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This article originally appeared on Bloomberg

Friedrich von Hayek described the economist’s task as demonstrating how little we really know about what we imagine we can design

On 25 September 2015, the United Nations General Assembly adopted the Sustainable Development Goals (SDGs), an ambitious policy agenda that aims to eradicate poverty, in all its forms and dimensions, by 2030.

On deregulation and Covid masks, libertarians are loud. On female liberty, deafening silence.

Can we learn something from philosophy students?

In the era of COVID and digital movements, strikes look radically different from traditional labor strikes

States can be sorted into two groups with statistically significantly different productivity regimes. In this sense, the US economy shows signs of dualism—which is the idea that the economy consists of heterogeneous units that exhibit different behaviors and levels of performance.

When externalities are present and transaction costs are absent, private parties will strike welfare-enhancing deals regardless of who owns what. In a frictionless world, bargaining leads to efficiency. That is the essence of the Coase Theorem, and it is fiction, according to Steven Medema.

This research project examines the informational inefficiency of market prices in the presence of Knightian uncertainty or ambiguity by modeling the decision making of financial market traders.

This paper argues that (i) we have reached “peak GenAI” in terms of current Large Language Models (LLMs); scaling (building more data centers and using more chips) will not take us further to the goal of “Artificial General Intelligence” (AGI); returns are diminishing rapidly; (ii) the AI-LLM industry and the larger U.S. economy are experiencing a speculative bubble, which is about to burst.

It is often argued that in recent years the question of the ‘dissemination’ of economic knowledge has been increasingly addressed by historians of economics.

This essay critically evaluates the benefits and costs of the dominant methodology in macroeconomics, the DSGE approach. Although the approach has led to great progress in some areas, it has also created biases and blind spots in the profession that hold back our understanding and our ability to govern the macroeconomy. There is great scope for progress in macroeconomics by judiciously pushing the boundaries of some of the methodological restrictions imposed by the DSGE approach.

Yes, it is a tale of two nations, but in a much broader way than you think. Not just England and Scotland, but an equally salient parallel between Great Britain and Canada.

Why all of the fuss about a nonexistent emergency?

The “keys under the streetlight story” is well known among economists, but in case you haven’t heard it, it goes like this.