Great article from Shiller on neuroeconomics. The more justification, and more positive side, of neuroeconomics is mentioned here: Under Samuelson’s guidance, generations of economists have based their research not on any physical structure underlying thought and behavior, but only on the assumption of rationality. As a result, Glimcher is skeptical of prevailing economic theory, and …
Category Archive: Economic theory
Permanent link to this article: http://www.tvhe.co.nz/2011/12/07/neuroeconomics-is-exciting-and-scary/
Oct
18
2011
The importance of incentives
This story is a great example of how institutions can shape incentives, in order to change outcomes. The women of Barbacoas, Colombia have ended a three-month, 19-day “crossed legs” strike of sexual abstinence aimed at getting a road to their isolated town paved, after officials pledged to invest in the project. The money quote is: …
Permanent link to this article: http://www.tvhe.co.nz/2011/10/18/the-importance-of-incentives/
Aug
30
2011
Robots, uber richness, unemployment: Points to keep in mind
I think the statement “points to keep” in mind is currently my favourite thing around … however, I digress and I haven’t actually started the post yet. Over at the Dim Post Danyl has an interesting point, derived from this post: If some future entrepreneur invents a labour saving device that makes them a multi-trillionaire …
Permanent link to this article: http://www.tvhe.co.nz/2011/08/30/robots-uber-richness-unemployment-points-to-keep-in-mind/
Aug
29
2011
Bleg: Facts and beliefs
Question: Why is it that, in economics (compared to other disciplines), people are a lot less likely to let observed facts change their opinion on what is going on, or how the world works? Is it because: The data is too unreliable The data requires “value statements” to make sense that cannot be separated from …
Permanent link to this article: http://www.tvhe.co.nz/2011/08/29/bleg-facts-and-beliefs/
Aug
24
2011
Wants, needs and production
What is a ‘want’ and what is a ‘need’? Do these things change over time and how do we provide for them? These are the issues being considered by Pablo at Kiwipolitico in a fashion that may confuse many economists. He says: The current phase of globalised capitalism brought with it the uncoupling of production …
Permanent link to this article: http://www.tvhe.co.nz/2011/08/24/wants-needs-and-production/
Aug
23
2011
Strawman at the centre of the discussion of economics
In an article in the Herald it is suggested that the separation of economics from moral philosophy is morally abhorrent, and as a result we should ignore what economists say about tax. I will put the tl;dr up first: Economic theory is “descriptive” – which in turn allows us to discuss how economic theory is …
Permanent link to this article: http://www.tvhe.co.nz/2011/08/23/strawman-at-the-centre-of-the-discussion-of-economics/
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