Next steps for paper

This post is due Friday by 4 p.m. instead of the usual Wednesday.

By now, you have a topic. If you do not, you can still switch or even write a new post testing out an idea. I think it is a good idea to start with some aspect of the Great Recession you want to learn more about.

Once you have a general idea of a topic, you have explored it through last week’s post. Now you can ask next questions. For example, why did this happen? Who was involved? What are the causes and what are the outcomes? At what level of analysis do I need to focus? What concepts or theories that we have learned seem relevant?

This brings us to the next post. With your next questions, you are going to need more info on X, where X is your topic and questions you have. Recall what I said in class, you are making yourself more of a relative expert on your topic and using your research skills and the analytical tools of organization theory to analyze or explain some aspect of the Great Recession.

Hence, we have this general flow:
Topic→ Your preliminary exploration→ Next Questions→ Need for more data or information.

Where will you get more information or data?

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Best of How To Understand the Great Recession

CONGRATULATIONS, Will! Your post on Financial Innovations in the Banking Industry is this week’s Best of the Blog!

The Blog Council for this week (Macey, Jessie, and Jordi) would also like to highlight other notable posts:

Derek for Most Passionate: The Great Recession: Making Fools of Economists

Emily for Best Use of Resources: The Great Recession and Reform

Molly for Most Original IdeaLehman Sisters?

We would also like to give a SHOUT OUT to Christian for redefining eloquence in An Eloquent Reflection on Innovation in The Wire

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Learning About Household Leverage (no, not the popular TNT drama series)

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When asked to investigate the economic recession of 2007, I was really at a loss for inspiration.  The financial crisis was something that I really did not know much about.  However, one thing I did know is that the housing bubble burst and at least partially caused the recession.  So I began my educational journey by learning about household leverage and the housing bubble. Continue reading

The Great Recession: Making Fools of Economists

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“The state of the economy is good… The battles of yesteryear [are] over” – 2008, Olivier Blanchard: Chief Economist at The International Monetary Fund

“The central problem of depression-prevention has been solved”  – 2003, Robert Lucas: University of Chicago

The overconfidence of economists, as displayed by the quotes above, in the state of the macroeconomy prior to the Great Recession illustrates one of the central causes for the current economic downturn. The belief that economic problems had largely been solved led economists to idea that they could predict the market’s behavior; creating the perception that their risk was largely mitigated by this ability. So strong was their belief in the success of their field that economists claimed the markets were too inherently stable for any unforeseen downturn in the economy. We know better now however, and the economists who brazenly denied the possibility of a significant recession have been forced to swallow their words as the economy fights the greatest downturn since the Great Depression. Still, the economists were not the only individuals who held the belief that their ability to predict the movement of the “inherently stable” market allowed them to remove large amounts of risk.

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Resources for Understanding the Great Recession

“Progress, far from consisting in change, depends on retentiveness. When change is absolute there remains no being to improve and no direction is set for possible improvement: and when experience is not retained, as among savages, infancy is perpetual. Those who cannot remember the past are condemned to repeat it.”

George Santayana

Last night’s blog council turned the tables on me and asked me to come up with a list of good resources to get more background on the great recession.  They compelled me to write a post.

Here are some good resources.  Choose one and, to repeat the BC’s instructions:

2. Pick a topic from one of the resources (can be a podcast, an article, or something else).  This topic should probably be a starting point for the final paper that you will write.

3. Write an engaging and informative post reacting to your chosen topic on the financial crisis.  Share your thoughts, your take on the situation, your reaction to the point of view presented, etc.

4. I AM ADDING: Do not repeat the source you use.  When you find one, paste what it is in the comments so others can check.  Be sure to include title and URL link.

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Chilean Earthquake spurs Economic Growth???

Just about seven short weeks after the devastating 7.0 magnitude earthquake hit Haiti, plate tectonics turned upon Chile with one of the world’s largest quakes since 1900.  This monster of an 8.8 magnitude, along with the subsequent tidal wave that washed along the south-central coast of Chile, have caused upwards of 800 deaths so far with about 1,000 people still missing along the coastal region.  As devastating as this is, the total death toll in Chile will fall a couple hundred thousand people short of the Haiti earthquake mostly because of the different poverty levels.  Continue reading

Best of Book Week (Feb 21-March 1)

Your friendly neighborhood Blog Council This week:  Jordi and Tania

Our choice for best post is Kelly’s World Cup 2010: Dream or Disaster?

Other notable posts...

Great Title Award and Certificate for Linking Expereince to Topic: Macey’s “Bend it like Beckham: Physics of Sports.”

Silver Chalice for Open Systems Link that Made Jordi Dance with Joy: Derek’s “Deliberative Democracy in Practice.”

Shout Out for Liberal Arts Mojo (Linking to Another Class): Brooke’s “Dress Behind Bars.”

Passionate Tone and Topic Prize: Kurt’s “The Great Recession.”

Great Title Award and Honorary Captain of The Santa Defense League: Molly’s “Bah, Humbug!”

BlOrg Theory Students: READ ON!!!!!  IMPORTANT!!!!!!!!

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