That is the query asked by John Cochrane in this recent draft essay ( non-PDF version right here ), in response to a recent Journal of Economic Perspectives write-up by Robin Greenwood and David Scharfstein. Both ought to be essential reading for any introductory finance class. There is so a lot in these essays that a single weblog post couldn’t hope to adequately cover the subject, so never count on this to be anything resembling a full response.

The Doctor of Philosophy is a three year research-based degree in which students undertake a programme of approved and supervised investigation that leads to a thesis which critically investigates an approved subject of substance and significance, demonstrates experience in the techniques of analysis and scholarship, displays intellectual independence and makes a substantial original contribution to the topic area concerned, and is of publishable top quality.

English as the native language, but with …