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A student of mine (Paul Dower) made an interesting point about the length of time that it takes to make a reputation in the "middle" journals. If it is longer than in the "top tier" journals, then, assuming a relatively short discount rate on the part of department chairmen, deans and university presidents, it is "rational" (there goes that word again) for them to promote on the basis of top-tier journal publications.

FYI Peter, your writing is possibly the most clear and concise among economists.

Peter,

Since I never took a class in Economics (I was a math major) I recently bought your textbook "The economic way of thinking". It's beautifully written. Great reading.

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