The Greenspan bubble Argentina

2002-10-17 Thread Grey Thomas
I have now read many instances of the Argentina problems being blamed on the fact that tying the Argentine currency to the US dollar made that economy seriously uncompetitive. But I thought the measure of an uncompetitive currency was falling exports rising imports. And that Argentina had had

Re: Return to Education and IV

2002-10-17 Thread Bryan Caplan
William Dickens wrote: As I remember the standard neo-classical answer to this is that the main source of endogenaity isn't ability bias but discount rate bias - - that people with below average discount rates get more schooling. I hadn't thought of that (or heard it). Is there actually

Re: Return to Education and IV

2002-10-17 Thread Rodney F Weiher
Just a note on discount rates. The late sociologist Ed Banfield had an entire theory of poverty, education, crime, and in general, class distinction based not on income but on discount rates, e.g. higher rates, less education, more crime, lower-class behavior. It was very intuitive in terms of a

Re: Return to Education and IV

2002-10-17 Thread Bryan Caplan
Rodney F Weiher wrote: Just a note on discount rates. The late sociologist Ed Banfield had an entire theory of poverty, education, crime, and in general, class distinction based not on income but on discount rates, e.g. higher rates, less education, more crime, lower-class behavior. Yes,

Re: Return to Education and IV

2002-10-17 Thread Bryan Caplan
Alex T Tabarrok wrote: Bryan's question, however, can be rephrased as not how do you explain the data (low ability bias and high discount rate bias) but why is it that ability bias appears low? Ability bias isn't really low. Using the NLSY data, for example, controlling for AFQT scores