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Freeeeeeeeeeeeeeeeeedoooooooooom…or, not quite

  Well, it’s over. The people of Scotland (whom, I’ve been told by numerous English teachers, are to be referred as ‘Scots’… but to whom one of the most learned Economists ever – John Kenneth Galbraith – correctly referred as ‘Scotch’!) weighed the alternatives…did a cost-benefit analysis…and voted to stay in the United Kingdom. One […] Find out more

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Foundation

A somewhat rambling thought here initially. I would expect most people my age entering ‘foundation’ as a search term would get lots of references to the most famous science fiction works of all times, Isaac Asimov’s ‘Foundation’ series. Nope. In today’s world you get…makeup. Makeup? As usual, I’ll need to ask one of my students […] Find out more

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“Get me an economist octopus…”

Harry Truman famously once said that he wished he had a one-armed economist because he could never get a straight answer from any of them – they were always going on about “…on the one hand…” Upon returning to school this August I was immediately set upon by several colleagues who wanted to know how […] Find out more

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Economics by walking around…

Lady Bell and I were walking home from the gym one fine Saturday afternoon; the same 1,200 metres as always. Suddenly, Bell had her camera out and was pulling me across the road and then having me pose on some abandoned sofas. She snapped the shots of undersigned you see below. “Bell, isn’t this where […] Find out more

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Salt of the earth…

One of the key ways I try to start young economists in writing a viable research question for an EE in economics is for them to find two or three seemingly random variables and see if we can link them to each other causally using economic theory. For example, might there be correlation (and thus […] Find out more

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Price discrimination – in more ways than one

In all matters dealing with economics and the method of applying economic thought, great care should be taken to disambiguate terms and concepts. This means to remove all possible alternative meanings other than one. In other words, one needs to carefully define terms in a manner that their meanings mean the same thing to two […] Find out more

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