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« The Right to Tell Someone Else They Must Go Without | Main | The Birth of a New Ocean »

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Ironman

If I read the summary correctly, the issue of scarcity is centered on time - how the affected individuals' decisions on what activities will consume their time changes when a new activity becomes available to substitute for a current activity.

Interesting that the substitution coincides women taking on more autonomy in household decision making, which would free the men to be able to watch more cable TV with the time freed from such activities. Being India, my guess is televised cricket matches are to blame!...

Phil

A colleague notes that they use novel econometrics. I think that's the gist here. But that begs the question: are we economists or are we statisticians? I type that with all due respect.

Ironman

If you're an econometrician, is there really a difference?

Looking at it from a cliometric viewpoint, I think economics stopped being just about scarcity some time ago - the behavioral branch of the field alone is a testament to that (or for that matter, the cliometric branch!) Economics today is the closest thing to an all-encompassing field of study of human activity, which is why it would seem to be becoming the overwhelmingly dominant field of social science.

Phil

Yes, there is a difference. Econometrics deals with subjects in simple linear regression. The question I have is why didn't those trained in stats dig into the questions that economists ended up answering?

There's a reason I love Ironman: he understands Economic Imperialism!

Ironman

"The question I have is why didn't those trained in stats dig into the questions that economists ended up answering?"

It would seem that economic imperialists are also opportunistic entrepreneurs. Like KFC and potholes going unfixed, they leapt at the chance to put their brand on the street, where others who had the first shot to do something about it, but didn't take it, failed.

http://www.kfc.com/about/newsroom/032509.asp

It's the free market at work!

[Sorry if I revealed too much of the secret plan for world domination!]

Phil

Exactly. It's how the marketplace of ideas is supposed to work.

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