Ebola: Why is it so bad? (Part 1)

The symptoms of Ebola are terrifying. In its later stages it leads to internal and external hemorrhaging—this includes bleeding from the eyes and ears. It can have a death rate of up to 90% (although the current outbreak kills about half of its victims). In addition, there’s no vaccine against it and no particularly effective treatment. Scary, right? It even LOOKS sinister… but most viruses do. (Source: Wikipedia) Although the disease has certainly takes a terrible toll upon infection, in a transmission-sense the disease is rather mild. NPR’s Morning Edition interviewed Stephen Morse, a virologist at Columbia University, about his opinion on Ebola’s potential Continue reading Ebola: Why is it so bad? (Part 1)

All the Money in the World

To open a fresh blog season — and to put astronomical textbook costs into context– I thought it would be fun to scrutinize ALL the money in the world. Or at least sharing the work of someone else who did. Randall Munroe, author of popular webcomic XKCD, has embarked upon two fascinating examinations of this concept. In the first, which you can click here to access, he compares the scale of a staggering variety of expenditures in a highly visual and intuitive manner. Included in the packed infographic: side-by-side comparison of the marginal cost to launch the space shuttle, the Continue reading All the Money in the World

Anecdotes at the Federal Reserve

The Federal Reserve occupies a special pedestal of authority and competence in the arena of governmental bodies charged with economic policy. Compared to Congress, it acts with amazing unity and speed. Moreover, compared to Congresses’s shortsighted and often political settlements, the Federal Reserve tends to make calculated, strategic decisions with an close eye to their long-term ramifications.The tendency of investors and analysts to hang on very last word of the Chairman’s public statements evidences the delicately crafted nature of its policy. However, in moments of crisis, even the ordered, empirical world of the Fed policy-making can be turned upside down. Transcripts of Federal Open Market Committee Continue reading Anecdotes at the Federal Reserve

Cryptocurrency: Not Just Bitcoin (Part III)

Bitcoin thoroughly dominates media coverage and public discussion of cryptocurrency. It is the oldest crypto-currency and does by far have the largest market capitalization—all Bitcoins are together estimated to be worth US$5.5 billion. More than sixty peer-to-peer currencies existed as of November 2013, and that number has dramatically risen since. As of April 8th, coinmarketcap.com lists market capitalization values for over 200 cryptocurrencies.  Market capitalizations range from Litecoin’s US$300 million, much a smaller than Bitcoin but still substantial, to LiteBar’s $384. The sheer number of similar-sounding names (well more more than half include the word “coin”) raises the question… Why? Two weeks ago, I began Continue reading Cryptocurrency: Not Just Bitcoin (Part III)

Cryptocurrency: Not Just Bitcoin (Part II)

Even though Bitcoin thoroughly dominates media coverage and public discussion of cryptocurrency. It is the oldest crypto-currency and does by far have the largest market capitalization—all Bitcoins are together estimated to be worth US$5.5 billion. More than sixty peer-to-peer currencies existed as of November 2013, and that number has dramatically risen since. As of April 8th, coinmarketcap.com lists market capitalization values for over 200 cryptocurrencies.  Market capitalizations range from Litecoin’s US$300 million, much a smaller than Bitcoin but still substantial, to LiteBar’s $384. The sheer number of similar-sounding names (well more more than half include the word “coin”) raises the question… Why? Last week, I Continue reading Cryptocurrency: Not Just Bitcoin (Part II)

Cryptocurrency: Not Just Bitcoin (Part I)

In the cryptocurrency world, Bitcoin tends to hog the media spotlight. This makes sense, as it’s the oldest, most-valued (recently determined to have a market capitalization of around US$6 billion), and best-marketed (i.e. most recognizable) brand of cryptocurrency. However, I was suprised to discover that in discussions of crytocurrency issues such as black-market trading, stability of value, and technical viability it stands in for a vast and surprisingly diverse swath of currencies. More than sixty peer-to-peer currencies existed as of November 2013, and that number has almost surely risen since.  {For a primer on Bitcoin, consider reading Holly’s interview with Emily Neville about her thesis on Continue reading Cryptocurrency: Not Just Bitcoin (Part I)

Diversity of Economic Indicators

Economists—as well as politicians, traders, and the media—use indicators to assess and describe the economy. They’re like measurements your doctor might take to evaluate your health: heart rate, blood pressure, reflexes, etc.. Economic indicators range from straightforward, official measurements of intuitively “economic” statistics (such as the BLS’s Consumer Price Index) to unofficial, indirect methods of gauging economic activity. In our healthcare analogy, indirect indicators might be like your doctor trying to determine your overall health by investigating how well-used your pillow is (to guess the quality of your sleep). Think that sounds clever? Check out these economic indicators: + using “Craigslist Continue reading Diversity of Economic Indicators

The Market Was Down

Newsmedia commonly personify “the market,” announcing “the market climbed today on news of a stellar jobs report” or “instability in Thailand sent shares tumbling.” Perhaps this simplification is a symptom of the unpredictability volatility of stock prices, a result of broad apathy towards the mechanisms behind the loose moniker “market,” or merely shorthand convenience for journalists. Whatever the cause, the market exists in the public imagination as a mysterious, moody beast. B.J. Novak’s short story “The Market was Down” takes this anthropomorphism to its logical extreme. He writes: “Why was the market down? No reason. Well, stupid stuff. Actually, to Continue reading The Market Was Down

A Glimpse into the Federal Reserve

The Federal Reserve recently released a transcript of their Open Market Committee (FOMC) meeting in September 16, 2008. The FOMC oversees the Fed’s “Open Market Operations,” purchase and sale of bonds; the Fed controls our money supply through this mechanism. It makes sense for the operational arm of the Fed to convene bright and early—8:30am—that day. This meeting took place in the thick of the financial crisis. Chairman Bernanke opened the session: “Good morning, everybody. Sorry for the late beginning. The markets are continuing to experience very significant stresses this morning, and there are increasing concerns about the insurance company AIG.” The Continue reading A Glimpse into the Federal Reserve

The Fantasy Industry

Fantasy sports has gained significant mainstream popularity over the last few years. In 2012, fantasy leagues reaped over $1.5 billion in entry fees. They’re so popular, in fact, that they’ve inspired offbeat spin-offs like a fantasy economics league (which I wrote about last week). Just like any other big ticket industry, a number of firms have popped up to cater to its needs. One example: Say the star quarterback of your fantasy team suffered a season-ending knee injury. Or, if you’re more disposed to participate in a fantasy economics league, your star department member unexpectedly developed an allergy to coffee. Either Continue reading The Fantasy Industry