Random ramblings

It's almost one in the morning right now. I am supposed to be in bed by now, but I chose not to, maybe not till a few minutes more.

My reading week is over, so that means I need to be in class tomorrow. Bummer. But then, when I come to think of it, the past week had not been much of a holiday for me either. For most of the time, I am in uni anyway, struggling so hard just to finish my work, one after another. When you think that you're finally done, that is when more work will actually find its way to you.

To be honest, I haven't had much fun lately. All of my days were either be in the library or in the uni cloisters, and then I'm back at home. What a life, huh. There are so many things that needed to be done, papers to go through.  Luckily the topics are pretty interesting; thus far we've covered things like:
  1. How China's transition from planned economy was different from the former Soviet bloc, how come theirs did not fail like the rest of them did?
  2. Is minimum wage, a policy initially designed to help low-paid workers backfiring? Won't it end up creating even more unemployment as analysed using the perfect market framework?
  3. Why is it that in a second-price auction it is a weakly dominating strategy for a bidder to bid equal to this value of the good?
  4. Is there really a retirement-consumption puzzle? If so, does the fall in consumption fall suggests that households fail to adequately for their retirement?
  5. Does in-work benefits, namely tax credit schemes manage to counteract the disincentive effects of unemployment benefits?
In a nutshell, I am no longer doing conventional Economics work. We are at that stage where we are learning how it is being applied in the real world. The main focus right now is to teach us all how to actually think like an economist.

But of all the things I like the most is the diagrams. If my years of studying economics taught me anything, it is how to make use of diagrams to get the information across. They are pretty tedious to draw, but hey at least they help to build your case.

Enough with the economics thing, time to get to bed. I need to wake up early tomorrow and crunch some numbers down for microeconometrics with my best friend, Stata.

I leave the rest to you……. 
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