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Tag Archives: Economist

The Man Who Discovered Capitalism: A Documentary on Schumpeter for Use in the Classroom

John T. Dalton and Andrew Logan of Wake Forest University in this paper review the documentary on Schumpeter: We describe how the 2016 documentary The Man Who Discovered Capitalism can be used in the classroom to provide an entry point to the life and economics of Joseph A. Schumpeter, whose work on innovation, entrepreneurship, and creative destruction remains relevant for students today. We summarize the key ideas conveyed in the documentary and offer four criticisms: its failure to...

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The Individual Failings of Economics

Prof Ricardo Hausmann in Proj Syndicate: In recent decades, economics has gone from defining itself as a set of questions to defining itself as a set of methods, all based on individuals making decisions. By doing so, it has undermined its own ability to make progress. This entry was posted on April 2, 2021 at 4:25 pm and is filed under Academic research & research papers, Economics - macro, micro etc, Economist. You can follow any responses...

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Sequencing the Post-COVID Recovery: Lessons from Keynes

Robert Skidelsky in Proj Synd: As countries emerge from the COVID-19 pandemic, John Maynard Keynes’s emphasis on the need to implement post-crisis economic policies in the right order is highly relevant. But sustainability considerations mean that the distinction between recovery and reform is less clear cut than it seemed in the 1930s. …… For starters, full-employment policy is now obviously linked to employability, which was simply not the case in the 1930s. The reason so many people...

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Charles Goodhart’s contribution to monetary economics and central banking

CentralBanking.com has given life-time achievement award to Charles Goodhart. The website has a profile of Goodhart’s works and Goodhart’s Law: Goodhart’s influence on central banking has stemmed from his ability to link creative ideas to immediate practical decisions. He is characterised by colleagues and peers as a brilliant and generous person with a formidable ability to process complex concepts, smoothly linking theory with practice, and explaining it all in terms understandable by...

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Profile of America’s first Black economist: Dr. Sadie T.M. Alexander

NY Fed has a profile of Dr. Sadie T.M. Alexander. She earned her PhD from University of Pennsylvania in 1921. PhD thesis title was “The Standard of Living Among One Hundred Negro Migrant Families in Philadelphia“. This entry was posted on February 22, 2021 at 11:30 am and is filed under Academic research & research papers, Economics - macro, micro etc, Economist. You can follow any responses to this entry through the RSS 2.0 feed....

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Open Letter to Economic Advisers to the Government: Convey the economics and not the politics

Jason Furman, former Chair of the Council of Economic Advisers to US President writes an open letter to the current chair: Cecilia Rouse. However the letter applies to all such economic advisory positions across the world: Dear Council of Economic Advisers Chair, Congratulations! You now have a prestigious job, a wonderful title, and a beautiful office. What you do not have is any statutory powers or responsibilities (okay, you have one responsibility: issuing the annual Economic Report...

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Why Central Bankers Should Read Economic History

Prof Eric Monnet of Paris School of Economics in this long piece writes why central bankers should read economic history: How can economic policy-makers use economic history as a guide for their deliberations and decisions? Focusing on the case of central banking, this essay argues that the virtue of history is not only to improve economic models and quantitative studies, but to provide a perspective distinct from standard economic reasoning....

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UK Treasury looking to appoint head of monetary policy

Interesting bit from UK Treasury (UK’s Finance Ministry). It is looking for Head of Monetary Policy to be part of its Fiscal Group! The Treasury is the United Kingdom’s economics and finance ministry. It is responsible for formulating and implementing the government’s financial and economic policy. Its aim is to raise the rate of sustainable growth, and achieve rising prosperity and a better quality of life with economic and employment opportunities for all. The Fiscal group is...

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The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2020: Paul Milgrom and Robert Wilson for auction theory

The announcement just came in: The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2020 was awarded jointly to Paul R. Milgrom and Robert B. Wilson “for improvements to auction theory and inventions of new auction formats.” People have always sold things to the highest bidder, or bought them from whoever makes the cheapest offer. Nowadays, objects worth astronomical sums of money change hands every day in auctions, not only household objects, art and antiquities,...

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Oliver Williamson: The Man Who Reduced the Transaction Cost of Economics

Nice tribute to Prof Oliver Williamson by Ranjan Kumar Ghosh and Yugank Goyal: On May 21st, one of the most cited economists of all time and a key contributor to organizational studies, Professor Oliver E. Williamson passed away. Despite being ubiquitous across economics, management, law and social sciences, he remains underappreciated in mainstream development and policy discourse in developing countries. In this article, we demonstrate his ideas; and their tenacity, versatility and...

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