A quick report on the Economists’ conference.
The first plenary was by Paul Ormerod on “What can economic agents learn?”. The central idea is that we need more realistic models in which people’s capacity to learn and make inferences is bounded. I’m fully in agreement with this and am actively working on a way of modelling such ideas. Ormerod didn’t give much detail about his own approach to the problem.
Deirdre McCloskey presented her ideas on statistical significance, which have already been discussed on this blog. In question time, Adrian Pagan gave a characteristically vigorous defence of the standard approach, making some good points I thought (disclosure: McCloskey’s paper includes a ranking of all the papers published in the American Economic Review according to the adequacy of their treatment of significance in published regressions. My paper with Steve Dowrick ranks a bit below average on this scale. I don’t really think it should have been included, since the main focus of the paper is on nonparametric measures of relative international income. We only threw in a regression to show the difference between our measure and the standard PPP measure).
Richard Freeman gave a talk on “Not your Father’s Union”, talking up the prospect of a resurgence of unionism based on Internet organisation. Coincidentally or otherwise, the same day I got an email from the AFL-CIO (US equivalent of the ACTU), which I’ve appended as an instance of this phenomenon. It was part of a campaign to resist Administration attacks on overtime pay, which was successful in its immediate objective of getting a favorable vote in the House of Representatives.
The higher education session was, as Derrida Derider mentioned, disgustingly civilised, with no fisticuffs between me and fellow-blogger Andrew Norton. I plan to post a full paper before long. There was at least a good crowd, filling the small room. By contrast, my paper on water reform was presented to an audience of about twenty in a theatre with a capacity of 500. Again, I’ll try to post a paper. My idea is to spend money now buying irrigators’ rights to license renewal in ten years’ time.
(AFL-CIO email follows)