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From supply and demand to game theory, football is full of economics lessons

From supply and demand to game theory, football is full of economics lessons

The football transfer window closes tomorrow, and the opening days of August have seen the usual flurry of activity at all levels. The window in the rest of Europe stays open until the end of the month. Do we detect here the hands of Monsieur Barnier, in

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Facebook, facts, and alternative fictions: How to predict the narrative of the future

Facebook, facts, and alternative fictions: How to predict the narrative of the future

Last Thursday, Facebook suffered the biggest one-day loss in the history of Wall Street. The company’s shares dropped nearly 19 per cent. Rather incredibly, Facebook reported an increase in revenue of no less than 42 per cent over the same quarter last year, and a rise in

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The UK’s capacity to innovate matters far more than panic over consumer spending

The UK’s capacity to innovate matters far more than panic over consumer spending

The debate about Brexit has become mired in a virtually incomprehensible quagmire of detailed and technical negotiations between the UK and the rest of the EU. Yet the campaign itself in 2016 was dominated by broader questions of political economy. In addition to the hurly burly of

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Investors should intervene to stop high executive pay, before the regulator does

Investors should intervene to stop high executive pay, before the regulator does

Shareholder discontent over executive pay continues to rise. Last week, the outgoing boss of BT, Gavin Patterson, was in the firing line. At the company’s annual general meeting, 34 per cent of investors voted against the remuneration report, which included a £1.3m bonus payment to Patterson. Concern

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Never mind who wins, the World Cup is a treasure trove for curious economists

Never mind who wins, the World Cup is a treasure trove for curious economists

Our boys make progress – and I don’t mean on Brexit. On a visit to Glasgow last Thursday, a popular Scottish newspaper had a mock-up photo of Harry Kane lifting the cup. In massive type, the headline shrieked “This Would Be the End of the World”. Yes,

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Meet the engineers of economic theory: Market design has become a full-time job

Meet the engineers of economic theory: Market design has become a full-time job

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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Immigration fears are more economically rational than the urban liberals pretend

Immigration fears are more economically rational than the urban liberals pretend

Immigration is a hot topic in both senses of the word “hot”. Not only is it at the forefront of the news, it also provokes heated emotions. For the metropolitan liberal elite, immigration is unequivocally a Good Thing. They are on the side of the angels. Whether

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Economics is doing just fine, thank you, without adopting psychology’s blunders

Economics is doing just fine, thank you, without adopting psychology’s blunders

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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Anyone for England? The World Cup and business stardom are both games of luck

Anyone for England? The World Cup and business stardom are both games of luck

The 2018 World Cup in Russia kicks off tomorrow. This time, at least, there is little feeling that our boys will emerge victorious. And yet. There is a great deal more randomness in the outcome of soccer games than is generally appreciated. A striking feature of games

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Artificial intelligence will dominate every aspect of our lives, but it won’t replace us

Artificial intelligence will dominate every aspect of our lives, but it won’t replace us

Guess which of the 964 jobs listed in the widely used Occupational Information Network online database is the least susceptible to replacement by artificial intelligence (AI). The unsurprising answer is that of “massage therapist”. This is one of the findings of a paper in the latest issue

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