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Caring with cash

Shared social responsibility - When customers could pay what they wanted in the knowledge that half of that would go to charity, sales and profits went through the roof ... Gneezy describes the combination of charitable donations and paying what you like as 'shared social responsibility', where businesses and customers work together for the public good. (via mr) [also see 1,2,3]
posted by kliuless on Jul 28, 2010 - 19 comments

The Opening of a Conservative Mind

Bruce Bartlett, senior policy analyst in the Reagan White House, speaks out against Republicans - The monumental hypocrisy of the Republican Party is something amazing to behold. And their dimwitted accomplices in the tea-party movement are not much better. They know that Republicans, far more than Democrats, are responsible for our fiscal mess, but they won't say so. And they adamantly refuse to put on the table any meaningful programme that would actually reduce spending. Judging by polls, most of them seem to think that all we have to do is cut foreign aid, which represents well less than 1% of the budget. [more inside]
posted by kliuless on Jul 26, 2010 - 156 comments

""You can't forget there are people listening when you say you are going to do things, and I try not to overpromise."

This past March, former US President Bill Clinton acknowledged to the Senate Foreign Relations Committee that tariff policies his administration championed in the mid-1990's helped destroy Haiti's rice production and contributed to the impoverished nation's inability to feed itself. But while most of the world has stopped paying attention to Haiti's woes, Mr. Clinton has become the de facto leader of the effort to rebuild it after the catastrophic earthquake this past January. Will his influence be enough? Reports from the UN Office of the Special Envoy to Haiti indicate that the reconstruction progress has been slow. [more inside]
posted by zarq on Jul 21, 2010 - 35 comments

Four Economic Benchmarks We Need Now

With capitalism in crisis, can it be sustained or is it altogether outdated? As Umair Haque asks though, perhaps a better question is: "are organizations and markets making decisions that help make people, communities, and society better off in the long run, by allocating their scarce resources to the most productive uses?" [more inside]
posted by kliuless on Jul 13, 2010 - 15 comments

Damn That Lemonade Stand!

"His fiancee smiled and commented, 'Isn't that cute. They have the spirit of giving.' That really set me off, as my regular readers can imagine. 'No!' I exclaimed [...] 'They're giving away their parents' things [...] It's not theirs to give.' I pushed the button to roll down the window and stuck my head out to set them straight. 'You must charge something for the lemonade.'"
posted by WCityMike on Jul 7, 2010 - 124 comments

I hope I get the opportunity to do Jello shots with Paul Krugman!

"Trying to do something he knows he really can't do for no good reason tells you a lot about Peter Van Loan" MeFI's own mightygodking snagged an official accredited journalist title via Torontoist in order to post reports and interviews from the controversial G20 Conference.
posted by The Whelk on Jun 26, 2010 - 12 comments

Doctors, Not Gods

What US Health Care Needs Medical doctor and writer Atul Gawande gave the commencement address recently at Stanford's School of Medicine. In it he lays out very precisely and in a nonpartisan way what is wrong with the institution of medical care in the US — why it is both so expensive and so ineffective at delivering quality care uniformly across the board. (via)
posted by kliuless on Jun 21, 2010 - 43 comments

Student Evaluations Get It Wrong When It Comes To Professor Quality

"Does Professor Quality Matter? Evidence from Random Assignment of Students to Professors" by Scott Carrell and James West is the title of an interesting new study in this month's Journal of Political Economy, a leading journal in economics. (For a summary of the paper, see this review. An ungated version, too). The authors are interested in determining the role of "professor quality" in student learning. They do this by exploiting an unusual institutional feature of the Air Force Academy whereby all undergraduates are randomly assigned their professors, and all professors use the same syllabus. The authors also have the professor's student evaluations, as well each student's subsequent performance in the follow-up classes. To keep it simple, they focus only on Calculus I and the follow-up courses in Calculus (which are mandatory), though they note that an earlier study that looked at Chemistry and Physics found similar things. [more inside]
posted by scunning on Jun 12, 2010 - 44 comments

neocolonial OCP-like company towns: changing the rules (in a good way)

The Politically Incorrect Guide to Ending Poverty In the 1990s, Paul Romer revolutionized economics. In the Aughts, he became rich as a software entrepreneur. Now he's trying to help the poorest countries grow rich—by convincing them to establish foreign-run "charter cities" within their borders. Romer's idea is unconventional, even neo-colonial—the best analogy is Britain's historic lease of Hong Kong. And against all odds, he just might make it happen. (via cc) [more inside]
posted by kliuless on Jun 10, 2010 - 92 comments

