Here we are one day before the ascension of Trump to the White House and already the policy chaos has begun. To be fair to Trump this particular chaos is not necessarily of his own doing entirely. The Republicans in Congress are also responsible. So hell bent are they in expunging all things Obama from the record [more…]
I don't want to spend much time on Trump and his version of economics primarily because I am not sure what it is. Nor, I think, does he.
One thing worth mentioning is that there is an unprecedented disconnect between the economics profession and the incoming President. Just about every economist I know says that [more…]
Here's a well known quote:
"For really I think that the poorest he that is in England hath a life to live, as the greatest he; and therefore truly, sir, I think it's clear, that every man that is to live under a government ought first by his own consent to put himself under that government [more…]
My wife is reading Kahneman's "Thinking Fast and Slow", somewhere in which he relates his reaction when he first came across the bedrock of mainstream economics: rational microeconomic behavior. I must admit I had a very similar reaction. The description of human behavior that underpins modern economics is so bizarre that my first thought was that it [more…]
I am going to be writing an extensive review of Avner Offer and Gabriel Söderberg's excellent book: "The Nobel Factor" in the near future. Meanwhile allow me to share a a couple of early comments because they bear heavily on how we all approach the Trump administration.
Offer and Söderberg clarify the circumstances behind the [more…]