Charles Dickens on Management vs. Labor
There's a sort of parlor game that the economically-minded sometimes play around the Christmas holiday, related to A Christmas Carol, by Charles Dickens.
- 30/07/2018
- 1
The Role of Academia in Tumultuous Times
The other day I found myself, as one does, reading speeches given 50 years ago by Edward Levi, who was then the president of the University of Chicago. Here are some thoughts from "The University and the Modern Condition," which was delivered to the University of Chicago Citizen's Board on November 16, 1967, and reprinted in his 1969 collection Point of View: Talks on Education (magically available via Google Books). It is both comforting and disheartening that many of his comments could be delivered essentially unchanged by a speaker a half-century later.
- 29/07/2018
- 4
Difficulties of Making Predictions: Global Power Politics Edition
Making predictions is hard, especially about the future. It's a comment that seems to have been attributed to everyone from Nostradamus to Niels Bohr to Yogi Berra. But it's deeply true. Most of us have a tendency to make statements about the future with a high level of self-belief, avoid later reconsidering how wrong we were, and then make more statements.
- 29/07/2018
- 8
The Need for Generalists
One can make a reasonable argument that the concept of an economy and the study of economics begins with the idea of specialization, in the sense that those who function within an economy specialize in one kind of production, but then trade with others to consume a broader array of good.
- 27/07/2018
- 3
The Economics of Advertising
There's an old rueful line from firms that advertise: "We know that half of all we spend on advertising is wasted, but we don't know which half." It's not clear who originally coined the phrase. But we do know that the effects of advertising have changed dramatically in a digital age. Half of all advertising spending may still be wasted, but now it's for a very different reason.
- 26/07/2018
- 6
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