Sometimes, I doubt our commitment to Sparkle Motion

Make Work[1,2,3] or: How I Learned[4,5] to Stop Worrying[6] and Love Deficit Spending[7,8,9] (during a general glut at the zero bound) -- When I was a kid, if I was sitting around the house and complained I didn't have anything to do, my mom would always respond the same way. "I'll find something for you to do," and she would. It was make work, she was finding something for me to do on the spot to cure my unemployment problem... [more inside]
posted by kliuless on Jun 8, 2010 - 33 comments

The Earth Mark II

It's been described as one of the most profound scientific initiatives of the 21st century - building an Earth Simulator. Not to figure out icepack melt, calculate global climate patterns, predict earthquakes or determine once and for all 'What do you get when you multiply six by nine'. No, this one's to prevent another kind of meltdown. [more inside]
posted by Hardcore Poser on Jun 7, 2010 - 26 comments

Exploitative Outsourcing?

Outsourcing has been a mainstay of internet marketers and lifestyle designers ever since Tim Ferriss made it popular. But at least one of its biggest proponents is now wondering: is outsourcing exploitative by taking advantage of international economic inequality?
posted by divabat on May 25, 2010 - 60 comments

you are the result of a social experiment; it's the simplest explanation

The experimental method: Testing solutions with randomized trials -- In trying to help explicate the complexity of society Clark Medal-winner Esther Duflo is raising the productivity of social policies by increasing our knowledge of what works and doesn't work through repeated social experiments of randomised controlled trials. She has a large surplus labour pool, a veritable industrial reserve army, to worth with. [more inside]
posted by kliuless on May 19, 2010 - 18 comments

planning a revolution? contribute to greater net good by doing better

Moving beyond GDP for an information-based society - If indeed[1,2] "A 'Quantum Leap' in Governance" is needed[3] then, as part of the solution,[4] we might start looking past GDP[5,6] and perhaps more toward "betterness instead of business, pursue awesomeness instead of innovation — and maximize good, instead of quarterly profits..." [more inside]
posted by kliuless on May 16, 2010 - 29 comments

Hello, Dr. Evil here...

Good morning, ladies and gentlemen. In a few hours, I will destroy the Greek economy. Unless, that is, you give me the sum of...one trillion dollars! (SLNYT, but with this much money I can afford to look frumpy)
posted by anigbrowl on May 10, 2010 - 61 comments

The Woman Who Just Might Save the Planet and Our Pocketbooks

What if our economy was not built on competition? Nobel Prize winner Elinor Ostrom talks about her work on cooperation in economics. [more inside]
posted by kliuless on Apr 11, 2010 - 32 comments

Building a Green Economy

Building a Green Economy, Paul Krugman on the economics of Climate change.
posted by afu on Apr 9, 2010 - 10 comments

Eros Kapital

This recent academic article [PDF] by Catherine Hakim presents "a new theory of erotic capital as a fourth personal asset, an important addition to economic, cultural, and social capital," and proposes "a new agenda for sociological (and feminist) research and theory." Here's a stripped-down magazine version. The theory is controversial and thought-provoking, sure, and there are counter-arguments. The Financial Times notes the obvious: If eroticism is indeed a kind of capital, then there is a market in it. Meanwhile, newspapers get yet another reason to print pictures of sexy people. [All links are SFW]
posted by chavenet on Apr 6, 2010 - 45 comments

The price is write

Cory Doctorow gives a talk at Bloomsbury on book pricing in the internet age (47min video)
posted by fearfulsymmetry on Apr 2, 2010 - 132 comments

Economics and Physics Envy

"Take a little bad psychology, add a dash of bad philosophy and ethics, and liberal quantities of bad logic, and any economist can prove that the demand curve for a commodity is negatively inclined." MIT economist Andrew Lo and string theorist turned asset manager Mark Mueller on the "physics envy" that plagues economics, and how to stop worrying and love uncertainty.
posted by escabeche on Apr 1, 2010 - 37 comments

Renminbi Appreciation and US Policy

Recently, Paul Krugman has been advocating for US trade protectionism to counter China's apparent undervaluation of renminbi. Peking University Economics professor Yiping Huang disagrees.
posted by jjray on Mar 30, 2010 - 47 comments

WEF Global Risk Report 2010: Risks Interconnection Map

The World Economic Forum's Global Risk Report 2010. Here is the full report (HTML). As reported by the BBC, Wall Street Journal, and Reuters.
posted by WalterMitty on Mar 24, 2010 - 9 comments

Whence Altruism?

