economics

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Here's What Happens When You Sleep Through Your Nobel Call

Robert Wilson, who won economics prize, crossed the street in PJs to alert fellow winner Paul Milgrom

(Newser) - No one wants to hear their doorbell ring in the middle of the night, but Paul Milgrom will probably give Bob Wilson a pass. That's because Wilson, who won the Nobel Prize in Economics on Monday, was forced to trudge out in his pajamas to alert his Stanford colleague,... More »

Auction World Revolutionized by These Nobel Winners

Paul Milgrom, Robert Wilson take home Nobel Prize in Economics for their work in auction theory

(Newser) - Americans Paul R. Milgrom and Robert B. Wilson, both academics from Stanford University, have won the Nobel Prize in Economics and will split the $1.1 million prize for "improvements to auction theory and inventions of new auction formats." Technically known as the Sveriges Riksbank Prize in Economic... More »

Mnuchin on Greta's Fossil Fuels Comment: Go to College

Treasury secretary takes a jab at Swedish climate activist at Davos

(Newser) - The person from the Trump administration usually criticizing Greta Thunberg is President Trump himself . On Thursday at the World Economic Forum in Davos, Switzerland, however, Treasury Secretary Steven Mnuchin decided to get in on the action with a jab against the 17-year-old Swedish climate activist. The talk had turned to... More »

Looking for a Thriving Economy? These US Cities Fit the Bill

You'd do well to check out certain areas in the South and West

(Newser) - What helps keep a city afloat (and even thriving) as others hit hard times: a healthy, growing economy. WalletHub took a look at more than 500 cities of all different population sizes, looking at growth and decline over a seven-year stretch. The site examined 17 metrics in two key categories:... More »

Nobel Goes to Economists Studying Roots of Poverty

Esther Duflo is second-ever female winner

(Newser) - Three researchers with an "experimental approach to alleviating global poverty" have won this year's Nobel in economics, the Royal Swedish Academy of Sciences says. The prize was won by French-American researcher Esther Duflo, her fellow MIT researcher Abhijit Banerjee, and Michael Kremer at Harvard, the New York Times... More »

States That Benefit Most, Least From Immigration

New York is No. 1

(Newser) - Immigration is likely to be one of the topics covered in President Trump's State of the Union address Tuesday, and WalletHub takes a look at the subject through the lens of state economics. The site looked at all 50 states and DC under four main categories—the immigrant workforce,... More »

370 Economists Make the Case Against Trump

'He promotes magical thinking and conspiracy theories'

(Newser) - Putting Donald Trump in charge of the world's biggest economy would be a "dangerous" and "destructive" move and would endanger America's prosperity, hundreds of prominent economists warn in an open letter released Tuesday. The 370 economists, including eight Nobel laureates, did not endorse Hillary Clinton in... More »

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 »

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