Archive
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Video
What Really Caused the Crisis & What to Do About It
Oct 14, 2015
Adair Turner discusses his new book, Between Debt and the Devil: Money, Credit, and Fixing Global Finance.
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Article
Seeing Microeconomics with New Eyes
Oct 13, 2015
A new online course challenges typical teaching approaches.
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Video
Big Finance, Demystified
Oct 8, 2015
John Kay shares findings from his new book, Other People’s Money, and his insights on changing the financial sector.
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Article
The Teaching of Economics
Oct 7, 2015
Do we need to rethink the teaching of economics?
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Article
$1.90 Per Day: What Does it Say?
Oct 6, 2015
The World Bank’s global poverty estimates suffer from deep-seated problems arising from a single source, the lack of a standard for identifying who is poor and who is not that is consistent and meaningful.
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Article
Is the Devil in the Details? Estimating Global Poverty
Oct 3, 2015
Economists’ assumptions, even about seemingly “small” matters, make an enormous difference to global poverty estimates but their impact often goes unnoticed, and the choices made have been badly justified. We must stop pretending that the World Bank’s “$1 per day” estimates are at all reliable.
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Article
The IMF Worries About EME Corporate Leverage
Oct 2, 2015
Hot on the heels of the BIS, now comes the IMF Global Financial Stability report, “Corporate Leverage in Emerging Markets–A Concern?”. Yes, a concern, and just in time for the annual meeting in Peru next week.
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Working Paper
Working Paper SeriesThe Cold War Hot House for Modeling Strategies at the Carnegie Institute of Technology
Oct 2015
US Military needs during the Cold War induced a mathematical modeling of rational allocation and control processes while simultaneously binding that rationality with computational reality. Modeling strategies to map the optimal to the operational ensued and eventually became a driving force in the development of macroeconomic dynamics.
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Article
The Efficiency of Markets
Sep 30, 2015
A student of microeconomics learns that any competitive equilibrium leads to a Pareto efficient outcome (First Fundamental Theorem of Welfare Economics). What do we mean by the efficiency or inefficiency of markets?
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Working Paper
Working paperNetworks and Misallocation: Insurance, Migration, and the Rural-Urban Wage Gap
Sep 2015
We provide an explanation for the large spatial wage disparities and low male migration in India based on the trade-off between consumption-smoothing, provided by caste-based rural insurance networks, and the income-gains from migration.
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Working Paper
Working paperReligious Riots and Electoral Politics in India
Sep 2015
The effect of ethnic violence on electoral results provides useful insights into voter behaviour and the incentives for political parties in democratic societies.
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Working Paper
Working Paper SeriesExploring the Concept of Homeostasis and Considering its Implications for Economics
Sep 2015
The reality of human homeostasis expands the views on preferences and rational choice that are part of traditionally conceived Homo economicus and casts doubts on economic models that depend only on an “invisible hand” mechanism.
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Article
The Fairness of Markets
Sep 28, 2015
A student of microeconomics learns that any desirable efficient market allocation can be sustained by a competitive equilibrium (the Second Theorem of Welfare Economics), given appropriate lump-sum wealth redistributions. This is typically understood as a means to correct unfair market outcomes. What are the real world implications of the second theorem? How well does it address distributional concerns?
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Article
Jim Chanos on China: The Emperor is In His Underwear
Sep 28, 2015
The best-known China bear says the emperor is not yet naked, but getting there.
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News
Central Bank & Monetary Policy After the Global Financial Crisis
DebtSep 25, 2015
Join Columbia University Dean Merit E. Janow for a talk by Lord Adair Turner, Chairman, Institute for New Economic Thinking.