Modern Economics not Keeping up with Modern Times

This paper challenges the notion of “modern economics” demonstrating that existing models are not sufficient to handle the next wave of global economic disruption that will be experienced during the next 40 years. Four examples are presented to illustrate the paradigm shifts in the making. Upcoming monumental challenges require reevaluating societal needs of the 21st century and approaching modeling from a fresh perspective. Technology has moved on, so should fundamental macroeconomic assumptions. … More Modern Economics not Keeping up with Modern Times

Behavioral Economics

Originally posted on Econ Off the Shelf:
Recently in the New York Times Business section, Jonathan Knee reviewed Misbehaving: The Making of Behavioral Economics, a forthcoming book by Richard Thaler of the University of Chicago. I look forward to reading Misbehaving because I’m interested in the similar critique behavioral economists and causal-realist economists have for the methods and…

Recovery: Was that it?

Originally posted on Flip Chart Fairy Tales:
Yesterday’s GDP figures were rubbish. The first quarter of 2015 saw the slowest growth since the economy spluttered in 2012. True, it may, as Chris Giles says, be revised up but even so, 0.3 percent is well below where it should be.  This isn’t how recoveries usually work. We would normally…

At What Level does the Culture of Entitlement Becomes Morally Wrong?

The term ‘entitlement’ is often used in political discourse to refer to welfare and social net ‘handouts’ that create debate among liberals, realists, socialists and postructuralists alike. These debates focus around the issue of fairness considering that some people work ‘harder’ than others. However, I would like to dissect this term from the definition that … More At What Level does the Culture of Entitlement Becomes Morally Wrong?

Can we end poverty?

With so much time and effort being invested in this goal by NGO’s and governments alike, this is a question worth asking. Can we effectively end poverty at some point? And if so, what will it take? The answer depends on the measuring stick being used to define poverty. In order to mitigate any kind of problem, one must first define the parameters of the problem itself. … More Can we end poverty?