A new paradigm for the introductory course in economics
Wendy Carlin Scientific Council Paris School of Economics (PSE); External Professor Santa Fe Institute; Professor of Economics University College London Don’t let the students know! What we teach them in our intro classes bears little resemblance to how we do economics ourselves. The great mid-20th century thinkers – John Maynard Keynes, Friedrich Hayek, and John Nash – initiated a process that ev
Kenneth Arrow and the golden age of economic theory
Steven Durlauf William F. Vilas Research Professor and Kenneth J. Arrow Professor of Economics University of Wisconsin – Madison The recent death of Kenneth Arrow (who was born on 23 August 1921) represents both the loss of one of the transcendent minds in the history of economics, and the closing of a golden age of economic theory. That age – which includes such historically important figures as
Capital is not back: A comment on Thomas Piketty’s ‘Capital in the 21st Century’
Capital is not back: A comment on Thomas Piketty’s ‘Capital in the 21st Century’ Thomas Piketty’s claim that the ratio of capital to national income is approaching 19th-century levels has fuelled the debate over inequality. This column argues that Piketty’s claim rests on the recent increase in the price of housing. Other forms of capital are, relative to income, at much lower levels than they wer
‘Data mining’ with more variables than observations
David Hendry Co-Director, Climate Econometrics and Senior Research Fellow Nuffield College, University of Oxford Jennifer Castle Official Fellow in Economics, Magdalen College and Director of Climate Econometrics, Nuffield College and Smith School of Enterprise and the Environment University Of Oxford While ‘fool’s gold’ (iron pyrites) can be found by mining, most mining is a productive activity.
Nazi pork and popularity: How Hitler’s roads won German hearts and minds
Hans-Joachim Voth Scientific Director, UBS Center for Economics in Society; UBS Foundation Professor of Economics University Of Zürich ‘At least he built the Autobahn’. Many Germans remember this phrase from conversations with parents and grandparents pointing to how the Nazi regime could receive such widespread support. The regime’s overwhelming popularity at home was essential for its policies,
Asset bubbles: Origins and implications | vox - Research-based policy analysis and commentary from leading economists
CEPR, established in 1983, is an independent, non‐partisan, pan‐European non‐profit organization. Its mission is to enhance the quality of policy decisions through providing policy‐relevant research, based soundly in economic theory, to policymakers, the private sector and civil society. New eBook: Disasters and (Bank) Financing Mikhail Mamonov, Steven Ongena, Anna Pestova
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Measuring economic progress
Explaining the global Great Recession
Why reforms fail: Political-economy forces and agriculture in Africa
Measuring potential output: Eye on the financial cycle
The need for a second round of ‘look east’ policies in south Asia