18 items | 2 visits
JF B's List: Articles Economists
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I recently helped one of my single male graduate students in his search for a spouse. -
First, I suggested he conduct a randomized controlled trial of potential mates to identify the one with the best benefit/cost ratio. Unfortunately, all the women randomly selected for the study refused assignment to either the treatment or control groups, using language that does not usually enter academic discourse
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Très intéressant working paper de l’économiste David Levine sur les relations entre théorie économique et les expérimentations en laboratoire. Spécialiste de théorie des jeux et très bon connaisseur des travaux en économie comportementale, Levine défend une thèse équilibrée : les expérimentations n’ont pas réfuté la théorie mais plutôt soulignées que dans certains cas spécifiques (par exemple, dans le cadre de comparaisons interpersonnelles impliquant l’altruisme ou le ressentiment des individus) la théorie n’était pas en l’état utile. Cependant, l’auteur souligne que ces expérimentations ont surtout permis d’amender la théorie pour la rendre plus pertinente, ou plus exactement pour l’appliquer de manière plus pertinente, par exemple en spécifiant mieux les préférences des individus.
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That said, economic theory still needs to be strengthened to deal with
experimental data: the problem is that in too many applications the theory is correct only
in the sense that it has little to say about what will happen.”
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Evolutionary economics is a heterodox school of economic thought that is inspired by evolutionary biology. Much like mainstream economics, it stresses complex interdependencies, competition, growth, structural change, and resource constraints but differs in the approaches which are used to analyze these phenomena
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These include institutional, post-Keynesian, socialist, Marxian, feminist, Austrian, ecological, and social economics among others
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Neoclassical synthesis was a postwar academic movement in economics that attempted to absorb the macroeconomic thought of John Maynard Keynes into the thought of neoclassical economics. Mainstream economics is largely dominated by the synthesis, being largely Keynesian on macroeconomics and neoclassical on microeconomics
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The theory was developed by John Hicks, and popularized by the mathematical economist Paul Samuelson, who seems to have coined the term, and helped disseminate the "synthesis," partly through his technical writing and in his influential textbook, Economics.[2][3] The process began soon after the publication of Keynes' General Theory with the IS/LM model first presented by John Hicks in a 1937 article.[4] It continued with adaptations of the supply and demand model of markets to Keynesian theory. It represents incentives and costs as playing a pervasive role in shaping decision making. An immediate example of this is the consumer theory of individual demand, which isolates how prices (as costs) and income affect quantity demanded
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In game theory, bounded rationality is a concept based on the fact that rationality of individuals is limited by the information they have, the cognitive limitations of their minds, and the finite amount of time they have to make decisions. This contrasts with the concept of rationality as optimization.[1] Another way to look at bounded rationality is that, because decision-makers lack the ability and resources to arrive at the optimal solution, they instead apply their rationality only after having greatly simplified the choices available. Thus the decision-maker is a satisficer, one seeking a satisfactory solution rather than the optimal one
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Mainstream economics is a loose term used to refer to the non-heterodox economics taught in prominent universities. It is most closely associated with neoclassical economics,[1] or more precisely by the neoclassical synthesis, which combines neoclassical approach to microeconomics with Keynesian approach to macroeconomics.[2]
Mainstream economists are not generally separated into schools, but two major contemporary orthodox economic schools of thought are the Saltwater school of the US coastal universities, notably including MIT, Berkeley, and Harvard, and the Freshwater school of the University of Chicago, which is associated with the Chicago school of economics. The Saltwater school is associated with Keynesian ideas of government intervention into the free market, while the Freshwater schools are skeptical of the benefits of the government.[3] Mainstream economists do not, in general, identify themselves as members of a particular school; they may, however, be associated with approaches within a field such as the rational-expectations approach to macroeconomics
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Some fields may be described as being partly within mainstream economics, partly within heterodox economics. Some of them are Austrian economics,[12] institutional economics, neuroeconomics and non-linear complexity theory.[13] They may use neoclassical economics as a point of departure. At least one institutionalist has argued that "neoclassical economics no longer dominates a mainstream economics
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According to the United States Department of Labor there were 13,000 economists in the US with a median salary of roughly $72,780 with the top ten percent earning more than $129,170 annually
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Economist salaries by educational attainment
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