This story was co-published with Consumer Reports. Over the last three years, pharmaceutical companies have mounted a public relations blitz to tout new cures for the hepatitis C virus and persuade insurers, including government programs such as Medicare and Medicaid, to cover the costs.
According to press reports, the Trump administration is basing its budget projections on the assumption that the U.S. economy will grow very rapidly over the next decade — in fact, almost twice as fast as independent institutions like the Congressional Budget Office and the Federal Reserve expect.
Donald Trump lies or talks loosely all the time about virtually everything, for a wide range of reasons. Sometimes, though, he might not be lying — at least not to us. He might only be lying to himself. Or he might actually be utterly clueless.
Machine learning is on the edge of revolutionizing those 12 sectors. Most leaders in those industries look at Machine Learning and see a non-stable, none viable technology in the short term. They are wrong. This will allow technological Entrepreneurs to disrupt them.
Consolidated corporate power is keeping many products’ prices high and quality low. Why aren’t more politicians opposing it? There are many competing interpretations for why Hillary Clinton lost last fall’s election, but most observers do agree that economics played a big role.
Almost exactly a year ago, I suggested a rule of thumb for evaluating candidates’ economic agendas: The more growth a politician promises, the worse his or her economic plan probably is. Why? Because it suggests they had to make extra-rosy assumptions to get their math to work.
Kenneth J. Arrow, a Nobel Prize-winning economist and mathematical theorist who made seminal contributions to social sciences as varied as election theory and health economics and was one of the most influential economists of his generation, died Feb. 21 at his home in Palo Alto, Calif. He was 95.
Economist Kenneth Arrow died yesterday at age 95. He was one of the most influential economists in modern history. Arrow spent most of his career at Stanford, and at 51 he became the youngest recipient of the Nobel prize in economics, in 1972 (during a stint at Harvard).
SINCE the publication of "Capital in the Twenty-First Century", Thomas Piketty has won many plaudits for his work on inequality. The book has so far sold more than 1.5m copies. Its arguments have been praised by Nobel-prize winners and politicians alike.
It can be very confusing to know that you won’t find a decent job, pay off student loans or put in a down payment on a house in the next few years — even though you may have graduated from a top-tier university or secured glowing references from all those unpaid internships that got you to w
The 62 richest people in the world own as much wealth as half of humanity. Such extreme wealth conjures images of both fat cats and deserving entrepreneurs. So where did so much money come from? It turns out, three-fourths of extreme wealth in the US falls on the fat cat side.
From the man who bought you "the shortest economic textbook in the world"; and "13 things Economists won't tell you", here is Ha-Joon Chang's ultimate pocket guide to the differences (and similarities) between all the economic schools of thought.
Have you ever heard of the term “economic rent”? No? That’s probably because of the greatest political coup in the history of our republic.
The World Economics Association recently interviewed me on the state of economics, inquiring about my views on pluralism in the profession. You can find the result on the WEA's newsletter here (the interview starts on page 9). I reproduce it below. 1.
At the outset of the Great Depression, John Maynard Keynes penned a remarkable economic prognostication: that despite the ominous storm that was then enfolding the world, mankind was in fact on the brink of solving “the economic problem” — that is, the quest for daily subsistence.
Our relationship to money changes as we get older. So do the mistakes that we make with it. Every new stage of life brings new financial strategies we need to follow. And at every stage we find new ways not to follow those strategies, costing ourselves money and jeopardizing our security.
By John T. Harvey We are experiencing deep economic problems and it is the fault of the economics discipline. Their macro theories suck. But, there is no mechanism forcing it to alter its models when they don’t appear to work.
Think managing your finances has to be complicated? Wonkblog contributor (and UC Chicago social scientist) Harold Pollack doesn't. After a talk with personal finance expert Helaine Olen, Pollack managed to write down pretty much everything you need to know on a 4x6 index card.
Business as usual. That will be the implicit message when the Sveriges Riksbank announces this year’s winner of the “Prize in Economic Sciences in Memory of Alfred Nobel”, to give it its full title.
In 2011, Ohio voters repealed Senate Bill 5, an attack on collective-bargaining rights.
By J. W. Mason I’ve felt for a while that most critiques of economics miss the mark. They start from the premise that economics is a systematic effort to understand the concrete social phenomena we call “the economy,” an effort whose methods unfortunately are unsound.
Figure 2 summarises our key results. Good pilots – those whose average monthly victory score put them in the top 20% of the distribution – on average improved their victory score by 50%, from less than two to more than three a month, when the successes of their former peers were advertised.
