This report claims that Californians who live in new homes use 57% of their water outside.  If we now face a drought, wouldn't basic supply and demand suggest that we consider adaptation strategies to reduce our demand?   In this picture below, I present a Westwood home with no "real grass".

I have learned about the power of inertia the hard way.  I often travel abroad so when I travel to exotic places I call up my cell phone carrier (T-Mobile) to place me on the international rate category.  I always tell them the dates when I'm leaving the USA and returning home.

UCLA is now filled with young, physically fit enthusiastic students walking (and jogging) around the campus.   As a not-young, not fit, cynical professor, I'm wondering who has the right attitude?   I'm now wondering whether the students are right and I am wrong.

We know that the pursuit of "green social status" has helped the sales of the Prius and solar panels but now the New York Times reports about vegan dining in Los Angeles and the role that celebrities play in making it hip and thus creating a bandwagon effect.

Have you read this new 594 page report by the IPCC?  This volunteer crew writes updated reports about what we know and don't know about climate change's causes and consequences.   The media such as the New York Times pay careful attention to what these reports say.

As China and India seek to keep their recent economic growth rolling will their political leaders embrace pro-growth policies such as allowing foreign direct investment in India and in the case of China shrinking subsidies for State Owned Enterprises?    Hsieh and Klenow document  large total factor

Have you seen this list that names names of which companies will have to participate in California's nascent carbon cap and trade market?  I don't see my name mentioned but I still plan to buy some permits.  I hold a diversified portfolio.

UCLA is about to learn an economics lesson in revenue generation at research hospitals .

Can a bullet train through farm country help to reinvent California?  Will the owners of the land near the bullet train stations become rich?  Will Southwest's stock price plummet as guys like me substitute from plane to train to go from LA to Northern California?  I realize that every journey start

The WSJ reports that  General Electric just ran an experiment in which it sharply increased the medical deductible that its workers have to pay for health care.

Here is a recent Press Release from UCLA.  I bought my house from the main person quoted in the article so I was interested in what he has to say (he doesn't mention his old house).

Product differentiation and variety is a hallmark of modern capitalism.  In academic economics, did you know that we have 1043 journals to choose from?  Here is the rankings list.  I haven't heard of 964 of these journals but still I celebrate our degree of choice.

Here is a relatively simple short term solution for how an older city can handle intense rain without having its sewer system overflow onto the streets or having to inject raw untreated sewage into the local rivers.   It costs $ but not that much money.

Which economists have a vanity license plate?   Dr. Krugman might go with "Go Keynes" while John Taylor might choose "No QE3".  I doubt either of those plates have been taken.   As I walked in Westwood today, I passed the usual number of Mercedes but this vanity plate caught my eye.

Armed robbers in LA drove through the streets with bags of cash and engaged in an urban "helicopter $ drop".  To elude the police, they threw cash out the windows and this attracted people to run into streets and   helped the bad guys with their escape.  Was Dr.

Permit me to contrast my day today and my father's.  At 230am this morning, my 73 year old father received a phone call that a patient of his needed his medical care.  He dressed and went to the hospital to treat her and remained at NYU hospital until 830pm tonight.  That's a 18 hour day.

Russia has land but lacks agricultural human capital.  China is land scarce but has productive farmers.  The NY Times reports about the gains to trade as some Chinese rural households move to Russia during the farming season.

In today's WSJ, R. Paul Thompson makes the case for new drought-resistant hybrid corn produced by Monsanto. He argues that such GMO crops will allow us to grow corn even when Mother Nature doesn't provide much rain.

In the 1970s, Spielberg achieved fame with his movie "Jaws".  Today, the NY Times reports the obituary for Ron Taylor.  Mr. Taylor filmed the shark scenes for "Jaws".  Mr.

Two of the most talented and hard working economists I can think of are engaged in an important debate.  Andrei Shleifer's comments are posted here.  He is responding to this presentation  by Daron Acemoglu.

How nimble are small farmers in adapting to new climate conditions?  This article about Africa's farmers suggests some optimism.

I just read about the location of the AEA Winter Meetings through the year 2020.

Blogs have blurred the line for when Ph.D. economists are being "scientific" versus when they are merely firing off a personal "opinion" (i.e Romney is right or Obama will deliver 4% growth).  In blog entries, there are no footnotes.  Nobody is "two handed".

There is a new smart phone app that allows you to prearrange taxi rides with taxis.   In Los Angeles,  you can't flag down a cab on the street so I just call in to arrange a ride.   In NYC, it will be a game changer if you can prearrange your ride.

I woke up at 325am this morning because my house was shaking.  I said to my wife; "earthquake" and she told me that she had already figured that out.   Later this morning, I learned that the epi-center of the quake was in Beverly Hills.

Now that I'm a Professor at the Anderson School of Management at UCLA, it is time for me to do some academic finance.  Rather than publish my empirical work in the Journal of Finance, I will publish it right here.

Tomorrow, the NY Times will publish my letter to the editor in this debate about progress and perfect competition.

With my wife and son out of town,  I left the comforts of Westwood and journeyed to USC yesterday.  The trip was well worth it.  Since I don't drive, I enriched two taxi drivers and helped to stimulate our stagnant economy.  Professor Siqi Zheng and I went to USC to listen to a seminar by Joe Tracy.

My Research and My Books
My Research and My Books
To learn more about my research click here.

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