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I expect that many economists who might happen to read what follows would say that I present a caricature of the discipline. That may be so, or partly so, but unfortunately it’s a...
What if one of the biggest problems with conventional economics is that it misunderstands human beings? Mainstream economic theory frequently starts from the assumption that Read t...
Don’t you think economics should serve people rather than power? If not, why do we study economics, teach economics and practice economics? There is something strange about the rel...
If you are teaching economics Modern Principles is the book to use! Great and original writing, over one hundred videos, iClicker, Achieve and lots of additional support. Contact M...
Last time, we considered whether Bob really is always exercising free choice in the (fictitious) Free Market.™ Today, we consider Bob's situation when he does have choices and has...
In this latest video in my Understanding Economics series, I look at an idea economics has been missing for the last forty years, and it Read the full article...
Money is not wealth. That single distinction is one of the most important things economics has to teach, and we have been getting it wrong. Read the full article...
Who really creates wealth in our economy? Is it the people who own businesses, property and financial assets, or the people who actually do the Read the full article...
As much as possible, I avoid talking in terms of different schools of economics. Once, I would have called myself an Ecological Economist, but so many Ecological Economists don't u...
The American vice-president, among others, is no great fan of global trade. He has criticized Margaret Thatcher, Milton Friedman, and the Wall Street Journal editorial board, sugge...
Among philosophical dilettantes, it’s fashionable to misrepresent the likes of Plato as antidemocracy thinkers. This could be no farther from the truth. For those of us who had the...
What is a business? The conventional economic answer tends to focus on firms, markets, capital and profit. I think that misses the most important part Read the full article...
Poverty is not a fact of nature. It is a political choice. The UK considers a person to be living in poverty when their income Read the full article...
This year, the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, colloquially called the Nobel Prize in Economics, went to Robert E. Hall of Stanford Universi...
@ Phil, I think we're closer on this. My background is Physics and Electronics so I sometimes struggle a bit with Economics terminology. I would put it that trade is about swap...
This post is part of an ongoing series in which I set out my views on significant issues in economics, political economy, politics, taxation, and Read the full article...
Jan Bentz, The Acton Institute Modern economics tends to understand itself as a discipline that has left behind the theological presuppositions of its own emergence. It operates i...
In this podcast, I talk with my old friend and Tax Justice Network co-founder John Christensen about something economics rarely discusses, which is who controls Read the full artic...
Daron Acemoglu won the Nobel Prize in economics in 2024 and is the third most cited economist of all time. Thus, the paradox of his new book, What Happened to Liberal Democracy?, i...
Daron Acemoglu won the Nobel Prize in economics in 2024 and is the third most cited economist of all time. Thus, the paradox of his new book, What Happened to Liberal Democracy?, i...
Reading Dean Ball’s recent essay “On the Loose” has me thinking about an old idea in a new light. Ball asks us to imagine a world containing “self-sovereign” AI agents. These are n...
Britain’s economic rules are not laws of nature. They are political choices. And if those choices prevent us from tackling inequality, failing public services, inflation Read the f...
Peter: Yes, I basically think the best way for a country to operate is with X = M, G greater than T, and S greater than I. To start with, it's financially sustainable. G can be gre...
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