Do Financial Regulations Decrease Financial Literacy?

Ask the average person about her smartphone, and the odds are better than even that she’ll be able to recite the make, model, and salient features such as battery life and camera quality. She may even be in a position to rank the phone relative to other handsets and to make a recommendation as to … Continue reading Do Financial Regulations Decrease Financial Literacy?

Why Big data Won’t Save Central Planners from the Knowledge Problem

Among statisticians, economists, and business executives, “Big Data” is all the rage. Large and detailed data sets that, until recently, couldn’t even be stored on a computer are now managed and analyzed using innovative statistical techniques. Hopes are high that these advances will improve scientists’ ability to predict human behavior. Some enthusiasts even speculate that … Continue reading Why Big data Won’t Save Central Planners from the Knowledge Problem

Edmund Phelps: Find Your Natural Rate of Body Fat This Year

As the New Year inches closer and closer, many of us start rushing to come up with resolutions we wish to achieve in the next year. Some of us want to write more thank you notes. Others want to lose weight. Economists, policymakers, and business leaders are also writing down New Year Resolutions. For all … Continue reading Edmund Phelps: Find Your Natural Rate of Body Fat This Year