Research Says: Studying Economics Turns You Into a Liar
The researchers ultimately ran their test on 258 students from various majors, including business, economics, the humanities, sciences, law, among others. And there was a clear gap: even though a large portion of students lied from every field, economics and business students lied a much more often than everybody else. As shown in the table below, just 22.8 percent of them honestly reported the colors of the flashing circles, even when it cost them that extra euro. More than half of humanities students, on the other hand, were honest. Same went for law students, who appeared to play against type. (They also claim that the *study* made the difference and not just the type of student that signed up for that kind of study.)
posted by aleph
on Dec 20, 2012 -
"There are certain novels that can shape a teenage boy's life. For some, it's Ayn Rand's Atlas Shrugged; for others it's Tolkien's The Lord of the Rings. As a widely quoted internet meme says, the unrealistic fantasy world portrayed in one of those books can warp a young man's character forever; the other book is about orcs. But for me, of course, it was neither. My Book – the one that has stayed with me for four-and-a-half decades – is Isaac Asimov's Foundation Trilogy, written when Asimov was barely out of his teens himself. I didn't grow up wanting to be a square-jawed individualist or join a heroic quest; I grew up wanting to be Hari Seldon, using my understanding of the mathematics of human behaviour to save civilisation." [Paul Krugman: Asimov's Foundation novels grounded my economics
posted by vidur
on Dec 9, 2012 -
The Economics of Caring There's something deeply flawed about an economic system that measures utility but not the attachments we feel to another person, or to one's homeland.
posted by infini
on Dec 2, 2012 -
Has politics gone peer-to-peer?
A rich 90-minute panel discussion with Steven Johnson, author of "Future Perfect: The Case for Progress in a Networked World", featuring Yochai Benkler, Susan Crawford and Lawrence Lessig.
posted by mhjb
on Nov 26, 2012 -
Who's the Shop Steward on Your Kickstarter? "The true product for sale on Kickstarter is not your art project, but your community and networks. ... Our projects that facilitate the funding are a side effect, a cost of doing business—the business of drilling our relationships for all they are worth."
posted by mykescipark
on Nov 26, 2012 -
Are Social Impact Bonds a good way to invest in public services?
"Imagine a contract where private investors are paid by the government if there's a decrease in homelessness or convicts re-offending. It's a an idea that's taking shape in the UK and some US states. And now the Canadian government is considering piloting social impact bonds. Critics say it's a way of governments shirking their responsibilities." CBC's "The Current" reports. [more inside]
posted by flex
on Nov 20, 2012 -
From the mid 40s to the mid 50s Coronet Instructional Films
were always ready to provide social guidance for teenagers on subjects as diverse as dating
, preparing for being drafted
, and shyness
, as well as to children on following the law
, the value of quietness in school
, and appreciating our parents
. They also provided education on topics such as the connection between attitudes and health
, what kind of people live in America
, how to keep a job
, supervising women workers
, the nature of capitalism
, and the plantation System in Southern life
. Inside is an annotated collection of all 86 of the complete Coronet films in the Prelinger Archives
as well as a few more. Its not like you had work to do or anything right? [more inside]
posted by Blasdelb
on Nov 1, 2012 -
Are Healthy Foods Really More Expensive?
(6.78 MB PDF) It turns out that it depends on how you measure the price. In a recent study by the USDA
, some 4,439 foods were compared using the following metrics: the price of food energy ($/calorie), the price of edible weight ($/100 edible grams), the price of an average portion ($/average portion), and the cost of meeting the federal dietary recommendations for each food group. The study found that for all metrics except the price of food energy ($/calorie) healthy foods cost less than less healthy foods (defined as foods that are high in saturated fat, added sugar, and/or sodium, or that contribute little to meeting dietary recommendations).
posted by Jasper Friendly Bear
on Oct 20, 2012 -
“Economic theory has come to a dead end — the last real breakthroughs were in the 1960s,” says Yanis Varoufakis, a Greek economist recently hired by the video-game company Valve. “But that’s not because we stopped being clever. We came up against a hard barrier. The future is going to be in experimentation and simulation
— and video game communities give us a chance to do all that.”
posted by Chrysostom
on Oct 1, 2012 -
"Liberals have not always been very good at communicating why liberalism works. There’s many reasons for this, but part of it is that it can be hard to defend the obvious from an absurd and deceptive attack. For half a century you had to be a crank to oppose what Roosevelt accomplished; liberals got out of the habit of arguing for their beliefs.
