Profile

Cover photo
Joe Hannigan
17 followers|49,255 views
AboutPostsPhotosVideosReviews

Stream

Joe Hannigan

Shared publicly  - 
 
Time for a (mostly) non-economics post/rant. Warning: Contains oversimplified history, sketchy data, and sweeping generalizations. In 1396, an allied force of European crusaders met an equally sized Ottoman Turkish force i...
1
Add a comment...

Joe Hannigan

Shared publicly  - 
 
Evan Soltas is wrong.  In the economy of the future we will all make a living blogging for each other.
Telephone Switchboard Operators - a vintage circa 1914 photo (cropped) The economy of the future isn't going to look like what you think it will. In fact, it very well may look more like the econo...
1
Add a comment...

Joe Hannigan

Shared publicly  - 
 
This is brilliant!

Veronique de Rugy claims that there is no austerity in Europe, and Tyler Cowen nods approvingly. Then the Kenesians dogpile on the two of them and de Rugy walks it back, admitting she was just swinging at a straw man.

Cowen, in true Cowenesque fashion, doubles down, saying we don't get it because we're not as "deep" as him.

Maybe we're not as deep as Cowen, but when you're sinking as fast as he is, it's bound to be tough for the rest of us to keep up.
Let’s say that private gdp is 100 and government spending is 100. Gdp then suddenly goes up to 200, so government spending as a percentage of gdp falls from 50% to 33.3%. This is not a contractionar...
1
Add a comment...

Joe Hannigan

Shared publicly  - 
 
What I've always liked about Tyler Cowen is that he applies his economics to a wide variety of topics and issues. This allows him to be continually wrong in new and interesting ways. Not this time though. This time he's wrong in and old-fashioned and predictable ways.

Cowen says that "austerity" hasn't really been tried yet...in Europe! Holy S***! Don't tell the Europeans that! There's nothing they are more proud of than their austerity. And for God's sake don't tell the Bond Vigilantes!

Cowen is just grasping at straws here. For an antidote go to the Economist http://www.economist.com/blogs/freeexchange/2012/05/euro-crisis-0
1
Add a comment...

Joe Hannigan

Shared publicly  - 
 
An Operational Measure of Riskiness

Dean Foster and Sergiu Hart take a shot at quantifying risk. They do it by identifying the critical level of wealth at which a gamble would pay off.
Act as if you have log utility and with probability 1 your wealth will converge to infinity. Sergiu Hart presented this paper at Northwestern last week. Suppose you are going to be presented an infinite sequence of gambles. Each has positive expected return but also a positive probability of a loss. You have to decide which gambles to accept and which gambles to reject. You can also invest purchase fractions of gambles: exposing yourself to some ...
1
Add a comment...
In his circles
15 people
Have him in circles
17 people
Theodore Hammock's profile photo
Kelly Lynn's profile photo
Paul Gronowski's profile photo
Asenath Mike's profile photo
Alexandra Shanabrook's profile photo
Joe Hannigan's profile photo
Carl Napoli's profile photo
Albert Zee's profile photo
Deepak Menon's profile photo

Joe Hannigan

Shared publicly  - 
 
Everything is for sale all the time.
1
Add a comment...

Joe Hannigan

Shared publicly  - 
 
The Fed's John Williams says that the natural rate of unemployment may have increased from 5% to 6.5%. I have no idea whether or not he is right, but his comments highlight two important facts.

First, the job that we ask the Fed to do is nearly impossible. How are they supposed to balance employment and inflation when it isn't obvious what level of unemployment they should target? It doesn't surprise me that they seem to ignore unemployment altogether, and this is a strong argument for NGDP targeting.

Second, every day that we wait to get back to the natural rate of unemployment, the higher the natural rate gets. Long term unemployment tends to make people less employable. The unemployment of today will echo for years. The Fed should be racing to do what they can to lower it.
A Federal Reserve official says the natural rate of unemployment -- below which inflation kicks in -- has risen to 6.5 percent, from 5 percent before the recession.
1
Add a comment...

Joe Hannigan

Shared publicly  - 
 
Why oh why can't we have a better press corps? Tressiemc: >The Inferiority of Blackness as a Subject: Today The Chronicle of Higher Education published a blog entry from Naomi Schaefer Riley en...
1
Add a comment...

Joe Hannigan

Shared publicly  - 
 
"The person who says he knows what he thinks but cannot express it usually does not know what he thinks."

In graduate school I discovered that the best way to deeply understand complicated ideas is to teach them to someone else. The Feynman Technique incorporates that concept, but instead of teaching someone else, you start by teaching yourself.
The Feynman Technique is an incredibly simple and effective way to learn anything fast and identify holes in your knowledge.
1
Add a comment...
People
In his circles
15 people
Have him in circles
17 people
Theodore Hammock's profile photo
Kelly Lynn's profile photo
Paul Gronowski's profile photo
Asenath Mike's profile photo
Alexandra Shanabrook's profile photo
Joe Hannigan's profile photo
Carl Napoli's profile photo
Albert Zee's profile photo
Deepak Menon's profile photo
Basic Information
Gender
Male
Work
Occupation
Insurance
I haven't tried their breakfast, but dinner was awful and overpriced. We figured with the prices they were charging that the food would be good. Not even close. It was the worst meal I've had in months. There was nothing good about it. It also was messy inside, with one corner of the room dedicated to stacks of paperwork. I honestly don't know how they are still in business.
Public - 2 years ago
reviewed 2 years ago
This would be a great Beach bar if it weren't for all the locals
Public - 3 years ago
reviewed 3 years ago
I didn't try the stone-crabs but they have a neat rooftop bar with a view of Shell Island. Kind of an rundown, old Florida feel. Worth a visit.
Public - 3 years ago
reviewed 3 years ago
Public - 3 years ago
reviewed 3 years ago
94 reviews
Map
Map
Map
Very good food. It's in a converted house and there's seating on the porch when the weather is nice.
Public - 3 years ago
reviewed 3 years ago
Public - 3 years ago
reviewed 3 years ago