One of the most insightful essays I’ve read for years: City and Ambition May 2008 | https://paulgraham.com/cities.html#f5n The essay is so condensed and well organized that I dare not quote it partly — and it’s definitely worthwhile to read it in full glory. Notably though, a comment about art is particularly interesting Paris was once a great intellectual center. If you went there in 1300, it might have sent the message Cambridge does now. But I tried living there for a bit last year, and the ambitions of the inhabitants are not intellectual ones. The message Paris sends now is: do things with style. I liked that, actually. Paris is the only city I’ve lived in where people genuinely cared about art. In America only a few rich people buy original art, and even the more sophisticated ones rarely get past judging it by the brand name of the artist. But looking through windows at dusk in Paris you can see that people there actually care what paintings look like. Visually, Paris has the best eavesdropping I know. [5] ...

The benefit of becoming a CSO donor: Bachtrak ranked CSO as the world busiest orchestra of 2025 — they presented the most concerts within a calendar year. The CSO has shows almost every week Thu-Sat. According to a college night interview, they rehearse every Wednesday and Thursday mornings before the first performance kick off Thursday night, weekly. Being a professional orchestra musician is actually tough job. Winds who are counting bars are not necessarily 100% happy, I guarantee you. And when the first violin mess up during rehearsal, though not all conductors yell, but even hearing the Jakub Hrůša pointing out the mistake is quite stressful. ...

A Bite of China is a remarkable documentary about Chinese food. In a sense, good food and good grades are the two pillars of success in our society. As we take food seriously, the soundtrack to A Bite of China draws effectively on classical idioms to convey the philosophical depth and cultural richness of Chinese cuisine. Eg. Season 1 Episode 3: the first few seconds of the opening flute melody has almost become a music motif that means fooooood in China ...

A loosely organized catalogue of macroeconomics lecture notes of Spring 2026 — neoclassical growth, structural transformation, misallocation, heterogeneous agents, and business cycles.

Benjamin Grosvenor hit the CSO Sunday 3pm stage with a program that speaks different musical languages: Beethoven’s Moonlight Sonata, Schumann’s Fantasy in C Major (Op. 17), Scriabin’s Sonata No 2 (Op. 19) and Ravel’s Gaspard de la nuit. Benjamin Grosvenor plays Ravel really well. I hear the poetic vibe and surreal magic. Though you don’t need a PhD in music to appreciate the beauty of Moonlight Sonata, and despite the program are all popular composer’s signature work — with a bit of learning, one can you hear the difference of how composers speak through music, especially with the contrasting program. ...

The amazing Pinchas Zukerman, Amanda Forsyth and Michael Stephen Brown brings a night of exquisite classic trios to the well-educated-but-enthusiastically-clapping-between-mvts Chicago audience on a cozy Saturday night. Mendelssohn Piano Trio No. 1 Higdon Pale Yellow from Piano Trio Dvořák Dumky for Piano, Violin and Cello, Op. 90 The music moved me. And the program is nice — just pure beauty, elegance and joy, no need for an avant garde piece to prove anything this time. ...

A bee does not waste its energy trying to convince a fly that honey is better than shit. During award season, the movie star Tim Cha commented on ballet and opera that it’s “barely alive” and “no one cares about it anymore”. He made a big point, and got blackslashed by all major opera houses. The Seattle opera even released a TIMOTHEE discount code for 14% off. It’s interesting to debate the future of the classical art industry, but certainly not during award season. ...

The CSO curates program with glittering wisdom. A while ago back in November, Robert Chen led the strings to present Vivaldi’s Four Seasons, the winter was shapr and cold. And now, our new artistic director led an adorable (and impressive) program welcoming spring: Milhaud Le Bœuf sur le toit Gershwin An American in Paris Stravinsky The Rite of Spring Klaus Mäkelä conducted CSO March 5, 2026. Two nearly sold out nights. The concert program is nice and covers stories about the music: https://issuu.com/chicagosymphony/docs/program_book_-_m_kel_conducts_the_rite_of_spring ...

Motivation In the standard neoclassical model, three return measures coincide: $$ R^{rf} = \mathbb{E}R^k_{t+1} = MPK. $$ This is a strong and testable prediction. Empirically, all three diverge and move differently over time. The question is: what drives the wedges? The answer: risk drives a wedge between $R^{rf}$ and $\mathbb{E}R^k$; markups drive a wedge between $\mathbb{E}R^k$ and $MPK$. Model A representative household with CRRA preferences $\mathbb{E}_0\sum_t \beta^t \frac{C_t^{1-\sigma}}{1-\sigma}$, inelastic labor supply $\bar N$. ...

We will analyze a representative agent economy and see how shocks and intertemporal discounted tradeoff drives asset prices. Stochastic Environment Primitives. Time is discrete, $t = 0, 1, 2, \ldots$ A random variable $s_t$ (the “state”) summarizes all exogenous shocks at date $t$. The initial state $s_0$ is known. Histories. A history of shocks through date $t$ is the tuple $$s^t = (s_0, s_1, \ldots, s_t).$$We write $s^{t+1} \geq s^t$ to mean that $s^t$ is a prefix of $s^{t+1}$ (i.e., the first $t+1$ entries of $s^{t+1}$ coincide with $s^t$). ...