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Economic Theory

What Every Voter Should Know About Public Choice Theory

Steve Mariotti | Posted 09.29.2016 | Politics
Steve Mariotti

If you really want to understand the unfolding presidential race, check out a little-known economic theory called "public choice." Public choice theory argues that economic self-interest is the driving force of politics.

What's Really Wrong With Piketty's Capital?

Nancy K. Humphreys | Posted 02.18.2015 | Business
Nancy K. Humphreys

The book flunked my first test. Its index was only 15 pages, a mere 2 percent of the total book pages.

The Top Eight Reasons I Made the Move: Princeton, One Man's Paradise

Steve Mariotti | Posted 08.09.2014 | Education
Steve Mariotti

Princeton has already become a wonderful home for me, and has helped me grow intellectually and in other ways, as well. May you also find the wealth that I have discovered here.

Ha-Joon Chang: Economics Is A Political Argument

The WorldPost | Seung-yoon Lee | Posted 12.18.2014 | World

Ha-Joon Chang teaches economics at Cambridge University. He is the author of “23 Things They Don't Tell You About Capitalism.” His new book, “Ec...

Is It Rational to Be Selfish

Denise Cummins, Ph.D. | Posted 01.23.2014 | Impact
Denise Cummins, Ph.D.

The take-home message from this body of research is this: What counts as a fair transaction depends in large part on perceived relative social status -- where the parties stand in their perceived hierarchy and how they believe they got there.

Ayn Rand's Acolytes Have a Lot to Answer For

Allan Brawley | Posted 08.19.2012 | Politics
Allan Brawley

What on earth did this misanthropic woman write that was so appealing to her disciples and how could we have allowed them to use her warped creed to further their own political ends and enrich their cronies?

Subjective Versus Objective Costs: How the Labor Theory of Value Almost Destroyed the World

Steve Mariotti | Posted 08.20.2011 | Business
Steve Mariotti

Over the past 200 years or so, many of the world's conflicts have developed around a little-known debate in economic theory. The outcome of this argument has had an impact equal to that of a major war.

New Economic Thinking Conference To Shatter Illusion of Control

Steve Clemons | Posted 06.07.2011 | Politics
Steve Clemons

As INET Executive Director Rob Johnson said, "last year's conference punctured the mystique of market stability (not to mention real events). This year, the conference will shatter the illusion of control."

Dan Froomkin

Government Spending Goes From Hero To Goat | Dan Froomkin | Posted 05.25.2011 | Politics

WASHINGTON -- It wasn't so very long ago that many economists and even some White House officials were talking about the need for more government spen...

The Rest of the (Economic) Story

Dr. Vladimir A. Masch | Posted 05.25.2011 | Business
Dr. Vladimir A. Masch

In a complex society any single-factor theory of value, such as the labor theory of value (Marx), is to be a failure, and replacing labor by capital (Milton Friedman) does not improve its validity.

Economic Crisis Compels Economists To Reach For New Paradigm

Wall Street Journal | MARK WHITEHOUSE | Posted 05.25.2011 | Business

The pain of the financial crisis has economists striving to understand precisely why it happened and how to prevent a repeat. For that task, John Gean...

An Open Letter to Paul Krugman

David K. Levine | Posted 05.25.2011 | Business
David K. Levine

Crises have been ubiquitous throughout history. While we can't forecast them we do know how to learn from them. And we certainly have a good idea what not to do in response.

The Myth of the Black Swan

Hale "Bonddad" Stewart | Posted 05.25.2011 | Business

This is the third time that I have been through an economic event where there were groups of people who said the old methods of analysis didn't apply. As I will demonstrate, nothing could be farther from the truth.

An Economic String Theory For America

Frank A. Weil | Posted 05.25.2011 | Politics
Frank A. Weil

Our challenge and opportunity is very clear. We must push and pull hard on the string which leads to rebuilding and modernizing our whole national infrastructure.

The First Death Rattle of Our Unsustainable Economy (Part II)

Rebekah and Stephen Hren | Posted 05.25.2011 | Green
Rebekah and Stephen Hren

Since our current economic system is riddled with contradictions that are forcing its implosion as it abuts the physical limits of our planet, what do we do next?