Mankiw on the value of inherited wealth

Source:

Because of intergenerational altruism, they make their consumption and saving decisions based not only on their own needs but also on those of their descendants. Because of regression toward the mean, they expect their descendants to be less financially successful than they are. Hence, to smooth consumption across generations, they need to save some of their income so future generations can consume out of inherited wealth.

Anatomy of academic regalia

Mentorship and teaching

On Jim Buchanan:

While Jim Buchanan is known throughout the world for his scholarship, I hold him in particular esteem for showing me that the classroom could be a place of mutual learning where your position as instructor is one of primus inter pares and not one of an expert passing on knowledge to novices. Sure, Buchanan passed on knowledge, much of it, but he did so always in the context of searching for alternative ideas to articulate. If something has been written, a student can read it. Starting from that point of departure, the classroom is an arena for searching for new ideas to articulate.

Efficient markets, illustrated

Source: SMBC.

Why we should rethink intro to probability classes

Source: xkcd.