No, not Dr. Black’s blog. The real eschaton: the end of everything. Or, in this case, its economics equivalent: the point at which almost all human work is no longer necessary but human beings still exist. The scenario is a simple one. There are x humans on Earth (x>>1). Self-repairing, recycling machines can provide all […]
Peter Dorman at Econospeak discusses problems with microfoundations, and in a more thorough paper at Association Economique politique explores the Political Econonomic Outlook for Capitalism. Mark Thoma had pointed to this Business/behavioral science can help guide economic-policy view notion of looking at incentives in an empirical way.
Derek Thompson at The Atlantic had some thoughts on labor cost and economics taken from Henry Blodgett’s observation on declining wages for most wage earners. The second paragraph caught my eye as interesting for economists. My response was that Blodget was macro-right — income inequality is a serious and growing problem — but micro-wrong, because […]
As part of my continuing series of Analogies that Should Be on the SAT, this is what Famous Entrepreneurs do (h/t Brad DeLong): In the IBM PC era, Steve drove innovation forward with the Macintosh. This, like the Apple II, was squarely aimed at expanding the use of PCs to everyone, the “computer for the […]
Talk is called “Neat, Plausible, and Wrong: the Deluded Discipline of Economics.” I have to quibble with the “plausible” portion: there is no possible way to rationalize contemporary Microeconomics with any reasonable conceit that the Macroeconomics produced are “first-best” or anything similar.* I doubt I’ll be there at 5:00, but certainly by 6:00. Hope to […]
Mark Thoma links us to Rewriting the Macroeconomists’ Playbook in the Wake of the Crisis by Oliver Blanchard of the IMF. In comments are names we all recognize.
Mark Thoma begins with a hilarious typo, but eventually gets to the Quote of the Decade (if not century) from Alan Blinder: If we economists stubbornly insist on chanting ‘free trade is good for you’ to people who know that it is not, we will quickly become irrelevant to the public debate. As Rusty can […]
by Mike Kimel An Economic Theory That Uses Micro Forces to Explain Macro Outcomes: Why the Economy Stubbornly Insists on Growing More Slowly When Taxes are Lower Cross-posted at the Presimetrics blog. I’ve been writing for years about the fact that a basic piece of economic theory does not apply to real world US data: […]
Mark Thoma goes to something called the Business Ethics Blog for an economics thought-experiment: A Montreal accessories company has taken its policy of using no animal products beyond the rack and has forbidden its staff from eating meat and fish at work. A former employee says the policy violated her rights as a non-vegetarian…. It’s […]
There’s a reason for this. After the (wholly justified, understated) bitterness of my last post, a moment of cheer: An old friend of mine is in the process of losing his job. Now, normally I wouldn’t celebrate anyone—let alone a friend—losing a job, but, you see, he sells medical insurance in Texas and Indiana. And […]