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A growth model incorporating dynamics of capital per capita, atmospheric CO2 concentration, and labor and energy productivity is described.

When Paul Krugman paints John Maynard Keynes as a pioneering critic of dominant free-market economics, he exaggerates wildly, both about the rigidity of orthodoxy and about the pioneering character of Keynes’ critique.

The last straw in the enduring blog debate over microfoundations has taken a decisive historical turn.

An ensemble of mechanisms enables cloud hegemons (Microsoft, Google, Amazon) to plan the whole AI knowledge and innovation network by weaponizing interdependence in networks.

Stock-Price Volatility During the Pandemic

A light-hearted economic analysis of the World Cup

When they told me I was expected to teach “Introduction à l’économie” this year, I thought, OK, this is straight. Every economist knows how to do that.

Charles Ferguson’s Inside Job forces us to fundamentally rethink the connections between economics and policy making.

Understanding India’s Northeast from Emerging Perspectives

Davis looks at the financialization of non-financial corporations—i.e., firms that traditionally produce goods and services and invest in machinery, buildings and technology rather than trade in financial assets—and asks what it means that they’re taking on large financial investments.

We all know it: The financial sector is bloated and banks are too big to fail. But just how bloated is it, and how much should it be shrunk?

This research project develops a new behavioral paradigm of heterogeneous expectations that can help explain the sources of financial and macroeconomic instability and find possible policy remedies.

In a previous post we queried whether the theory of the consumer as developed in the first three chapters of Mas-Colell, Whinston and Green (and indeed other comparable texts) provides anything by way of content beyond what is implied by the abstract description of consumers as agents who are maximizing something. [We did not discuss chapter four, on aggregation of demand, to which we may return later]. As we noted then, a comparable point can be made about the theory of the firm.

Losing jobs isn’t the only thing workers have to worry about. AI may make many jobs worse.

In 1898, upwardly mobile Blacks in Wilmington, NC were terrorized and slaughtered in a violent insurrection that set the stage for Jim Crow – and the next 123 years. Hardly anyone really knows about it.