Protestantism is good for some people and bad for others. At least that is the conclusion if we are to judge by the stark matters of life, or death, and prosperity. For the majority of the population, Protestantism tends to raise economic prosperity through better education.
Critics of Marx often get the great socialist thinker wrong. We're here to set the record straight. There are many ways to interpret Marx. Many of them legitimate. But many others seek to dismiss Marx by invoking anticommunist echo chamber rhetoric.
The right response to economic populism. Suddenly economic populism is all the rage. In his now famous monologue on Fox News, Tucker Carlson argued that American elites are using ruthless market forces to enrich themselves and immiserate everyone else.
FACEBOOK, whose users visit for an average of 50 minutes a day, promises members: “It’s free and always will be.” It certainly sounds like a steal. But it is only one of the bargains that apparently litter the internet: YouTube watchers devour 1bn hours of videos every day, for instance.
What do the economists at the International Monetary Fund see when they look at the U.S.? An economy in the midst of a long expansion ("its third longest expansion since 1850"), with "persistently strong" job growth, "subdued" inflation and something close to "full employment." But also this:
George Will objects to various paid parental leave proposals on the grounds that they will cost money and he doesn’t think other people should have to pay for your children. But that’s completely correct.
The Scramble for Africa has contributed to economic, social, and political underdevelopment by spurring ethnic-tainted civil conflict and discrimination and by shaping the ethnic composition, size, shape and landlocked status of the newly independent states.
SINCE the publication of "Capital in the Twenty-First Century", Thomas Piketty has won many plaudits for his work on inequality. The book has so far sold more than 1.5m copies. Its arguments have been praised by Nobel-prize winners and politicians alike.
From the man who bought you "the shortest economic textbook in the world"; and "13 things Economists won't tell you", here is Ha-Joon Chang's ultimate pocket guide to the differences (and similarities) between all the economic schools of thought.
By John T. Harvey We are experiencing deep economic problems and it is the fault of the economics discipline. Their macro theories suck. But, there is no mechanism forcing it to alter its models when they don’t appear to work.
I have long had a "thinking like an economist" lecture in the can. But I very rarely give it. It seems to me that it is important stuff—that people really should know it before they begin studying economics, because it would make studying economics much easier.
In 2011, Ohio voters repealed Senate Bill 5, an attack on collective-bargaining rights.
Economic theorist and author Jeremy Rifkin explains his concept of The Internet of Things. Rifkin's latest book is The Zero Marginal Cost Society: The Internet of Things, the Collaborative Commons, and the Eclipse of Capitalism (http://goo.gl/4estV2).Don't miss new Big Think videos! Subscribe by
Business as usual. That will be the implicit message when the Sveriges Riksbank announces this year’s winner of the “Prize in Economic Sciences in Memory of Alfred Nobel”, to give it its full title.
The World Economics Association recently interviewed me on the state of economics, inquiring about my views on pluralism in the profession. You can find the result on the WEA's newsletter here (the interview starts on page 9). I reproduce it below. 1.
Mainstream economics is terrible at understanding the reality of human behaviour. Now, even the respected thinker Paul Romer is calling for change It’s 26 years since Paul Romer shook the discipline of economics with a single research paper.
Many of us know we need to rethink economics, but Kate Raworth actually did it. Envisioning the economy as a doughnut, two boundaries become clear. If we fall into the doughnut’s middle hole, human needs fail to be met. If we drop off of the outer edge, life is unsustainable.
The financial collapse of 2007/08 and the subsequent deep recession and sluggish recovery have left huge scars on the global economy. In the UK, the government is grappling with an unprecedented budget deficit and unemployment is over 1 million higher than it was before the recession.
It can be very confusing to know that you won’t find a decent job, pay off student loans or put in a down payment on a house in the next few years — even though you may have graduated from a top-tier university or secured glowing references from all those unpaid internships that got you to w
Things are not going well in the world’s richest economies. Most OECD countries are facing their highest levels of income inequality in 30 years, while generating ecological footprints of a size that would require four, five or six planet Earths if every country were to follow suit.
The 62 richest people in the world own as much wealth as half of humanity. Such extreme wealth conjures images of both fat cats and deserving entrepreneurs. So where did so much money come from? It turns out, three-fourths of extreme wealth in the US falls on the fat cat side.
Have you ever heard of the term “economic rent”? No? That’s probably because of the greatest political coup in the history of our republic.
At the outset of the Great Depression, John Maynard Keynes penned a remarkable economic prognostication: that despite the ominous storm that was then enfolding the world, mankind was in fact on the brink of solving “the economic problem” — that is, the quest for daily subsistence.
I’ve studied monopolies for about 20 years. I got into this line of work back in 1999, when an earthquake in Taiwan resulted in the shutdown of computer factories all over the United States.
ONE morning, an economist went to buy a shirt. The one he chose was a marvel of global production. It was made in Malaysia using German machines. The cloth was woven from Indian cotton grown from seeds developed in America. The collar lining came from Brazil; the artificial fibre from Portugal.
Think managing your finances has to be complicated? Wonkblog contributor (and UC Chicago social scientist) Harold Pollack doesn't. After a talk with personal finance expert Helaine Olen, Pollack managed to write down pretty much everything you need to know on a 4x6 index card.
Figure 2 summarises our key results. Good pilots – those whose average monthly victory score put them in the top 20% of the distribution – on average improved their victory score by 50%, from less than two to more than three a month, when the successes of their former peers were advertised.
Two questions: is it good or bad that professional athletes earn 400 times what nurses do, and is string theory a dead end? Each question goes to the heart of its discipline.
Thaler’s work shows that assuming human beings are predictably irrational is the most rational approach to studying their behavior.
