James Heckman: Tinder Dates Gone Wrong

Have you ever gone on a Tinder date that was not what you expected? You immediately swipe right at the sight of an attractive person holding an adorable puppy. But, minutes after showing up at the bar, you find your date is dismissive, rude, and has horrible taste in beer. Sometimes what you see isn’t what you get. When you take a step back, you realize that the things you attributed to the person in the profile picture do not reflect the reality of your date. Continue reading “James Heckman: Tinder Dates Gone Wrong”

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Economics & Culture Making

Culture is what we make of the world.”- Andy Crouch in Culture Making

One of the many delights of Summer 2017 has been diving into Andy Crouch’s 2008 book “Culture Making: Recovering our Creative Calling”. In this highly ambitious and superbly written book, Crouch seeks to unpack what “culture” is, how culture changes, and lays out the rationale for why culture-making is deeply intrinsic to what it means to be human. Continue reading “Economics & Culture Making”

Using Innovism Instead of Capitalism

McCloskey’s suggestion for changing the term “capitalism” into “innovism” might be a more practical way of arguing for free markets. Capitalism, as it’s tossed around in conversation, ends up getting misconstrued by both sides of the argument, because it lends itself to assume that societies have only become rich through the accumulation of capital. However, this is simply not true. It is ideas and the ability for entrepreneurs to assume the risks of employing the factors of production, by means of prices set in a market, to produce new (and perceived better) products or services to then turn around and sell them at uncertain prices in the market. The z, not the k, in our Solow model, if you will. This is “trade-tested betterment” as also proposed by McCloskey. Continue reading “Using Innovism Instead of Capitalism”