Word: macro
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Dates: during 2000-2009
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According to Alessandro, two levels of planning go into the game—the macro and the micro; what will be done in a specific session, and how the events of that specific session fit into the overall movement of the game...
...benefited from rolling BBC News in our hotel rooms. This was not the Pyongyang we'd come to expect. And yet such developments should not come as a shock, argued Cockerell over a microbrewed ale (70 cents) in Pyongyang's downtown Paradise Bar. "Foreign reporting on the D.P.R.K. is macro in scale - it's always, 'But aren't they testing nuclear weapons up there?' Subtle changes in the lives of Koreans don't fit the reporting paradigm; those changes are considered too trivial." Not by everyone, surely. To me, the availability of pizza in Pyongyang is news...
...more macro way, Goldman and Morgan Stanley in particular were facing the equivalent of a bank run in September 2008, as fear-stricken hedge funds for which they were prime brokers pulled out their assets. The firms would have been toast if the government hadn't allowed them to become bank holding companies overnight, giving them access to almost unlimited funds that the Federal Reserve makes available to banks...
Levitt likes his timing, since he sees macro as something of a dead end. "The problems of the macroeconomy are just so hard and the degree of complexity so immense that it's almost hopeless to think that we would have really good models of those systems," he says, chatting at his house a few blocks from the University of Chicago, where he teaches. (A video of the interview is at time.com/levitt.) Aside from the complexity, there's a crucial data limitation. "We have one macroeconomy," Levitt explains. "We get to watch the world unfold once." That means...
...Levitt has spent his career looking for narrow subjects that lend themselves to empirical testing. His standard line is that he's not smart enough for macro. But he's been smart enough to avoid it - and to win, in 2003, the John Bates Clark Medal, an award for the top under-40 American economist that is often the precursor to a Nobel (no, he's not really a "rogue economist"). His work also caught writer Dubner's attention, which led to the 2003 article in the New York Times Magazine that spawned Freakonomics...