Tuesday, August 26, 2008

Great Essay on Use of Information

My favorite teacher is someone who I have never met, and I have never enrolled in his class. His name is Russ Roberts, and he is an economist at George Mason University. Each week, he publishes a new podcast called EconTalk. In this podcast I listen to the most talented economists discuss contemporary issues. Some issues are more relevant to current events, others more relevant to economic thought.

Before I started learning from Russ Roberts I did not truly appreciate or understand how information is really used in real economies. Only years after my Ph.D. did I understand how dispersed information is among people, and consequently, why decentralized decision-making is so effective.

For teachers wishing to communicate the use of information in society to undergraduate students, Russ Roberts has published a superb essay for use in undergraduate classes.