A new study suggests that humanity's sense of fair play and kindness towards strangers is determined by culture, not genetics. Speculation: the finding may be directly related to the rise of religion in human history, as well as more complex economies. (Via). [more inside]
posted by zarq on Mar 22, 2010 - 49 comments

Do less, tax more

A NYTimes columnist just comes out and says it: America's taxes should be higher. The Perils of Pay Less, Get More. [more inside]
posted by The Devil Tesla on Mar 16, 2010 - 218 comments

MTV Hits and Nick Too for $.01

What the cable company pays for the channels you don't watch. A chart of the subscriber fees for basic and digital cable. ESPN laps the field at over $4.00 per subscriber, MTV Hits ("MTV Classic") and Nick Too (west coast Nick) come in at $.01.
posted by pollex on Mar 8, 2010 - 100 comments

Tracking the Knowledge Economy

It has been looked at for many years (link to a 2003 PDF revised edition of a 1983 report). Inspiring reports trying to predict where this was heading, the knowledge economy is incredibly difficult to get a grip on, mainly because its products are intangible. [more inside]
posted by JoeXIII007 on Mar 6, 2010 - 8 comments

Be it resolved that financial 'innovation' does not boost economic growth

Basicland vs. Sorrowland
A parable about how one nation came to financial ruin by Charles Munger. For extra colour there's... [more inside]
posted by kliuless on Mar 2, 2010 - 34 comments

Wall Street's Bailout Hustle

"The reality is that the post-bailout era in which Goldman [Sachs] thrived has turned out to be a chaotic frenzy of high-stakes con-artistry, with taxpayers and clients bilked out of billions using a dizzying array of old-school hustles that, but for their ponderous complexity, would have fit well in slick grifter movies like The Sting and Matchstick Men. There's even a term in con-man lingo for what some of the banks are doing right now, with all their cosmetic gestures of scaling back bonuses and giving to charities. In the grifter world, calming down a mark so he doesn't call the cops is known as the "Cool Off.""
posted by Pope Guilty on Feb 22, 2010 - 50 comments

funemployment

How a New Jobless Era Will Transform America
The Great Recession may be over, but this era of high joblessness is probably just beginning. Before it ends, it will likely change the life course and character of a generation of young adults. It will leave an indelible imprint on many blue-collar men. It could cripple marriage as an institution in many communities. It may already be plunging many inner cities into a despair not seen for decades. Ultimately, it is likely to warp our politics, our culture, and the character of our society for years to come. (via rw)
posted by kliuless on Feb 11, 2010 - 84 comments

Roughly 1 in 4 Americans is employed to keep fellow citizens in line and protect private wealth

“Being willing to sit in a boring classroom for 12 years, and then sign up for four more years and then sign up for three or more years after that—well, that’s a pretty good measure of your willingness to essentially do what you’re told,” - The Santa Fe Reporter talks to Economist Samuel Bowles about New Mexico's income gap, welfare, social mobility, and a radical way to help. (Via)
posted by The Whelk on Feb 5, 2010 - 47 comments

The Dynamite Prize in Economics

As a reaction towards the financial crisis the Real-World Economics Review will award the Dynamite Prize in Economics to the three economists who contributed most to blowing up the global economy. The Real-World Economic Review is the central organ of the movement for Post-Autistic Economics which is critical about the current mainstream in economics — in particular microeconomics and neoclassical theorists. [more inside]
posted by jfricke on Feb 4, 2010 - 52 comments

Hundred-to-won

Last December, the government of North Korea unexpectedly revalued its internal currency, the North Korean won, at a rate of 100-to-1 and capped the amounts that residents could exchange old currency at 300,000 won (approx. $90 U.S. on the black market). This effectively wiped out many peoples' savings and killed the nascent market economy that had begun to emerge after a series of economic reforms starting in July, 2002. Professor Rüdiger Frank of the University of Vienna argues that while it represents a temporary victory for the North Korean government, this move may ultimately lead to the end of North Korean socialism. [Recently here]
posted by albrecht on Feb 3, 2010 - 23 comments

American declinism

The End of Influence - the latest in a long series documenting the US' relative decline (esp wrt China 1 2 3 4 5) Brad DeLong and Stephen Cohen reflect on what has brought us to our past, but now fast-fading glory: "Roosevelt's strategy [entering WW2] was to make Britain broke before American taxpayers' money was committed in any way to the fight against Hitler." Before delving into our present predicament, however, it might also be useful to briefly consider some of the lessons from Bretton Woods and what the wealth of nations is really built upon.
posted by kliuless on Jan 31, 2010 - 39 comments

The other exit strategy

With quantitative easing on everyone's minds, pundits of all sorts talk about Central Bank exit strategies. But in The Treaty of Lisbon, which came into force across the EU on December 1st, 2009, it turns out European member states have put forward an exit strategy of a completely different kind [.pdf] . [more inside]
posted by Mutant on Jan 20, 2010 - 31 comments

"Leading bankers destroy £7 of value for every pound they generate."

