History

The US stands out as an outlier: the US spends far more on health than any other country, yet the life expectancy of the American population is not longer but actually shorter than in other countries that spend far less.

There is a mix of common-sense opinions, political prejudices, conventional business practice, and pragmatic rules of thumb, supported in an ad hoc, opportunistic way by bits and pieces of economic theory.

Using a unique dataset provided by the Center for Responsive Politics (CRP), we document a direct channel through which financial institutions contribute to the net worth of members of the U.S. Congress, particularly those sitting on the finance committees in the Senate and the House of Representatives.

How economists turned to the study of collective decision-making after World War II, faced many impossibilities, and lost interest after solving them

Oversights of two generations of social scientists have weakened democracy.

Focusing on what money really is – whether gold or state fiat – shifts attention away from what credit really is, which is to say away from the center of discontent.

Social scientists have stubbornly held that money and election outcomes are at most weakly linked. New research provides clear evidence to the contrary.

On George Akerlof’s “The Market for Lemons”

Evidence from Insider Trading in Banks

With the power of modern computing being harnessed into increasingly small and portable devices, what do digital platforms mean for the entrenched global economy?

Inflation, the euro crisis – for years there has been one worry hype after another. Yet fear frequently turns out to be wrong. We need a committee of wise men in charge of dealing with the real risks.

This paper considers the estimation problem in linear regression when endogeneity is present, that is, when explanatory variables are correlated with the random error, and also addresses the question of a priori testing for potential endogeneity.

One thing is now certain about the upcoming presidential election in the United States: the next president will not be a committed free trader.

It was during a year in residency at Tokyo’s Hitotsuabashi University in 1995 that Jim Crotty first “met” John Maynard Keynes.

Europe’s leaders must recognize that the EU is on the verge of collapse. Instead of blaming one another, they should pull together and adopt exceptional measures.