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Originally published at dtcochrane.com DT Cochrane Economist JW Mason recently tweeted the following: Bloomberg writer Peter Coy was motived to perform this research by an NYT op-ed from Mason and Mike Konczal. Mason and Konczal’s …
Originally published on Economics from the Top Down Blair Fix Donald Trump took an IQ test … you’ll never guess what he scored! Apologies. That was my attempt at clickbait.1 Now that I’ve hooked you, …
Originally published on Economics from the Top Down Blair Fix Prices are caused by supply and demand, right? So say neoclassical economists. If you’ve bought their fairy tale, I recommend you watch the video below. …
Originally published on Economics from the Top Down Blair Fix In the early 1970s, Geert Hofstede discovered something interesting. While analyzing a work-attitude survey that had been given to thousands of IBM employees around the …
Originally published on Economics from the Top Down Blair Fix They say that a picture is worth a thousand words. In science, the corollary is that a good chart is worth a whole article. Okay, …
Originally published on Economics from the Top Down Blair Fix How can we live the ‘good life’ without killing the planet? My last post on energy and empire got me thinking about this question. We …
Originally published on Economics from the Top Down Blair Fix They called him the ‘Little Emperor’. Romulus Augustus — better known as Romulus ‘Augustulus’ (‘Little Augustus’) — was the last Western Roman Emperor. He assumed …
Originally published on Economics from the Top Down Blair Fix I’ve always been baffled why ‘modern monetary theory’ is called a theory. I don’t mean this in a disparaging way. As far as theories of …
Originally published on Economics from the Top Down Blair Fix As some of you may know, I recently became the editor of the Review of Capital as Power (RECASP), a journal that publishes research on …
Originally published on Economics from the Top Down Blair Fix If it is very easy to substitute other factors for natural resources, then there is in principle no “problem”. The world can, in effect, get …
By Cassandra Jeffery1 and M. V. Ramana2 The “largest bribery, money-laundering scheme ever perpetrated against the people and the state of Ohio” came to light during an unexpected press conference in July 2020 in Columbus. …
Tim Di Muzio1 PDF version available here The phrase, ‘there’s a sucker born every minute’ is typically attributed to the American showman, P.T. Barnum and was made infamous since the mid-19th century by gamblers, hucksters …
Originally published on Economics from the Top Down Blair Fix I’ve written a lot on this blog about the absurdity of marginal productivity theory. But I haven’t said much about the other pillar of mainstream …
Originally published on Economics from the Top Down Blair Fix If the history of science has taught us anything, it’s that we can’t trust our preconceptions about how the world works. All human societies have …
Originally published on Economics from the Top Down Blair Fix Today I’m going to revisit a topic that a month ago I committed to stop writing about — the productivity-income quagmire. Neoclassical economists argue that …
Originally published on Economics from the Top Down Blair Fix Have you heard of the ‘productivity-pay gap’? It’s the (apparently) growing gap between the productivity of US workers and their pay. Here’s what it looks …
Originally published on Economics from the Top Down Blair Fix As social animals, humans live and die by the success of our groups. This raises a dilemma. What’s best for the group is often not …
Originally published on Economics from the Top Down Blair Fix In this two-part post, I’ve been reflecting on the challenges of doing revolutionary science. (See Part 1 here.) I’ve argued that revolutionary science — the …
Originally published on Economics from the Top Down Blair Fix Science is miraculously improbable. To work, it must fight against a deep human instinct — our desire to conform. As social animals, humans are built …
Originally published on Economics from the Top Down Blair Fix Governments are different than firms, right? Perhaps not. In Part 1 of this series, I argued that when it comes to size, governments behave like …
Originally published on Economics from the Top Down Blair Fix Originally published on Economics from the Top Down. I have a confession. I’m a political economist by trade, but I spend most of my time …
Originally published on Economics from the Top Down Blair Fix You can’t get the right answer when you ask the wrong question. This truism, I’ve come to believe, explains much of what is wrong with …
Originally published on Economics from the Top Down Blair Fix I confess that I have a recurring nightmare. In it, I realize that everything I’ve ever written about economics is wrong. Neoclassical economics is not, …
Originally published on Economics from the Top Down Blair Fix Income, I’ve come to believe, is shaped largely by rank within a hierarchy. If you’re at the top of a hierarchy, you’ll earn a handsome …
