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How could reputable ratings agencies – and investment banks – misjudge things so badly?

Ronald Coase, who passed away last week at age 102, spent his academic career swimming against the current.

If there is no universally accepted outside authority to tell us how to judge theories then knowledge is only going to progress by means of debate

Big Tech companies are swallowing up nascent competitors. Why aren’t regulators paying attention?

Animal rights, child welfare, social equality are all a direct legacy of the “cult of feeling” 

Hedge fund managers are pushing American firms to play Wall Street games instead of investing in technologies of the future. China doesn’t have that problem.

Axel Leijonhufvud showed economists a promising path forward. They should have taken it. Leijonhufvud passed away on May 5, 2022

A global carbon tax alone will not be enough to significantly reduce CO2 emissions

This one is different. Tiago, Benjamin and Floris have asked a dozen economists in the Bretton Woods hotel hall to reflect on the way their teaching has been affected by the current economic crisis and their answers, taken collectively, are quite puzzling.

Do the benefits of new technologies accrue primarily to inventors, early investors, and highly skilled users, or to society more widely as their adoption generates employment growth?

Where’s the next economic crisis?

So with a suitably provocative title I think we can declare 2012 open.

So with a suitably provocative title I think we can declare 2012 open.

“To do this properly, we need to understand the structure of markets for knowledge-based products like new vaccines. Currently, we do not: the “market” is a mishmash of competition and side deals. According to a recent paper from the Institute for New Economic Thinking, governments and pharmaceutical companies last year concluded 44 bilateral COVID-19 vaccine deals, many of which have undisclosed details and poorly understood escape clauses. Poor countries were, by and large, left out.” — Kaushik Basu, Project Syndicate

Engaging in music, literature and the arts is essential for understanding context and human behavior—which economists so often miss