The New Economics Foundation, also responsible for the Happy Planet Index and Jubilee 2000 campaign, has released a study (full text here) about the values and costs of different professions to society.
posted by emjaybee on Jan 10, 2010 - 16 comments

Solidarity Economics.

Solidarity Economics. (pdf) Strategies for Building New Economies From the Bottom-Up and the Inside-Out. [more inside]
posted by lunit on Jan 2, 2010 - 11 comments

a coherent platform for the grand new party?

Keeping America's Edge (via) [more inside]
posted by kliuless on Dec 22, 2009 - 21 comments

Keynes vs. Hayek hip hop

For economics nerds: fun Keynes vs. Hayek hip hop song on PBS Newshour.
posted by Jacqueline on Dec 18, 2009 - 12 comments

Used for centuries, end of lifed October 31st 2018 - The Cheque

They were first known as "Praescriptiones" and used by The Romans from around 100BC 1. Employed by Perisans of the Sassanid Dynasty during the third century, they were then known as "Saqqs". They have been found in Egyptian ruins dating from the 12th century, about the same time as The Knights Templar bolstered their use by issuing written instruments, redeemable for cash to pilgrims bound for holy land bound. Even so, it took another five centuries for the cheque to be adopted by England. [more inside]
posted by Mutant on Dec 17, 2009 - 43 comments

I have been overpaid to do what has been pure fun.

Economist Paul Samuelson - a major proponent of Keynesianism in the United States and the second Nobel Laureate in Economics - has died. [more inside]
posted by l33tpolicywonk on Dec 13, 2009 - 15 comments

Obama's Big Sellout

Taibbi-filter: Obama's Big Sellout [more inside]
posted by moorooka on Dec 10, 2009 - 156 comments

Why doesn't the government have its own shoe stores as well?

Have you ever wondered why you can't get what you want, but, if you try sometimes, etc.? Mark Hicken, a British Colombian lawyer, is a great source of information on the state(s) of Canadian liquor regulations. Sure, a little localised and dry, but that's the terroir, man. Also, he does point out some inanities that have a relatively universal appeal.
posted by converge on Dec 10, 2009 - 27 comments

Homeowners! You Have Nothing to Lose But Your Mortgages!

The Moral Dimensions of Ditching a Mortgage: University of Arizona law professor Brent T. White has written a provocative new paper (pdf) that urges homeowners with "underwater" mortgages" to walk away by strategically defaulting on their mortgage debts. [more inside]
posted by jonp72 on Nov 30, 2009 - 164 comments

"The Plague of Free."

Doug Rushkoff throws down the gauntlet in his “Radical Abundance” speech at the O’Reilly Web 2.0 conference. Some highlights of the speech: “The only real possible competition to Google and their economy of faux openness would be peer-to-peer exchange.” “As a result of all this freedom the abundance of genuine creative output is declining. We are actually getting the scarce market place demanded by our currency legacy system. The same way the early Renaissance got a scarcity by killing off half the people with the plague.” Some Alternatives: 1: The development of a digital culture that actually respects the labor of individuals. 2: The creation of new modes of currency based in abundance rather than scarcity.
posted by joetrip on Nov 22, 2009 - 113 comments

George Soros on the Way Forward

Soros lectures
You can slog through the video, but I preferred the transcripts 1 | 2 | 3 | 4 | 5 [more inside]
posted by kliuless on Nov 21, 2009 - 13 comments

Silicon Sweatshops

Silicon Sweatshops is a five-part investigation of the supply chains that produce many of the world’s most popular technology products, from Apple iPhones, to Nokia cell phones, Dell keyboards and more. The series examines the scope of the problem, including its effects on workers from the Philippines, Taiwan and China. It also looks at a novel factory program that may be a blueprint for solving this perennial industry problem.
posted by Joe Beese on Nov 19, 2009 - 9 comments

HET

The History of Economic Thought Website contains a wealth of information on the many schools of thought in the history of economics and the issues they grappled with.
posted by moorooka on Nov 18, 2009 - 13 comments

Cheap Talk - Econ and game theory from Jeff Ely and Sandeep Baliga

On pinball's downfall; draft Scrabble; strategies for choosing a seat; visiting our old friend, swoopo.com; and meatball theory: various and sundry economical, game theoretical, and miscellaneous morsels from the folks at Cheap Talk.
posted by cortex on Nov 18, 2009 - 53 comments

Questioning Kiva

Kiva transparency commentary: "I suspect that most Kiva users do not realize this." The controversy is summarized by the NY Times. [more inside]
posted by kmennie on Nov 16, 2009 - 78 comments

Peak Rock was reached in 1965

US Crude Oil Production vs. Rock Music Quality, by year. Is Rockism the cultural equivalent of Hubbert Peak Theory?
posted by acb on Nov 11, 2009 - 41 comments

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