Political Economy and You 1

Plan 1.Questions 2.Economic development and “gestation” 3.Distributions, opportunities, and your futures 4.Finale 2

Weighting the exams & Rational expectations Rational expectations: the best predictor for future performance is past performance

Rational expectations & you You have bright futures! You’re winners from globalization! And yet you’re suffering –Anxiety about the future –Malaise 4

“failure to launch” “boomerang generation” “not just young people moving back home but also young people taking longer to reach adulthood overall.” “transition to adulthood” marked by 5 milestones: 1.completing school, 2.leaving home, 3.becoming financially independent, 4.marrying, and 5.having a child.

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Maybe great sophistication requires longer “gestation” periods?

Who grows up fastest?

Amoeba Time with Parent

Gestation periods

THE DISCOVERY OF adolescence: 1904 Median age at marriage 1970s: 21 women, 23 men Median age at marriage 2009: 26 women, 28 men

Sophistication leads to longer “gestation” periods? The more society advances  The more discoveries  The more for the next generation to learn  The longer it takes

Distributions And what you’re doing to shape yours…

What are you doing in college? Your Major??

Theory –Philosophy (from ancient to modern thinkers) –Logic (game theory) Empirics –History –Statistics Implicit throughout the class

To understand international affairs You need a broad liberal arts education

The 3 r’s readin’ ’ritin’ ’rithmetic Broad education…

Skills Become well-read Learn to write well Learn statistics Learn a foreign language

Breadth of undergraduate education & life opportunities Breadth of undergraduate education Life opportunities

Graduate school is different (not harder) Fewer hours in class, more hours studying Greater opportunity costs Grades not important Be focused! Statement of purpose

Writing First sentence – most important! Organize your argument into sections –What is the question? –What is your answer (or what is the debate)? –What is your evidence? –Why should we care? Lay this out in the 1 st para Return to each in its own section (paper outline): 1.Background literature 2.Your theory/argument 3.Evidence 4.The intro/conclusion should answer the “so what” question

Relationships Letter of recommendation Network of friends –Amazing

Next step: “What are you going to do when you graduate?” = “How are you doing?” = “Hello” Well intentioned but vacuous question Don’t let it bring you down! No one 22 what life will present them

What do we know?

Distribution of opportunities before education

Distribution of opportunities after education

Credible?

You have bright futures

No, students, don’t cry Everything’s gonna be alright!

No, Woman, No Cry [Organ recalls church music] [Breaking bread] “And we would cook corn meal porridge – of which I’ll share with you “My feet is my only carriage “So I’ve got to push on through “But while I’m gone, I mean “Everything is gonna be alright

YOU ARE GEORGETOWN! You have bright futures Everything’s gonna be alright! Privilege Thank you

No, Hoyas, No Cry Said I remember when we used to sit In the government class at Georgetown Observing the data points As we would test the good hypotheses we make Good friends we have, oh, good friends we lost Along the way… In this bright future, you can’t forget your past So dry your tears, I say No, Hoyas, don’t cry…