Hayek pioneered the informational view of markets in which prices are messages, and his dynamic vision of the economy provides the basis of an alternative to the equilibrium methodology that today underpins the economics of information.
William Baumol — an economist who just died at the age of 95 — had a famous idea, commonly known as Baumol’s cost disease, that explains a lot about our modern world.
By J. W. Mason I’ve felt for a while that most critiques of economics miss the mark. They start from the premise that economics is a systematic effort to understand the concrete social phenomena we call “the economy,” an effort whose methods unfortunately are unsound.
A common criticism against gender quotas is that they are anathema to meritocratic principles. This research on Sweden shows that the opposite can be true: Quotas actually increased the competence of politicians by leading to the displacement of mediocre men whether as candidates or leaders.
To the growing list of famous mainstream macroeconomists who have publicly criticized their discipline, add another: In a recent essay, Lawrence Christiano of Northwestern University argues that the Great Recession was an “earthquake” that dramatically changed how researchers think about the U.
SUPPOSE that one day the government of a large and fast-growing economy became convinced that its highest priority was to purge the country of black-economy millionaires hoarding piles of illicit cash.
At the end of every year, culture critics get to compile best of the year lists. But why should they have all the fun? Just like films and albums, economics research deserves a little reflection.
Students are demanding alternatives to a free-market dogma with a disastrous record. That's something we all need From any rational point of view, orthodox economics is in serious trouble.
IN THE second quarter of this year the German economy shrank by 0.2%. Economists expect it to contract again in the third quarter, meaning that the economy will technically be in recession. Some believe that the economy will not grow until the middle of next year.
Most people are in the pursuit of happiness. There are economists who think happiness is the best indicator of the health of a society. We know that money can make you happier, though after your basic needs are met, it doesn’t make you that much happier.
Maybe it was that time you took the kids to the amusement park, and on the way home — their adorable faces still sticky from the slushies you’d sprung for, their little wrists adorned with pricey full-day passes — they asked to stop for ice cream.
Economic ideas matter. The writings of Adam Smith over two centuries ago still influence how people in positions of power – in government, business, and the media – think about markets, regulation, the role of the state, and other economic issues today.
In the middle of the twentieth century, it came to be believed that ‘a rising tide lifts all boats’: economic growth would bring increasing wealth and higher living standards to all sections of society. At the time, there was some evidence behind that claim.
This week “The Economist explains” is given over to economics. For each of six days until Saturday this blog will publish a short explainer on a seminal idea. DOES trade hurt wages? Or, more precisely, do imports from low-wage economies hurt workers in high-wage ones? Many people assume so.
Subscribe: Apple Podcasts / SoundCloud / Stitcher / RSSThe economist, President Emeritus at Harvard University, and former Treasury Secretary joins Tyler to discuss innovation in higher education, Herman Melville, the Fed, Mexico, Russia, China, the Larry Summers production function, philanthropy a
THE last time Australia suffered a recession the web browser had just been invented and Bryan Adams topped the charts. Figures released today will show that its economy has racked up the longest stretch of growth in modern history: 104 quarters.
OVER the past decade economists have been intensely scrutinised for their intellectual failings in the run-up to the 2007-08 financial crisis.
The digitization of our economy will bring with it a new generation of radical economic ideologies, of which Bitcoin is arguably the first. For those with assets, technological savvy, and a sense of adventure, the state is the enemy and a cryptographic currency is the solution.
Being frugal doesn't just mean saving money—it means spending your money wisely. That also means some things may be cheap now, but actually cost you more in the long run, while other times it makes sense to spend more now for a better, longer-lasting experience.
This week, economists have been astonished to find that a famous academic paper often used to make the case for austerity cuts contains major errors. Another surprise is that the mistakes, by two eminent Harvard professors, were spotted by a student doing his homework.
America is trying to come to terms with its economic inequality.
What is economics? There are lots pithy definitions of economics, none of which I find very helpful. Think of it this way: it’s a typical day. You wake up. Maybe it’s in some luxurious house or maybe it’s in a cramped place, having to share a space with lots of other people. You get up.
After 2008, the wisdom of financial advisers and academics alike seemed naive and inadequate.
So what are we going to do about it? This is the only question worth asking. But the answers appear elusive.
Walk half a city block in downtown Washington, and there is a good chance that you will pass an economist. People with advanced training in the field shape policy on subjects as varied as how health care is provided, broadcast licenses auctioned or air pollution regulated.
AT THE height of the euro crisis, with government-bond yields soaring in several southern European countries and defaults looming, the European Central Bank and the healthier members of the currency club fended off disaster by offering bail-outs.
IN 1924 John Maynard Keynes, who invented macroeconomics, used a biographical essay about his mentor Alfred Marshall to muse on the qualities of a good economist. He must be mathematician, historian, statesman, philosopher—in some degree. He must understand symbols and speak in words.
LAST night 40,000 people rented accommodation from a service that offers 250,000 rooms in 30,000 cities in 192 countries. They chose their rooms and paid for everything online. But their beds were provided by private individuals, rather than a hotel chain.
WASHINGTON — Richard H. Thaler, whose work has persuaded many economists to pay more attention to human behavior, and many governments to pay more attention to economics, was awarded the Nobel Memorial Prize in Economic Sciences on Monday.
This is Naked Capitalism’s special fundraiser, to fight a McCarthtyite attack against this site and 200 others by funding legal expenses and other site support.
Are we facing another tech bubble? Or, to put it in Silicon Valley speak, are most unicorn startups born zombies? How you answer these questions depends, by and large, on where you stand on the overall health of the global economy.
IT WAS in 1942 that Joseph Schumpeter published his only bestseller, “Capitalism, Socialism and Democracy”. The book was popular for good reason. It was a tour de force of economics, history and sociology. It coined memorable phrases such as “creative destruction”.