American economist Hyman Minsky, who died in 1996, grew up during the Great Depression, an event which shaped his views and set him on a crusade to explain how it happened and how a repeat could be prevented, writes Duncan Weldon.
Quality clothes last longer for the money you spend, they’re more comfortable, and they make you look and feel pretty good while you wear them. Best of all, you can find quality anywhere. It comes down to buying less mediocre stuff and using that money on a few nice things that last forever.
Mainstream economics is terrible at understanding the reality of human behaviour. Now, even the respected thinker Paul Romer is calling for change It’s 26 years since Paul Romer shook the discipline of economics with a single research paper.
Most people are in the pursuit of happiness. There are economists who think happiness is the best indicator of the health of a society. We know that money can make you happier, though after your basic needs are met, it doesn't make you that much happier.
IN THE second quarter of this year the German economy shrank by 0.2%. Economists expect it to contract again in the third quarter, meaning that the economy will technically be in recession. Some believe that the economy will not grow until the middle of next year.
The “quiet catastrophe” is particularly dismaying because it is so quiet, without social turmoil or even debate.
The financial collapse of 2007/08 and the subsequent deep recession and sluggish recovery have left huge scars on the global economy. In the UK, the government is grappling with an unprecedented budget deficit and unemployment is over 1 million higher than it was before the recession.
IT WAS in 1942 that Joseph Schumpeter published his only bestseller, “Capitalism, Socialism and Democracy”. The book was popular for good reason. It was a tour de force of economics, history and sociology. It coined memorable phrases such as “creative destruction”.
SUPPOSE that one day the government of a large and fast-growing economy became convinced that its highest priority was to purge the country of black-economy millionaires hoarding piles of illicit cash.
The digitization of our economy will bring with it a new generation of radical economic ideologies, of which Bitcoin is arguably the first. For those with assets, technological savvy, and a sense of adventure, the state is the enemy and a cryptographic currency is the solution.
In theory, statistics should help settle arguments. They ought to provide stable reference points that everyone – no matter what their politics – can agree on.
This week “The Economist explains” is given over to economics. For each of six days until Saturday this blog will publish a short explainer on a seminal idea. DOES trade hurt wages? Or, more precisely, do imports from low-wage economies hurt workers in high-wage ones? Many people assume so.
Turning 30 just got a lot scarier. So says the research arm of McKinsey & Co. in a new report that argues that investors of all ages need to resign themselves to diminished gains.
This is the text version of remarks I gave on June 26, 2016, at a panel on the Moral Economy of Tech at the SASE conference in Berkeley. The other panel participants were Kieran Healy (whose remarks are here), Stuart Russell and AnnaLee Saxenian.
More than 151 million Americans count themselves employed, a number that has risen sharply in the last few years. The question is this: What are they doing all day? Because whatever it is, it barely seems to be registering in economic output. The number of hours Americans worked rose 1.
The creator of The Wire, David Simon, delivered an impromptu speech about the divide between rich and poor in America at the Festival of Dangerous Ideas in Sydney, and how capitalism has lost sight of its social compact. This is an edited extract • Lanre Bakare: Go home, David Simon.
LONDON – Let’s be honest: no one knows what is happening in the world economy today. Recovery from the collapse of 2008 has been unexpectedly slow. Are we on the road to full health or mired in “secular stagnation”? Is globalization coming or going? Policymakers don’t know what to do.
LAST night 40,000 people rented accommodation from a service that offers 250,000 rooms in 30,000 cities in 192 countries. They chose their rooms and paid for everything online. But their beds were provided by private individuals, rather than a hotel chain.
IN 1924 John Maynard Keynes, who invented macroeconomics, used a biographical essay about his mentor Alfred Marshall to muse on the qualities of a good economist. He must be mathematician, historian, statesman, philosopher—in some degree. He must understand symbols and speak in words.
Without us noticing, we are entering the postcapitalist era. At the heart of further change to come is information technology, new ways of working and the sharing economy. The old ways will take a long while to disappear, but it’s time to be utopian
If the goal of the economy is to provide decent-paying work for everyone, that economy clearly isn't doing a good job at the moment. Real wages for most Americans haven't increased in 40 years. Real unemployment—which includes the "under-employed"—is above 10%.
How and why did the modern world and its unprecedented prosperity begin? Learned tomes by historians, economists, political scientists and other scholars fill many bookshelves with explanations of how and why the process of modern economic growth or ‘the Great Enrichment’ exploded in wester
AT THE height of the euro crisis, with government-bond yields soaring in several southern European countries and defaults looming, the European Central Bank and the healthier members of the currency club fended off disaster by offering bail-outs.
