Quick note related to yesterday’s post about financial savant Norel Roubini’s latest jeremiad on the coming economic poopstorm: Someone at Gawker’s tired of all the negativity, evidenced in this post: Professor Norel Roubini’s Timeline of Terror.

First we read that market savant Norel Roubini thinks the economy is going nowhere fast. Now we see that UC Berkeley economist Brad DeLong has had a change of heart and pegs the chance of a new Great Depression at 5%. For 2 1/4 years now I have been saying that there is no chance [...]

In the last couple of years, Norel Roubini has become almost a household name (at least if you live with with someone in the financial industry) for his pre-crisis predictions that the U.S. was headed for a financial catastrophe. From Wikipedia: In 2008, Fortune magazine wrote that: “In 2005 Roubini said home prices were riding [...]

…not this year’s Nobel Prize winner, Elinor Ostrom. Nor is it Christina Romer, chair of the President’s Council of Economic Advisers, or Laura Tyson, who held that position in the Clinton administration. According to the blog Economic Principals, which used Google Scholar to measure citation counts, the winner is Carmen Reinhart of the University of Maryland, co-author of This Time is Different:Eight Centuries of Financial Folly.

Last week’s positive GDP report got many people talking end of recession. But a glimpse at the economist blogs shows a more nuanced view: From Econbrowser, written by two economics professors: …The government sector made a smaller contribution than one might have thought given the fiscal stimulus, in part because lower state and local spending [...]

Economist Mark Thoma posted this graph on his blog Economist’s View. Fellow economist Brad DeLong comments: “It’s very scary: long-term unemployment has a way of turning into structural unemployment…”

Here’s an excellent summary of the esoteric concepts and arcane financial instruments that contributed to the near collapse of the entire system last year. Created by designer Jonathan Jarvis as part of his thesis work. Part 1 Part 2

In our last post, we turned you on to the rap economics song “Demand Supply.” Now, thrill to eight more dope phat economics tracks, from the album “Flat World Economics” by Rhythm Rhyme Results.

Our recommendations include the R&B-flavored “Elasticity,” which should have you jutting your chin, swaying, and assimilating the concept of the supply/demand curve’s sensitivity to price in no time flat. And definitely get your freak on to “Maximum Utility’s” funky downbeat and economics-positive lyrics:

“Demand, Supply“ At first blush, you might think that Principles of Economics, written by Harvard professor and former chairman of the Council of Economic Advisors Greg Mankiw, doesn’t necessarily seem like ripe material for a rap adaptation. But if you did think that, you’d be wrong. Listen to “Demand, Supply”, by Rhythm, Rhyme, Results. The [...]

Two Americans shared the Nobel Prize for Economics this year: Oliver Williamson and Elinor Ostrom. Ostrom, the first woman to win the economics prize, co-founded the Workshop in Political Theory and Policy Analysis with her husband at Indiana University.

One interpretation of the significance of Ostrom’s award is offered by peace studies educator Randall Amster in The Huffington Post, called “Why Ostrom’s Nobel is Even More Shocking Than Obama’s.”