economics

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The UK Just Flipped the Whole World the Bird

Most reaction is ... strong

(Newser) - In what Annie Lowrey describes for New York as "Britain's middle finger to the world," Brexit is going forward and the UK will be leaving the European Union. And with that vote, "England just screwed us all," writes Felix Salmon for Fusion , lamenting the "... More »

Freakonomics Author Busts Cheating Kids via Algorithm

Four of the 12 that his algorithm deemed highly suspicious have confessed

(Newser) - When a professor at an anonymous "top American university" recently suspected cheating in a class, no student would admit to it, so he called in a big gun: Freakonomics author and University of Chicago economist Steven Levitt. Levitt and Ming-Jen Lin, of National Taiwan University, devised an algorithm to... More »

Princeton Poverty Expert Wins Nobel in Economics

Angus Deaton 'surprised and delighted'

(Newser) - A Princeton professor renowned for his study of welfare, poverty, and individual consumer choices has won this year's Nobel in economics, reports the New York Times . In honoring Angus Deaton, 69, the Nobel panel noted that "to design economic policy that promotes welfare and reduces poverty, we must... More »

Hillary: I Don't Mean What I Said About Job Creation

Clinton says she 'short-handed' remark

(Newser) - Hillary Clinton says she "short-handed" a point last week when stating that businesses and corporations don't create jobs, Politico reports. "Trickle down economics has failed," she explains today while campaigning with Rep. Sean Maloney in Somers, New York. "I short-handed this point the other day,... More »

2014's Final Nobel Goes to French Economist

Jean Tirole 'breathed new life into research on such market failures'

(Newser) - French economist Jean Tirole won the Nobel Prize in economics today for research on market power and regulation. The Royal Swedish Academy of Sciences cites Tirole for clarifying "how to understand and regulate industries with a few powerful firms." Tirole, 61, works at the Toulouse School of Economics... More »

'Giant of Economics' Gary Becker Dies

Nobel-winner used economics to address social issues

(Newser) - Gary Becker, widely considered one of the 20th century's most important economists for his work using economics to address social issues, has died at the age of 83. The University of Chicago professor, who won the 1992 Nobel in economics, used what he called "economic analysis" for insight... More »

Amazon's Top Seller: a 685-Page Economics Book

Thomas Piketty addresses income inequality

(Newser) - Thomas Piketty's book Capital in the Twenty-First Century may not be a quick read, but it's flying off the (digital) shelves. What makes a 685-page book on economic history, translated from French, Amazon's bestseller ? Well, the reviews have been great; Paul Krugman calls it "truly... More »

Economists Just Don't Get People

Most models are based on crazy assumptions, Mark Buchanan argues

(Newser) - The next time you hear an economist make a bold pronouncement, you should probably be a bit skeptical, because the entire field "is desperately in need of a paradigm shift," argues Mark Buchanan at Bloomberg . Why? Because most economic models are based on the idea that individuals make... More »

Conservatives' Favorite Debt Study Revealed as Fake

But Alex Pareene doubts they'll change their tune

(Newser) - For years, conservatives have been crowing about a study from Harvard economists Carmen Reinhart and Kenneth Rogoff showing that countries with a debt-to-GDP ratio of more than 90% usually have negative GDP growth. It's been used to justify austerity pushes around the globe. But Reinhart and Rogoff have always... More »

'Zombie' Economics Have Eaten Rubio's Brains

Paul Krugman thinks Republicans need to stop peddling discredited ideas

(Newser) - Marco Rubio is undoubtedly a rising political star—heck, TIME anointed him the "Republican Savior" on a recent cover. "What we learned Tuesday, however, was that zombie economic ideas have eaten his brain," writes Paul Krugman in the New York Times . A "zombie idea" is Krugman'... More »

2 Americans Win Economics Nobel for Strides in Matching

Winner of African governance prize: No one

(Newser) - Americans Alvin Roth and Peter Shapley have won the Nobel prize for economics on the strength of their work matching players in a wide range of markets, the Wall Street Journal reports. "For example, students have to be matched with schools, and donors of human organs with patients in... More »

Dear Fellow Economists, Stop Playing Politics

Laurence Kotlikoff: Those who take sides demean the profession

(Newser) - Boston University economist Laurence Kotlikoff takes note that 500 of his colleagues have signed a statement supporting Mitt Romney's policies and castigating Barack Obama's. All 500 "owe our profession a sincere apology," he writes at Bloomberg View . But this isn't a partisan rant, it's... More »

Ryan Zinged on Foreign Policy Inexperience

Ryan defenders say he is same as Obama in 2008

(Newser) - Paul Ryan may be a budget expert and domestic policy wonk, but a huge responsibility of the executive branch is foreign policy, and critics are already landing punches on Ryan's meager resume on international issues, reports Reuters . "I think his (Ryan's) experience as a vice presidential candidate... More »

Private Sector Is Doing Fine

It's a good time to be an American corporation, Rex Nutting argues

(Newser) - Believe it or not, some "people" are doing just great in this economy. "Those people are called 'corporations,'" writes Rex Nutting of MarketWatch . It may have been politically disastrous for President Obama to say the private sector was "doing fine" last month, "but... More »

Krugman vs. Bernanke: Who's Reckless?

Robert Samuelson outlines the feud between the bearded economists

(Newser) - Call it the "battle of the beards," suggests Robert Samuelson of the Washington Post : Paul Krugman vs. Ben Bernanke. Both are prominent economists, both have facial hair aplenty, and each has called the other "reckless." Krugman has been lambasting the Fed for not doing enough to... More »

10% of Adults Get Allowances

Including more than a third of Americans between 18 and 24

(Newser) - Around one in 10 American adults are on the dole—they regularly collect money or other financial assistance from their parents or relatives, reveals a poll from the Pew Research Center. The results showed no difference between gender or race, reports the New York Times , but the youngest adults were... More »

Romney Is a 'Closet Keynesian'

Paul Krugman: Mitt's strongest commitment is to 'insincerity'

(Newser) - Mitt Romney pretends to subscribe to the right's economic orthodoxy, but his real beliefs are apparently very different, writes Paul Krugman in the New York Times . He let them slip the other day, saying that "if all you’re thinking about doing is cutting spending, as you cut... More »

Students Calculate Price of the Death Star

LeHigh University students determine that yes, there is enough iron on Earth

(Newser) - Just how wealthy would the Empire have to be to build a Death Star? Well, wealthy enough to blow somewhere around $852 quadrillion on metal alone, according to a group of economics students at Lehigh University. How did they get that number? Well, the first Death Star has a reported... More »

Behind Europe's Economic Mess: 'Willful Amnesia'

Austerity measures violate basic economic tenets: Paul Krugman

(Newser) - Europe has been lauded for its commitment to austerity measures as a means of restoring its economies. But a quick look at the state of those economies reaffirms what any economist should already have known, writes Paul Krugman in the New York Times : The effort is backfiring. Krugman explains that... More »

Candidate Turns 'Home Ec' Into 'Economics' Degree

Missouri contender caught fudging educational background

(Newser) - Tiny note to political candidates: "Economics" and "home economics" aren't quite the same thing. Missouri gubernatorial contender Dave Spence quickly updated his website this week after reporters discovered that his touted "degree in Economics" was actually a Bachelor’s of Science Degree in Home Economics, TPM... More »

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