Showing posts with label Public Policy. Show all posts
Showing posts with label Public Policy. Show all posts

Friday, March 27, 2009

Expert Political Judgment



The expert on experts is Philip Tetlock, a professor at the University of California, Berkeley. His 2005 book, “Expert Political Judgment,” is based on two decades of tracking some 82,000 predictions by 284 experts. The experts’ forecasts were tracked both on the subjects of their specialties and on subjects that they knew little about.

The result? The predictions of experts were, on average, only a tiny bit better than random guesses — the equivalent of a chimpanzee throwing darts at a board.

“It made virtually no difference whether participants had doctorates, whether they were economists, political scientists, journalists or historians, whether they had policy experience or access to classified information, or whether they had logged many or few years of experience,” Mr. Tetlock wrote....

Mr. Tetlock called experts such as these the “hedgehogs,” after a famous distinction by the late Sir Isaiah Berlin (my favorite philosopher) between hedgehogs and foxes. Hedgehogs tend to have a focused worldview, an ideological leaning, strong convictions; foxes are more cautious, more centrist, more likely to adjust their views, more pragmatic, more prone to self-doubt, more inclined to see complexity and nuance. And it turns out that while foxes don’t give great sound-bites, they are far more likely to get things right....

So what about a system to evaluate us prognosticators? Professor Tetlock suggests that various foundations might try to create a “trans-ideological Consumer Reports for punditry,” monitoring and evaluating the records of various experts and pundits as a public service. I agree: Hold us accountable!

-Learning How to Think

Sunday, January 25, 2009

The Economics of Life

Random course of the day;

Economic Analysis of Major Policy Issues

This course will introduce students to the economic analysis of public policy issues. The interface between public policy and business is broad. Effective business leadership often requires the ability to analyze and/or direct public policy. Economic analysis provides a powerful tool for analyzing public policy from both a positive (i.e. predictive) and normative (i.e. evaluative) perspective. Economic theory provides a framework for: (1) understanding and predicting the incentives of businesses, consumers and government officials, (2) formulating reasonable policy objectives and methods for achieving these objectives, and (3) quantifying the likely effects of policy choices. The basic premise of the course is that a sound understanding of a relatively small number of fundamental economic principles and methods can be of tremendous value in making sound judgments on policy issues. The first three weeks of the course will cover the fundamental principles that guide the analysis. The next five weeks will use these concepts to analyze major public policy issues that are important to business such as: (a) the public and private sector responses to environmental problems, (b) the provision of health care, (c) antitrust enforcement, (d) intellectual property rights, (e) energy supply, (f) discrimination and anti-discrimination regulations, and (g) deregulation of industries. The final 3 weeks will be used for the presentation and analysis of class projects.

Book used;
Gary S. Becker and Guity N. Becker, The Economics of Life,