What does someone with the job title of “chief economist” actually do? The most well-known in the UK is probably Andy Haldane at the Bank of England, but his role is not typical. So what do the others do? Nobel Laureate Alvin Roth’s paper in the latest
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Criticisms of economics have abounded since the financial crisis. Even Nobel Prize winners like George Akerlof of Berkeley have got in on the act. A key demand is for economics to adopt a more recognisably human portrait of behaviour in its theories than the rational calculating machine
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The competition and Markets Authority (CMA) published a report about Price comparison sites at the end of last month. They seem simple enough, but these straightforward sites raise interesting issues for economics. Overall, the CMA was pretty positive about the DCTs – digital comparison tools, to give
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Behavioural economics has received the ultimate accolade. Richard Thaler of the University of Chicago Business School has been awarded the Nobel Prize in economics for his work in this area. Economics over the past 20 to 30 years has become far more empirical. Leading academic journals do
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The great Harvard economist Joseph Schumpeter, writing in the 1940s, predicted the eventual demise of capitalism. He did not want this to happen. But he envisaged that the “intellectual class” would eventually develop values which were hostile to free markets and private property. Schumpeter’s definition of “intellectuals”
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Thomas Schelling is probably best known in economics for his contributions to game theory. Indeed the citation for his 2005 Nobel Prize states it was for “having enhanced our understanding of conflict and cooperation through game theory analysis”. In the early, tense years of the Cold War
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