VC survey

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Extraterrestrial lights as a sign for development

It was interesting to view Paul Romer using lights on earth viewed from space as an indicator for development of that area (country if you will). Even The Economist has an article on measuring growth using these light. Well, it is another way of using electricity as an indicator of development. How valid is this? I'll keep thinking about it.

Efficient Market Hypothesis Now

There has been a series of articles, discussions, and debates on the validity of the efficient market hypothesis in light of the financial crisis. The following pieces are quite interesting.

Link1 and Link2

Problem with the current climate change bill

Prof. Mankiw's article in NYT underscores the fundamental shortcoming of the climate change bill. It gives permits for free which undermines policy being able to creating enough incentives to control negative externalities like dumping CO2 in the atmosphere.