Originally published at sbhager.com Sandy Hager THINKING ABOUT DEATH I’ve been thinking a lot about death recently. No, it’s not something that came about because of the global pandemic and my new daily ritual of …
Originally published on Economics from the Top Down Blair Fix I recently read David Graeber’s book Bullshit Jobs: A Theory. If you’re not familiar, David Graeber is the anthropologist who wrote Debt: The First 5000 …
Originally published on Economics from the Top Down Blair Fix In How Hierarchy Can Mediate the Returns to Education I examined the pay structure of the US military. I found that hierarchical rank is (by …
Originally published on Economics from the Top Down Blair Fix In The Social Environment as a Cause in Economics I argued that human behavior has two parts: Individual variation An environment that acts on this …
Originally published on Economics from the Top Down Blair Fix Have you noticed that economists are missing a word in their vocabulary? In microeconomics you’ll see words like ‘individual’, ‘utility’ and ‘maximize’. But you won’t …
Originally published on Economics from the Top Down Blair Fix Science is the quintessential public good. It’s an iterative process in which new knowledge builds on previous knowledge. For this process to work, science needs …
Originally published on Economics from the Top Down Blair Fix Does productivity explain income? I asked this question in a previous post. My answer was a bombastic no. In this post, I’ll dig deeper into …
Originally published on Economics from the Top Down Blair Fix Like many Canadians, I grew up with a faith in meritocracy. Do your best, I believed, and the world would reward you. In school, this …
Originally published on Economics from the Top Down Blair Fix A revolution is underway around us and it’s called the digital. And it’s changing everything. More than 80% of wealth is now non-material. — Charles …
Originally published on Economics from the Top Down Blair Fix When it comes to earning income in a hierarchy, it’s not what you know that matters. It’s who you control. This was the provocative idea …
Originally published on Economics from the Top Down Blair Fix A 25% chance. That’s the likelihood that when I tell someone I’m searching for a job, they’ll say: Remember, Blair … to land a job, …
Originally published on Economics from the Top Down Blair Fix The biologist Theodosius Dobzhansky famously wrote that “nothing in biology makes sense except in the light of evolution”. I propose a corollary in economics: nothing …
Originally published on Economics from the Top Down Blair Fix If you ask the average person what ‘science’ is, they’ll probably answer something like ‘it’s what we know about the world’. To the lay person, …
Originally published on Economics from the Top Down Blair Fix Do you think that the discipline of economics is a sham — an ideology masquerading as science? If so, here is a reading list for …
Originally published on Economics from the Top Down Blair Fix In Problems With Measuring Inequality, I discussed how inequality is an ambiguous concept. The problem, in short, is that a single metric can never capture …
Originally published on Economics from the Top Down Blair Fix Did you hear the joke about the economists who tested their theory by defining it to be true? Oh, I forgot. It’s not a joke. …
Originally published on Economics from the Top Down Blair Fix For the last few weeks, I’ve been thinking about causation in the social sciences. As with many instances of reflection, this was prompted by rejection. …
Originally published on Economics from the Top Down Blair Fix Economists often talk about income inequality the same way a doctor would talk about a child’s height. Just as a doctor would say “Sylvia continues …
Originally published on Economics from the Top Down Blair Fix Over the past few weeks, I’ve been thinking a lot about Aaron Swartz. Swartz was an internet pioneer who, in his teens and early 20s, …
Originally published on Economics from the Top Down Blair Fix Scientists live and die by their scientific ‘impact’. For the uninitiated, ‘impact’ is a measure of a scientist’s contribution to their field. While there are …
Originally published on Economics from the Top Down Blair Fix In a recent blog post called “How Not to Measure Inequality”, the anthropologist Jason Hickel argues that economists measure inequality the wrong way. Hickel thinks …
Originally published on Economics from the Top Down Blair Fix Karl Marx is probably the most important social scientist in history. But while his influence is beyond compare, Marx’s legacy is, in many ways, disastrous. …
Originally published on Economics from the Top Down Blair Fix In The Growth of Hierarchy and the Death of the Free Market, I argued that economic development involves killing the free market. What was the …
Originally published on Economics from the Top Down Blair Fix Let’s talk sustainability. Unless you’re an anti-science crank, you probably agree that we’ve got a problem with carbon emissions. We need to drastically cut emissions …