Archive
-
News
Saving Economics from the Economists
Dec 7, 2012
The degree to which economics is isolated from the ordinary business of life is extraordinary and unfortunate.
-
News
FT Names INET Co-founder Janeway's Book One of the Best of 2012
Dec 3, 2012
Doing Capitalism in the Innovative Economy
-
Working Paper
Grantee paperTime Series Forecasting: Model Evaluation and Selection Using Nonparametric Risk Bounds
Nov 2012
We derive generalization error bounds — bounds on the expected inaccuracy of the predictions — for traditional time series forecasting models.
-
Working Paper
Grantee paperConventions and the European Periphery
Nov 2012
The European periphery is qualitatively dierent from the core.
-
Working Paper
Grantee paperModeling Moments of Crisis: The Case of Ireland
Nov 2012
Ireland has experienced a series of interlocking banking, fiscal, unemployment and political crises since 2007.
-
News
Big business has corrupted economics
Nov 26, 2012
You know the country is in a financial mess when even establishment figures such as Rachel Lomax are calling for revolutionary thinking
-
Article
The Theory of the Firm: Language, Model and Reality
Nov 18, 2012
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.
-
News
INET Hiring Postdoctoral Fellows
Nov 18, 2012
The Institute for New Economic Thinking has openings for 2-4 Postdoctoral Fellows in New York City.
-
Video
Human Capital in the Industrial Revolution
Nov 13, 2012
Did the industrial revolution increase the relative demand for skilled labor, or decrease it?
-
Video
How Expectations Interact to Create Bubbles
Nov 5, 2012
How do economists make their models work? By assuming that investors have rational expectations and that every market participant is alike. However, things quickly get messy once economists start to acknowledge that people are different, interact with each other, and change heuristic forecasting strategies based on recent performance.
-
Article
Blending the Economy and Science
Nov 5, 2012
For one more time traveling closer to home – Mainz! It’s been the annual meeting of the German Society of the History of Science (the kind of academic club one has to be nominated for membership).
-
Article
Pleasure, Happiness and Fulfillment: The Trouble With Utility
Nov 3, 2012
For nineteenthth century figures such as Bentham and Jevons, the concept of utility was associated with satisfaction or pleasure experienced.
-
Article
To teach or not to teach economics with The Wire?
Nov 1, 2012
So, my new students’ training is essentially about understanding urban “territories” and “societies” through fieldwork. And my contribution is, supposedly, to highlight the economic dimension of all this.
-
Article
What should every non-econ student know about economics?
Oct 30, 2012
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.
-
Article
OMT: Slouching toward Eurobills?
Oct 30, 2012
The Eurocrisis has many dimensions—bank solvency crisis, sovereign debt crisis, political unity crisis, and economic/unemployment crisis—but time after time it has been the liquidity crisis dimension driving events, and ECB response to the liquidity crisis driving institutional evolution. The reason is simple. Liquidity kills you quick.