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INET co-founder George Soros has been awarded the Adam Smith Award by the National Association for Business Economics (NABE), an association of business economists.

MWG introduces the theory of consumer behavior by presenting two distinct approaches to modeling consumer behavior, the preference-based approach (based upon unobservable preferences generating a utility function) and the choice-based approach (based upon observable choice behavior), and attempting to establish connections between the two.

What makes a good model?

a lack of US growth may lead to a fall in the dollar’s popularity, and the result could be a global liquidity shortage.

In this post, I would like to explore the views of preferences and behavior outlined in MWG Ch.1, and specifically the view of rationality developed in this first chapter.

Climate change policy is caught in a stalemate between those who fear the environmental consequences of not doing enough and those who fear the economic consequences of overreacting. But controversy over the extent and sources of climate change need not stand in the way of a positive economic policy response.

Everyone wants to ring-fence something, but they can’t agree on what: Vickers, Liikanen, Volcker.

Everyone wants to ring-fence something, but they can’t agree on what:

Recent empirical findings suggest that macroeconomic variables are seldom normally distributed.

Ambiguous private information leads to informational inefficiency of asset prices in rational expectations equilibrium.

The purpose of this Chartbook is to present a summary of evidence about changes in economic inequality – primarily income, earnings, and wealth – for 25 countries covering a 100 year period from 1911 to 2010.

A Response to the INET Euro Council Report

Euro Crisis Report

In this initial blog post we wish to situate microeconomics as a field of social enquiry.

Can economics be morally centered? And perhaps more importantly, should it be?