art schools creating your own class is encouraged. I thought up a couple of ideas like the Economics of Ebay and the Economics of Immigration. I tried to show how it would be interesting for an interdisciplinary audience.
7. The set up of the room will be weird no matter what. Try to make sure you talk to everyone even if there are 5 people. Make sure to take a quick glance at CVs of the people who are interviewing you, this also helps create better small talk.
8. Small liberal arts and other non-R1 do care about research. They might also worry about you making the transition away from grad school, discuss projects with co-authors other than your advisor or potential collaborators you may know if you are moving across the country.
Good luck in New Orleans job market candidates. If you are interviewing with Towson, I’m sure you’ll have a good time.
Take the Money and Run to Punjab and Back
England is trying something a little outside the box to decrease the number of immigrants in the country, paying them to return to their home country. As described in this article, the British government is providing free plane tickets and cash incentives of £500 ($1000) when the immigrant gets on the plane, and £500 ($1000) when they return to help start a business. The government points out this is cheaper then £11,000 on average it costs to forcibly deport someone.
The problem is that people are gamin the system from the article “… asylum seekers were playing the system. I met several asylum seekers who had applied for the IOM’s financial assistance programme and were already planning their return to Britain once they got their business established in their country of origin.”
This type of program would seem to have little potential in the United States particularly for Mexican migrants, since about ½ of migrants to the US return to Mexico anyways within the year and there is lots of going back and forth between the border.
The problem is that people are gamin the system from the article “… asylum seekers were playing the system. I met several asylum seekers who had applied for the IOM’s financial assistance programme and were already planning their return to Britain once they got their business established in their country of origin.”
This type of program would seem to have little potential in the United States particularly for Mexican migrants, since about ½ of migrants to the US return to Mexico anyways within the year and there is lots of going back and forth between the border.
Friday, December 14, 2007
Exams are Over Except for Professors
I gave an exam yesterday in Principle of Microeconomics. For the first question I asked to students to name an opportunity cost. The most common answer was by taking this exam my opportunity cost is sleeping, watching tv, and playing guitar. I also asked my students for an example of an externality. In class I gave an example of a dog food factory that produces a terrible smell that bothers non-dog owners. This actually happens in real life too, Muslims protest over pet food factory that could 'rain down' pork.
Another problem I gave was on pollution permits at London Heathrow airport. Due to noise and CO2 emissions there is a call to reduce the number of flights (link).
Now unfortunately the opportunity cost of me providing more on the blog today is grading exam
Another problem I gave was on pollution permits at London Heathrow airport. Due to noise and CO2 emissions there is a call to reduce the number of flights (link).
Now unfortunately the opportunity cost of me providing more on the blog today is grading exam
Thursday, December 13, 2007
The Economics of Homebrewing
This weekend I’m extremely excited to brew a 60 minute Dogfishhead IPA clone. The beer is known for its awesome amount of hops. A couple of thoughts on homebrewing and beer economics. My Vanilla Porter also just matured and it is one of the best I have brewed.
1. In DC even with shipping cost homebrewing saves you about 0.20 a beer over similar store brand beer. To brew 50 beers you have to purchase $30 worth of ingredients, plus some bottle caps and sanitizing supplies. There is also an initial fixed cost of about $100 for a fermenter. To recoup the $100 fixed cost for equipment you would have to brew 500 beers. I’m actually getting close to that after 6 years of brewing. We might also think about the opportunity cost of the time spent brewing, but I have too much fun brewing to worry about that.
2. In my intro to economics class, I often give an example that some product is found to prevent cancer, which increases demand for that product. It appears hops help prevent cancer, I just learned that the day I prepare to make the most hop filled beer I have tried.
3. I think I have finally figured out how to allocate my brewing resources so that I never run out of home brew beer. I can drink and give away about a 6 pack a week, so I brew a batch of 50 every two months.
1. In DC even with shipping cost homebrewing saves you about 0.20 a beer over similar store brand beer. To brew 50 beers you have to purchase $30 worth of ingredients, plus some bottle caps and sanitizing supplies. There is also an initial fixed cost of about $100 for a fermenter. To recoup the $100 fixed cost for equipment you would have to brew 500 beers. I’m actually getting close to that after 6 years of brewing. We might also think about the opportunity cost of the time spent brewing, but I have too much fun brewing to worry about that.
2. In my intro to economics class, I often give an example that some product is found to prevent cancer, which increases demand for that product. It appears hops help prevent cancer, I just learned that the day I prepare to make the most hop filled beer I have tried.
3. I think I have finally figured out how to allocate my brewing resources so that I never run out of home brew beer. I can drink and give away about a 6 pack a week, so I brew a batch of 50 every two months.
Wednesday, December 12, 2007
Economist Job Market
Yesterday our department met and sent out invitations for interviews for two tenure track positions. For those of you have not had the pleasure of being on the economics job market. Here is how it works.
1. By December 1st applications are received, this year we received about 200 for 2 positions.
2. In early December the department selects its top 25 to interview at the Econ national meetings just after new years.
Now a bit about how this selection goes. Personally to pick my votes, I looked at publications and research potential based on letters of rec. Teaching awards or high evaluations went a long way. I was surprised to see how few people had done anything other than change a name to their cover letter to distinguish there letter to Towson from another letter. This may be because many econ PhD’s apply to 75-100 schools (I applied to about 30 both times I was on the market).
To sort out the noise of 200 applications the American Economics Association also lets candidates send out two signals to jobs they want. These signals are sent to the search chair. Since candidates only have two signals not receiving one does not really provide information. Receiving one tells you they are seriously considering your job, but feel their application might need another look to stand out among 200. For what is worth I and few other people signaled Towson last year. Signals did make me give candidates a second look, but only in one case did I recommend a person to interview who I would not.
After my colleagues interview 25 people, we will select a handful of candidates to fly out sometime in February. All I can say is it is much more fun to be on the other side of the market.
1. By December 1st applications are received, this year we received about 200 for 2 positions.
2. In early December the department selects its top 25 to interview at the Econ national meetings just after new years.
Now a bit about how this selection goes. Personally to pick my votes, I looked at publications and research potential based on letters of rec. Teaching awards or high evaluations went a long way. I was surprised to see how few people had done anything other than change a name to their cover letter to distinguish there letter to Towson from another letter. This may be because many econ PhD’s apply to 75-100 schools (I applied to about 30 both times I was on the market).
To sort out the noise of 200 applications the American Economics Association also lets candidates send out two signals to jobs they want. These signals are sent to the search chair. Since candidates only have two signals not receiving one does not really provide information. Receiving one tells you they are seriously considering your job, but feel their application might need another look to stand out among 200. For what is worth I and few other people signaled Towson last year. Signals did make me give candidates a second look, but only in one case did I recommend a person to interview who I would not.
After my colleagues interview 25 people, we will select a handful of candidates to fly out sometime in February. All I can say is it is much more fun to be on the other side of the market.
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