This is Naked Capitalism’s special fundraiser, to fight a McCarthtyite attack against this site and 200 others by funding legal expenses and other site support.
AMERICA has a debt ceiling. It’s a statutory limit on how much debt the federal government can issue. For most of its existence (the ceiling will turn 100 next year) Congress has simply voted to raise the limit when borrowing threatens to hit it.
From time to time, the Singularity Hub editorial team unearths a gem from the archives and wants to share it all over again. It's usually a piece that was popular back then and we think is still relevant now. This is one of those articles. It was originally published . We hope you enjoy it!
It is the economics book that took the world by storm. Capital in the Twenty-First Century, written by the French economist Thomas Piketty, was published in French in 2013 and in English in March 2014.
There is an economic mystery I’ve been struggling to understand for quite some time, and I’m not the only one who’s confused: Among financial experts, it is often referred to as a conundrum, a paradox, a puzzle. The mystery is as follows: Collectively, American businesses currently have $1.
David Graeber is an American anthropologist who teaches at the London School of Economics. He is the author of the classic “Debt: The First Five Thousand Years” and played an important role in the launching of Occupy Wall Street.
Paul Romer says he really hadn’t planned to trash macroeconomics as a math-obsessed pseudoscience. Or infuriate countless colleagues. It just sort of happened. His intention actually had been to write a paper that would celebrate advances in the understanding of what drives economic growth.
AN ACADEMIC economist was taken off a plane last week after a fellow passenger became suspicious. He was feverishly scribbling what she thought was "terrorist code" or foreign lettering into a notebook.
By George H. Blackford “Consider the problem of predicting the shots made by an expert billiard player.
CHINA has cut its growth target for 2015 to 7%, which would be the slowest expansion in more than two decades. Data this week show it will be a stretch to hit even that. This might not seem much to fret about. Even at its subdued current rate, China's growth is still the envy of most countries.
This is Naked Capitalism’s special fundraiser, to fight a McCarthtyite attack against this site and 200 others by funding legal expenses and other site support.
Trade-offs have long been at the center of economics. The aphorism “there is no such thing as a free lunch” captures a central economic idea: You cannot get something for nothing. Among the many trade-offs emphasized in economics courses are guns vs. butter, public vs. private, efficiency vs.
This year, the term "sharing economy" was introduced into the Oxford English Dictionary, proof—not that we need it—that the sharing economy as an idea is here to stay.
It's a familiar situation for lots of people, especially since the financial crisis: you want to know more about economics. MIT's Principles of Microeconomics course is chopped into 26 videos of between 45 and 50 minutes, and it's all available on YouTube.
This video combines two thoughts to reach an alarming conclusion: “Technology gets better, cheaper, and faster at a rate biology can’t match” + “Economics always wins” = “Automation is inevitable.” That’s why it’s important to emphasize again this stuff isn’t science fiction.
This week, economists have been astonished to find that a famous academic paper often used to make the case for austerity cuts contains major errors. Another surprise is that the mistakes, by two eminent Harvard professors, were spotted by a student doing his homework.
The year 1995 was heralded as the beginning of the “New Economy.” Digital communication was set to upend markets and change everything. But economists by and large didn’t buy into the hype. It wasn’t that we didn’t recognize that something changed.
Adam Ozimek has been doing some great work lately on the importance of helping the smaller, struggling places left behind as America’s economic center of gravity has shifted toward a few prosperous metropolises. This is extremely refreshing.
The rising share of income accruing to housing is a key feature of the changing US income distribution. This column examines the determinants of this phenomenon.
Yves here. To underscore the point that Hubert Horan is making, you can’t achieve a monopoly if you are a high cost producer who has no prospect of achieving economies of scale or scope in a field with few barriers to entry.
NEW YORK – For 200 years, there have been two schools of thought about what determines the distribution of income – and how the economy functions. One, emanating from Adam Smith and nineteenth-century liberal economists, focuses on competitive markets.
Economic ideas matter. The writings of Adam Smith over two centuries ago still influence how people in positions of power – in government, business, and the media – think about markets, regulation, the role of the state, and other economic issues today.
Maybe it was that time you took the kids to the amusement park, and on the way home — their adorable faces still sticky from the slushies you’d sprung for, their little wrists adorned with pricey full-day passes — they asked to stop for ice cream.
SINCE the financial crisis, sagging productivity growth has given politicians and economists alike sleepless nights. In America productivity has risen by just 9% since 2007; France’s by 2%. In Britain, it has fallen. Unless productivity picks up, wages cannot grow.