tag:blogger.com,1999:blog-3758330678390419129.post8977488732388188562..comments2024-02-13T02:39:22.756-05:00Comments on EconomicPolicyJournal.com: Greg Mankiw Ignores the Price Model...Robert Wenzelhttp://www.blogger.com/profile/14296920597416905488noreply@blogger.comBlogger5125tag:blogger.com,1999:blog-3758330678390419129.post-30547972177330821122009-09-01T08:09:16.344-04:002009-09-01T08:09:16.344-04:00"You are now saying that Mnakiw is less than ...<em>"You are now saying that Mnakiw is less than trutful? I am not sure at all how you can make that decision."</em><br /><br />No, I'm going by Mankiw's own actions. He <i>did</i> choose 15 based on their essays. He didn't randomly select them. He's just lamenting that his chosen selection process is limited.<br /><br />Do you really think the results of an auction Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-38079331072695426302009-09-01T07:56:06.675-04:002009-09-01T07:56:06.675-04:00Pricing works.
If there are too many good manage...Pricing works. <br /><br />If there are too many good managers at a given salary, you are overpaying and should lower the salary.<br /><br /><em>You shouldn't really believe that Mankiw thinks there's no way to discriminate between these 200 applicants.</em><br /><br />You are now saying that Mnakiw is less than trutful? I am not sure at all how you can make that decision.Robert Wenzelhttps://www.blogger.com/profile/12653378186315529211noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-38507410225955213822009-09-01T07:41:04.724-04:002009-09-01T07:41:04.724-04:00Yes, of course both sides are paying, but you'...Yes, of course both sides are paying, but you're suggesting that the situation would be better if one side was paying with cash. My comparison of Mankiw to a hiring manager was not to suggest that he literally pay the students cash, but that his task, like the hiring manager, wouldn't really be helped by introducing money to his decision-making process.<br /><br />You shouldn't reallyAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-51808783017704371372009-09-01T01:59:37.336-04:002009-09-01T01:59:37.336-04:00In effect, Mankiw and Harvard are paying the stude...<em>In effect, Mankiw and Harvard are paying the students..</em><br /><br />First, every transaction everywhere has both sides "paying". Mankiw pays with his lectures. <br /><br />The supply of freshman Harvard students wanting to hear his lecture is 200. In his post, he admits that there is no non-price way to differentiate who should be in the seminar.<br /><br />Thus, price sounds Robert Wenzelhttps://www.blogger.com/profile/12653378186315529211noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-41158356024714914372009-08-31T23:24:03.320-04:002009-08-31T23:24:03.320-04:00But Mankiw presumably doesn't care what people...But Mankiw presumably doesn't care what people are willing to pay for the seats. If his goal is really, as he indicates, to get the best crop of students, then the fact of rationing isn't his problem. His problem is the selection.<br /><br />I think you're describing it backwards by asking about an auction where the students pay Mankiw (or Harvard) for the seats. In effect, Mankiw andAnonymousnoreply@blogger.com