The process is standard in econometrics and is called Maximum Likelihood. It is analogous to a blind ant searching for the highest point in the Himalayas. The ant starts somewhere. It explores the immediate neighborhood. It determines which nearby point is highest and goes there. And it repeats, maybe millions of times, until it gets stuck at place where all neighboring points are downhill. Then the ant assumes it is at the highest point.
Hat tip to Roving Bandit
Jon Chait on Krugman's impact on the NY Times Editorial page.
The most remarkable attribute Krugman has brought to the Times is rudeness.
Article on the Lakers' travails showing the wit and wisdom of Andrew Bynum.
Lakers center Andrew Bynum isn't fretting the failed trade at all. In fact, he thinks the Lakers are better off with it falling through. "I'm happy we didn't do it," Bynum said. "I don't think you trade two 7-footers for a point guard. Ever."
Hat tip to LeBron