School has started once again and this semester I've got three classes: Contract Theory, Econometric Methods, and Asset Pricing. I know what you're thinking: "What? Only three classes? What does he do all day?" Well, let's just say they're keeping me busy. Probably not quite as busy as last year, but pretty close. The good news is that so far I've only had one dream where the whole dream is just a piece of paper and I'm trying to solve the equation on it (I didn't solve it, by the way, so don't get any ideas about me waking up and writing down the answer!). On top of my coursework, I'm also working on a few research papers and I'm helping a professor develop a course on the financial crisis, which I'm really enjoying.
Actually, I should tell you a story about this professor who's teaching the financial crisis course. I'm pretty excited to be working with him because he's kind of a big wig in the academic world and he recently returned from a 8 month stint at the White House serving in the Obama administration. His name is Jeremy Stein. So, I had been talking to Jenn about meeting with Jeremy Stein, and that evening I came home from school and Henry comes up to me and says, "Dad! Did you talk to Jeremy Einstein?" Yeah, something like that, Henry.
So, that's the Ben update. As I'm writing this out, I'm realizing that there is absolutely nothing exciting in the post at all, which means that there must not be anything exciting in my life right now. You know what? That's okay. I'm loving my life. It's great. I'm learning a ton, and most of it I really enjoy learning. When I'm not in school, I'm with Jenn and the boys. Who could ask for more?
But, if you're still not satisfied, here are two things to think about: 1) If you could reform either the health care system or the education system in the U.S. right now, but not both, which would you choose? 2) The graph below shows that people increase their saving rate dramatically during recessions. This is counter-intuitive: When an individual's income levels falls (during a recession) they should decrease the percent of their income that they save, since they have to use more of their income to pay the bills. Why do we see saving rates increase during recessions? What prevents people from saving during expansions and then spending their reserve during recessions?
Feel free to answer either of these in the comments!
11 comments:
1.) Health care system. Education is nice and all and definitely increases quality of life, but without health, there is no life to worry about the quality of. Of course my perspective is colored by how I spend my days, helping people in crisis situations. The last thing that I worry about on the case plans that I make up is education. It's a luxury. I'm going to make sure the youth that I work with apply for medicaid first thing. Too bad as soon as they are working full time at McDonald's they are no longer elligable for medicaid and are uninsured.
2.) People are crazy. We are most persuaded by whatever is present. If everything is going well, it's always going to be going well. If everything is rough, it's always going to be rough.
Just so you know, it's intimidating leaving comments on your blog because of your vast intelligent following.
Ben,
Is Dr. Stein a czar? I mean, this whole czar thing is getting out of control. Some czar lady was making $178k and all she was was on Obama's cabinet. Why don't the people in the Departments (Interior, Agriculture, Defense, etc.) just do their jobs and then lets not have these uncontrolled czar folks at all. You been watching Glenn Beck? :-)
I think people try to save more during a recession because they realize (remember) that the economy is not foolproof and they may need it down the road if things get worse. During good times, nobody thinks about saving because life is good and comfortable. When things turn bad, they buckle down and only buy essentials instead of frivolous "needs" (which is what we should all do more of all the time!).
Only one graph in the whole post? Come on, smarty pants. You can do better than that!
Personally, I can't choose which I would reform. They are both important. I do however think that teachers deserve much higher pay. Although they are not risking people's lives with their decisions like Dr's have to do. Good question. I just don't know the answer to that!
I'm with Shug on question 1. Without health, we have nothing and can do nothing. But for those who know me, you'll also know that I'm pretty passionate about education so my vote doesn't diminish the value of education for me . . . just prioritizes the two. Question 2. Fear makes us hoard and times of plenty give us a sense of security so we spend. It's illogical and the reverse of what it should be, but I think that's how we think and react generally speaking. My question: Will we learn from this economic mess and save and spend more prudently when times of plenty return?
I think I would fix health care over education, too. Education in this country isn't great, but it's sort of adequate, and at least there are plenty of books and libraries around. For the savings question, I don't think the recession has changed my saving habits personally, and I have only been married since the recession began, so I can't measure any effect it's had on family savings attitudes for us. What Shug and your parents say makes sense.
I've been following the health care "debate" these past months with a lot of interest. My vote is for health care reform. We need it. I worry about how much it will cost our children if we don't get it under control now.
I think education is also extremely important. However, I feel that even though reform is needed, what is needed most is an emphasis on the family in society. Children from strong families will have higher chances of succeeding in their education.
Education reform all the way! Don't touch health care. LEAVE government OUT of it. Ok, that is what I'm supposed to say as a physician in training. Actually, I feel there is a great need for health care reform...we need more preventative services covered and creative ways to cover 50 million uninsured Americans. But after going through two years of medical school and spending a few months in the wards, I think we're missing the mark in some areas with the current proposals of health reform. First, where is malpractice reform? Can I tell you how many unnecessary tests are ordered, which raises costs, because of fear of a lawsuit? Here is a prime example that happened not to long ago to me: A young man comes into the family medicine clinic with chest pain localized to a specific spot. He has no risk factors of heart disease(no smoking, diabetes, high cholesterol, high blood pressure,etc) and no family history of heart disease. Heart attacks generally feel like pressure on the chest and a patient won't usually point to a specific spot but pain will be all over. He likely has inflammation of cartilage of his ribs. Do we send him home with a high dose ibuprofen or prednisone prescription to reduce the swelling and tell him he'll be fine? No, that would be too easy. Instead we have to additionally tell him to go to the ER(since we don't have all the fancy equipment at the clinic) when he has the chest pain next, to cover our fannies from a lawsuit in the 0.1% chance he is having heart problems. Anyone think the ER will be cheap for this man or his insurance after they get done with all the testing? Will politicians, most of whom are lawyers, touch malpractice? I don't think so. We'll see.
Second, where is medical education reform? What person in their right mind will want to train for 12- 15 years, plunge into a half a million dollars in debt, and earn 50,000 dollars? Any takers? Let me be clear that I didn't get into medicine for the money. And physicians salaries being reduced to $50,000 may or may not be a reality. But I see my mounting debt and hear all the talk about health reform and it makes me nervous of how long I'll have this lingering debt if reform happens in some areas and not others. Check out this article published by a group of independent physicians for congress that addresses what I think are the critical needs in health care reform. http://www.physiciansfoundations.org/usr_doc/Physicians_And_Their_Practices.pdf
I don't like insurance companies at all and their billion dollar profit margins...but I feel like congress is rushing too fast and may put in a system that we all regret in the future because they didn't think it completely through.
Post a Comment