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BINARY ECONOMICS pt. 1 (ESOPs)

Louis O. Kelso on 60 minutes talking about his employee stock ownership plan, one aspect of what is known as Binary Economics.

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Game of Theories: The Great Recession

Tyler Cowen puts Keynesian, monetarist, real business cycle, and Austrian theories to work to explain a downturn from recent economic history: the Great Recession.


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Graham Watson's curator insight, December 5, 2017 2:14 PM
The ever-affable Tyler Cowen looks at the various different models of the business cycle and how they explain the so-called Great Recession.

More typically excellent stuff from Marginal Revolution University...
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Game of Theories: The Monetarists

Meet the monetarists! This business cycle theory emphasizes the effect of the money supply and the central bank on the economy.


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Graham Watson's curator insight, November 15, 2017 3:17 AM
More excellence from Marginal Revolution University - this team you're invited to meet the monetarists, starting with its 'eminence grise' - Milton Friedman.
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Talking to My Daughter About the Economy by Yanis Varoufakis – review

Talking to My Daughter About the Economy by Yanis Varoufakis – review | Economists & Theorists | Scoop.it
Economics is political, and should be discussed in terms everyone can understand, argues this brief history of capitalism

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Graham Watson's curator insight, October 26, 2017 4:55 AM
I pop this here because Yanis Varoufakis is a poster boy for the new Left and this book looks like it might well be worth reading, although on the evidence of all the review, I know most of the examples cited. That said, it won't do any harm.
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Britons just need nudge to drive better or opt for healthier drinks, says report

Britons just need nudge to drive better or opt for healthier drinks, says report | Economists & Theorists | Scoop.it
Results from trials by UK government’s behavioural insights team suggest people can be prompted into acting differently
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Richard Thaler is a controversial Nobel prize winner – but a deserving one

Richard Thaler is a controversial Nobel prize winner – but a deserving one | Economists & Theorists | Scoop.it
The US academic’s behavioural research shows how to focus economics more decisively on real and important problems
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Nobel Prize: 'Nudge' economist Richard Thaler - Newsnight Archives (2010)

US economist Richard Thaler has won this year's Nobel Prize for Economics. He is well-known for his "nudge" theory which was the inspiration for a "nudge unit" set up by former UK prime minister David Cameron. Here he is in 2010 speaking to Newsnight's Gavin Esler.
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Thaler and the economics of how we live

Thaler and the economics of how we live | Economists & Theorists | Scoop.it
Behavioural economics is giving us a much better understanding of why things don’t happen in the way we expect.
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Breaking the Northern Rock Story, and Beyond | Robert Peston

Robert Peston, who broke the story of Northern Rock’s emergency funding appeal to the Bank of England, and covered at close-hand the ensuing run on th
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Economic Ideas You Should Forget: The Axioms of Revealed Preference - John Kay

Economic Ideas You Should Forget: The Axioms of Revealed Preference - John Kay | Economists & Theorists | Scoop.it
John's contribution to this book, published by Springer in March 2017.

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Geoff Riley's curator insight, September 19, 2017 3:33 AM
Enrichment reading: "Much of what is described as ‘irrationality’ is simply a manifestation of the coping strategies humans have developed over millennia to deal with complex situations of which they can have only limited understanding or knowledge." 
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Economyths: The Five Stages of Economic Grief - Evonomics

Economyths: The Five Stages of Economic Grief - Evonomics | Economists & Theorists | Scoop.it
A healthy healing process for the economics profession to slowly comes to terms with its role in the Great Financial Crisis.
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Introduction to Consumer Choice

Everyday, you make tons of decisions about consumption. Your choices about what and how much of a good to buy are influenced by the laws of supply and demand. These choices are nearly endless. For example, at Starbucks, each drink is highly customizable. In fact, they offer over 80,000 combinations!
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Sticky Wages

Imagine you’re an employer during a recession, and you desperately need to cut labour costs to keep your firm afloat. Are you more likely to cut wages across the board for all employees, or institute layoffs for only some? While it may seem that wage cuts are the “better” choice, they aren’t as common as you might think. Why is that?

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A leading economist has a plan to heal our fractured societies

A leading economist has a plan to heal our fractured societies | Economists & Theorists | Scoop.it

"Minouche Shafik, director of the London School of Economics, argues that we need to weave a new kind of safety net.


