In my post Irrational Economics, I quoted some surprising observations from an article in The Atlantic titled “Dismal scientists: how the crash is reshaping economics.” I wrote:
“What the article says is that a lot of the economics theories that are being used today haven’t advanced at all in the past 80 years or so. While some . . . → Read More: Did Research Fundings Influence Economic Policies?
A video is worth a thousand words. Here is what I just found — a great visualization that shows what led to the . . . → Read More: The Crisis Of Credit Visualized
I am no expert in economics theory but I wonder if there is anything that can be done to prevent recessions in an open-market kind of economy. Here is my understanding of how this works.
The Good Times
Let’s say that we are in a period of relatively low unemployment. This means that almost everyone has a job, . . . → Read More: Aren't Recessions Inevitable?