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Economists seem to be everywhere in the media these days. But what exactly do today's economists do? What and how are … students--the next generation of elite economists--colorfully and frankly describe what they think of their field and what … inside look at the making of economists will interest anyone who wants to better understand the economics profession. …
Persistent link: https://www.econbiz.de/10005797552
One answer is that Milton Friedman possessed a rare combination of attributes that enabled him to communicate as easily with a mass audience as with his professional peers. He also emerged on the public stage at a time when his message of limited government had unusual resonance. Developments in...
Persistent link: https://www.econbiz.de/10010659507
Ken Arrow (1998) asks, “What has economics to say about racial discrimination?” He replies – entirely correctly – that racial “segregation within an industry – that is, firms with either all black or all white labor forces” – may be explained by economic theory, but “the...
Persistent link: https://www.econbiz.de/10011260187
A prevailing view in the literature is that social sanctions can support, in equilibrium, high levels of obedience to a costly norm. The reason is that social disapproval and stigmatization faced by the disobedient are highest when disobedience is the exception rather than the rule in society....
Persistent link: https://www.econbiz.de/10010643014
It is argued that drug consumption, most commonly alcohol drinking, can be a technology to give up some control over one’s actions and words. It can be employed by trustworthy players to reveal their type. Similarly alcohol can function as a “social lubricant” and faciliate type revelation...
Persistent link: https://www.econbiz.de/10008518179
We develop a simple yet realistic model of income insurance, where the individual’s ability and willingness to work is treated as a continuous variable. In this framework, income insurance not only provides income smoothing, it also relieves the individual from particularly burdensome work. As...
Persistent link: https://www.econbiz.de/10005645345
We develop a simple yet realistic model of income insurance, where the individual’s ability and willingness to work is treated as a continuous variable. In this framework, income insurance not only provides income smoothing, it also relieves the individual from particularly burdensome work. As...
Persistent link: https://www.econbiz.de/10005648797
. Economists writing for the public can either highlight such truths, neglect the issue, or try to allay worries or excuse or … justify large budget deficits (as anti-recession policy, for example). Economists affiliated or aligned with one of the … constituency. This paper investigates selected economists, to see whether their tune changes when the party holding the White House …
Persistent link: https://www.econbiz.de/10008484322
Im klassischen Modell von Diamond und Dybvig (1983) werden Bank-runs durch sich selbst erfüllende pessimistische Erwartungen der Anleger provoziert. Sie sind damit ein Sonnenflecken-Phänomen. Die spekulativen Runs können u.a. durch eine Einlagenversicherung vermieden werden. Allerdings...
Persistent link: https://www.econbiz.de/10005063023
In this paper a modified version of Bernanke and Blinder�s (1988) model of the bank lending channel of monetary policy under asymmetric information is presented. If, aside from reserve requirements, banks have to meet capital adequacy requirements as well, then the results suggested by...
Persistent link: https://www.econbiz.de/10005063024