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From
capx
Richard Thaler's ideas should mean less, not more, government 
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Scoop.it!
Richard Thaler's work incorporates psychology into economic theory The FT's economics correspondent explains the work of Professor Richard Thaler in the growing the field of behavioural economics.
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Five ways the theory behind this year's Nobel prize for economics may have influenced your behaviour.
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US economist Richard Thaler is a founding father of behavioural economics and pioneered "nudge" theory.
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The middle class is back — or so it seems.That’s the message from the Census Bureau’s latest report on “Income and Poverty in the United States.” The news is mostly good. The income of the median household (th
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**September 13 PE 101 Lecture** Marxism, liberalism, nationalism--to be polite... * We've talked about Marxism... * We've talked about classical liberalism... * We haven't talked about "nationalism"... We read Norman Angell: We did not read Max Weber. Nationalism as social-darwinist doctrine: >Max Weber, "The National State and Economic Policy": [W]e all consider the German character of the East as something that should be protected, and that the economic policy of the state should enter into the lists in its defense. Our state is a national state, and... we have a right to make this demand.... >[T]he economic struggle between the nationalities follows its course even under the semblance of 'peace'. The German peasants and day-labourers of the East are not being pushed off the land in an open conflict by politically-superior opponents. Instead, they are getting the worst of it in the silent and dreary struggle of everyday economic existence, they are abandoning their homeland to a race which stands on a lower level, and moving towards a dark future in which they will sink without trace. There can be no truce even in the economic struggle for existence; only if one takes the semblance of peace for it
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From
psmag
What economists around the world get wrong about the future.
The idea that economic growth can continue forever on a finite planet is the unifying faith of industrial civilization. That it is nonsensical in the extreme, a deluded fantasy, doesn't appear to bother us. We hear the holy truth in the decrees of elected officials, in the laments of economists about flagging GDP, in the authoritative pages of opinion, in the whirligig of advertising, at the World Bank and on Wall Street, in the prospectuses of globe-spanning corporations and in the halls of the smallest small-town chambers of commerce. Growth is sacrosanct. Growth will bring jobs and income, which allow us entry into the state of grace known as affluence, which permits us to consume more, providing more jobs for more people producing more goods and services so that the all-mighty economy can continue to grow. "Growth is our idol, our golden calf," Herman Daly, an economist known for his anti-growth heresies, told me recently.
Tags: op-ed, economic, industry, sustainability, development, consumption, climate change, environment, resources.
Via Giannis Tompros , pdeppisch
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People don’t always act “rationally.” Nudges might be able to lead to better doctors and healthier patients. Via Geoff Riley
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Economics isn’t always the best starting point in understanding our world. Sometimes a philosopher, sociologist, or historian might be better for analysis
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Milton Friedman and his gang at Chicago, including the ‘boys’ that went back and put their ‘free market’ wrecking ball through Chile under the butcher Pinochet, have really left a mess of confusion and lies behind in the hallowed halls of the academy, which in the 1970s seeped out, like slime, into the central banks and the treasury departments of the world. The overall intent of the literature they developed was to force governments to abandon so-called fiscal activism (the discretionary use of government spending and taxation policy to fine-tune total spending so as to achieve full employment), and, instead, empower central banks to disregard mass unemployment and fight inflation first. Several strands of their work – the Monetarist claim that aggregate policy should be reduced to a focus on the central bank controlling the money supply to control inflation (the market would deliver the rest (high employment and economic growth, etc); the promotion of a ‘natural rate of unemployment’ such that governments who tried to reduce the unemployment rate would only accelerate inflation; and the so-called Permanent Income Hypothesis (households ignored short-term movements in income when determining consumption spending), and others – were woven together to form a anti-government phalanx. Later, absurd notions such as rational expectations and real business cycles were added to the litany of Monetarist myths, which indoctrinated graduate students (who became policy makers) even further in the cause. Over time, his damaging legacy has been eroded by researchers and empirical facts but like all tight Groupthink communities the inner sanctum remain faithful and so the research findings haven’t permeated into major shifts in the academy. It will come – but these paradigm shifts take time. Via pdeppisch
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John Maynard Keynes penned his General Theory in 1936. Faced with the upheaval of 2016, what would a cryogenically frozen Keynes do?
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The US academic’s behavioural research shows how to focus economics more decisively on real and important problems
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US economist Richard Thaler has won this year's Nobel Prize for Economics. He is well-known for his "nudge" theory which was the inspiration for a "nudge unit" set up by former UK prime minister David Cameron. Here he is in 2010 speaking to Newsnight's Gavin Esler.
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Behavioural economics is giving us a much better understanding of why things don’t happen in the way we expect.
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Robert Peston, who broke the story of Northern Rock’s emergency funding appeal to the Bank of England, and covered at close-hand the ensuing run on th
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Geoff Riley's curator insight,
September 19, 2017 3:33 AM
Enrichment reading: "Much of what is described as ‘irrationality’ is simply a manifestation of the coping strategies humans have developed over millennia to deal with complex situations of which they can have only limited understanding or knowledge."
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A healthy healing process for the economics profession to slowly comes to terms with its role in the Great Financial Crisis.
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Everyday, you make tons of decisions about consumption. Your choices about what and how much of a good to buy are influenced by the laws of supply and demand. These choices are nearly endless. For example, at Starbucks, each drink is highly customizable. In fact, they offer over 80,000 combinations!
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Imagine you’re an employer during a recession, and you desperately need to cut labour costs to keep your firm afloat. Are you more likely to cut wages across the board for all employees, or institute layoffs for only some? While it may seem that wage cuts are the “better” choice, they aren’t as common as you might think. Why is that?
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Instead of growth at all costs, a new economic model allows us to thrive while saving the planet
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Below is a pdf download of a presentation on consumer behaviour that I did for our Yr12 and Yr 13 students last week. It focuses on the following: Hedonic Treadmil - Paradox of Choice - Algorithms and Choice - Happy Money - Well-being around the world. Click here to download. I particularly like these images. Via Geoff Riley
Geoff Riley's curator insight,
April 6, 2017 2:06 AM
Highly recommended resource from Mark Johnston for teachers and students revising behavioural economics as part of their A levels.
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Why are economists not better able to predict financial crises, and possibly even prevent them? Via pdeppisch
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What is meant by producer surplus?Producer surplus is a measure of producer welfare. It is measured as the difference between what producers are willing and abl Via Mrs Wickson
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