During the height of the Democratic primary season in 2016, Senator Bernie Sanders made news by lamenting “You don’t necessarily need the choice of 23 underarm spray deodorants or 18 different pairs of sneakers when children are hungry in this county.” Bernie asks an interesting economic question – why do we have so many choices … Continue reading Bernie Sanders is Angry About Deodorant and Sneakers
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
Edward Prescott and Finn Kydland won the Nobel Prize in 2004 for their contributions to dynamic macroeconomics: the time consistency of economic policy and the driving forces behind business cycles." In other words, how present-day government decisions don't account for future government decisions.
With a simple discussion on how stuff gets done in the political arena, it is easy to understand why it’s so hard to achieve the intended outcomes of that “stuff.” Everything is riddled with side-deals, loopholes, and compromises that detract or cause larger problems than the one(s) they are trying to solve. You don’t have … Continue reading James Buchanan: Surprisingly, Politicians Are Humans
Oh, Bitcoin. It has people more divided than our commander-in-chief. On one side, we have the aspiring (or closet) millionaires — the Bitcoin enthusiasts — preaching the good word of cryptocurrencies. And on the other side of the aisle, we have the finance millionaires — or the financial establishment — waiting somewhat patiently for Bitcoin’s … Continue reading Robert Engle III: Predicting Bitcoin’s Volatility