I hope this page will help. Liberals don’t need to apologize for their vision of how American society should work. Liberalism saved American capitalism and democracy, defeated Naziism, created a prosperous middle class, and benefited every sector of society, from the back streets to Wall Street. " Mefi's own Zompist (previously
) on Why Liberalism Works.
posted by The Whelk
on Sep 30, 2012 -
"Some date the crisis to August 9 2007, the day it became clear that Europe’s banks were up to their necks in US housing debt. The ECB flooded markets with €95bn of liquidity. It seemed a lot of money then. The term “trillion” was still banned by the Telegraph style book in those innocent days. We have since learned to swing with the modern dance music from central banks." [Five years on, the Great Recession is turning into a life sentence
posted by vidur
on Aug 13, 2012 -
Financial Markets, Politics and the New Reality
: "Louis M. Bacon is the head of Moore Capital Management, one of the largest and most influential hedge funds in the world. Last week, he announced that he was returning one quarter of his largest fund, about $2 billion, to his investors, [saying] it is impossible to make money when there is heavy political involvement, because political involvement introduces unpredictability in the market… Adam Smith and David Ricardo, who modern investors so admire, [never] used the term "economics" by itself, but only in conjunction with politics; they called it political economy… The investors' problem is that they mistake the period between 1991 and 2008 as the norm and keep waiting for it to return."
posted by the mad poster!
on Aug 9, 2012 -
The current system of corporate governance is bunk. Capitalist corporations are on the way to certain extinction. Replete with hierarchies that are exceedingly wasteful of human talent and energies, intertwined with toxic finance, co-dependent with political structures that are losing democratic legitimacy fast, a form of post-capitalist, decentralised corporation will, sooner or later, emerge.
An analysis of the management and organizational style of Valve Software
posted by barnacles
on Aug 5, 2012 -
...But most of all
, I am emerging from this drama with a renewed appreciation for the value of my taxpayer-supported public services. The Berkeley Fire Department did right by me — not only by saving most of my house from burning to the ground, but also by demonstrating real human kindness and connection in the middle of fire and chaos. In the rubble, I found magic. And in a strange way, I feel like I deserved it. In Berkeley, we are addicted to high taxes — in the 25 years I’ve lived here, I can’t even count how many times I and my fellow citizens have said a resounding yes to yet another tax hike or bond measure. Two weeks ago, I got my money’s worth. [more inside]
posted by latkes
on Jul 13, 2012 -
In less than an hour, the Supreme Court will hand down its final judgment in what has become one of the most crucial legal battles of our time: the constitutionality of President Obama's landmark health care reform law.
The product of a strict party line vote following a
of debate, disinformation
, and tense legislative wrangling, the Affordable Care Act
would (among other popular reforms
) require all Americans to buy insurance coverage by 2014, broadening the risk pool
for the benefit of those with pre-existing conditions.
The fate of this "individual mandate," bitterly opposed by Republicans despite its similarity to past plans touted by conservatives
(including presidential contender Mitt Romney
) is the central question facing the justices today
. If the conservative majority takes the dramatic step
of striking down the mandate, the law will be toothless, and in danger of wholesale reversal, rendering millions uninsured
, dealing a crippling blow to the president's re-election hopes, and possibly endangering the federal regulatory state
But despite the pessimism of bettors
, some believe
the Court will demur, wary of damaging
its already-fragile reputation
with another partisan 5-4 decision
. But those who know don't talk, and those who talk don't know
. Watch the SCOTUSblog liveblog
for updates, Q&A, and analysis as the truth finally comes out shortly after 10 a.m. EST.
posted by Rhaomi
on Jun 28, 2012 -
GDP since Jesus. That headline is a big promise. But here it is: The economic history of the world going back to Year 1 showing the major powers' share of world GDP, from a research letter written by Michael Cembalest, chairman of market and investment strategy at JP Morgan.
everything to the left of 1800 is an approximation of population distribution around the world and everything to the right of 1800 is a demonstration of productivity divergences around the world. [more inside]
posted by Golden Eternity
on Jun 22, 2012 -
In Praise of Leisure
- "Imagine a world in which most people worked only 15 hours a week. They would be paid as much as, or even more than, they now are, because the fruits of their labor would be distributed more evenly across society. Leisure would occupy far more of their waking hours than work. It was exactly this prospect that John Maynard Keynes conjured up in a little essay published in 1930 called 'Economic Possibilities for Our Grandchildren
.' Its thesis was simple. As technological progress made possible an increase in the output of goods per hour worked, people would have to work less and less to satisfy their needs, until in the end they would have to work hardly at all... He thought this condition might be reached in about 100 years — that is, by 2030." (via
) [more inside]
posted by kliuless
on Jun 22, 2012 -
Tails of the Unexpected:
"Normality has been an accepted wisdom in economics and finance for a century or more. Yet in real-world systems, nothing could be less normal than normality. Tails should not be unexpected, for they are the rule." An eminently human-readable explanation of why normal models fail to describe the uncertainties of our abnormal world. [more inside]
posted by ecmendenhall
on Jun 9, 2012 -