6. Restore progressivity in tax systems. There is clear evidence of a declining trend in tax progressivity in OECD countries, particularly in the 1980s and 1990s. Tax reforms have raised exemption thresholds and lowered top personal income tax rates, placing a greater tax burden on the middle class. Similarly, corporate tax rates have fallen on average across the OECD (from 32% on average in 2000 to 25% in 2015) while taxes on consumption have risen (the average standard rate of VAT increased from 18% in 2000 to 19.2% in 2015). This has had negative effects on social cohesion and social mobility. In more unequal countries, the ability of children to do better than their parents tends to be much reduced. Restoring progressivity in tax systems and enabling greater social mobility will do much to heal divisions in society."

 

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Game of Theories: The Austrians

Austrian business cycle theorists argue that the central bank could be distorting market signals for entrepreneurs. How does this contribute to booms an

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Graham Watson's curator insight, November 29, 2017 3:06 AM
More first-class economics: an Austrian anaylsis of the business cycle via Marginal Revolution University. It's Hayek to the max.
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Lord Robert Skideisky interview with Zach Carter of the Huffington Post: MMT Conference UMKC

Lord Robert Skideisky - interview with Zach Carter (Huffington Post)

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How a critic of economics became the discipline’s Nobel-winning best friend

How a critic of economics became the discipline’s Nobel-winning best friend | Economists & Theorists | Scoop.it
Enthusiasm for Richard Thaler’s work on behavioural economics means economists have more influence than ever. But their failures contributed to the financial crisis – and we’re being distracted, say Tiago Mata and Jack Wright
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Father of behavioural economics wins Nobel prize | World

Richard Thaler's work incorporates psychology into economic theory The FT's economics correspondent explains the work of Professor Richard Thaler in the growing the field of behavioural economics.
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Have you been nudged?

Have you been nudged? | Economists & Theorists | Scoop.it
Five ways the theory behind this year's Nobel prize for economics may have influenced your behaviour.
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'Nudge' economist Thaler wins Nobel Prize

'Nudge' economist Thaler wins Nobel Prize | Economists & Theorists | Scoop.it
US economist Richard Thaler is a founding father of behavioural economics and pioneered "nudge" theory.
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Robert J. Samuelson: The middle class rocks-again

Robert J. Samuelson: The middle class rocks-again | Economists & Theorists | Scoop.it
The middle class is back — or so it seems.That’s the message from the Census Bureau’s latest report on “Income and Poverty in the United States.” The news is mostly good. The income of the median household (th
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Keynes: A Master of Confused and Confusing Prose

Keynes: A Master of Confused and Confusing Prose | Economists & Theorists | Scoop.it
[This article is a selection from Where Keynes Went Wrong]: 
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Lecture Notes for September 13: After World War I: Weber and Keynes: Political Economy 101: "Modern" Political Economy

Lecture Notes for September 13: After World War I: Weber and Keynes: Political Economy 101: "Modern" Political Economy | Economists & Theorists | Scoop.it
**September 13 PE 101 Lecture** Marxism, liberalism, nationalism--to be polite... * We've talked about Marxism... * We've talked about classical liberalism... * We haven't talked about "nationalism"... We read Norman Angell: We did not read Max Weber. Nationalism as social-darwinist doctrine: >Max Weber, "The National State and Economic Policy": [W]e all consider the German character of the East as something that should be protected, and that the economic policy of the state should enter into the lists in its defense. Our state is a national state, and... we have a right to make this demand.... >[T]he economic struggle between the nationalities follows its course even under the semblance of 'peace'. The German peasants and day-labourers of the East are not being pushed off the land in an open conflict by politically-superior opponents. Instead, they are getting the worst of it in the silent and dreary struggle of everyday economic existence, they are abandoning their homeland to a race which stands on a lower level, and moving towards a dark future in which they will sink without trace. There can be no truce even in the economic struggle for existence; only if one takes the semblance of peace for it
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The Fallacy of Endless Economic Growth

The Fallacy of Endless Economic Growth | Economists & Theorists | Scoop.it
What economists around the world get wrong about the future.

 

The idea that economic growth can continue forever on a finite planet is the unifying faith of industrial civilization. That it is nonsensical in the extreme, a deluded fantasy, doesn't appear to bother us. We hear the holy truth in the decrees of elected officials, in the laments of economists about flagging GDP, in the authoritative pages of opinion, in the whirligig of advertising, at the World Bank and on Wall Street, in the prospectuses of globe-spanning corporations and in the halls of the smallest small-town chambers of commerce. Growth is sacrosanct. Growth will bring jobs and income, which allow us entry into the state of grace known as affluence, which permits us to consume more, providing more jobs for more people producing more goods and services so that the all-mighty economy can continue to grow. "Growth is our idol, our golden calf," Herman Daly, an economist known for his anti-growth heresies, told me recently.

 

Tags: op-ed, economic, industry, sustainability, development, consumption, climate change, environment, resources.

 


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