Three Economists Go Hunting
Three Economists go out hunting
- Into the Economist's Mind
The INOMICS Questionnaire: Fratzscher vs Miguel
Marcel Fratzscher: What is your favorite place on earth? Edward Miguel: It may be a little cliche, but my favorite physical location is the Big Island of Hawaii, on the Kona side. It’s where my family (my wife and two kids) and I have traveled regularly over the past decade or so for our family holidays, so it’s a place that holds many of our favorite memories and warm feelings. It is also a stunning landscape -- with mountains, lava and black volcanic rock all set against the Pacific. I dream about it often!
- An Economist's Critique
The 'Recipe With No Ingredients' in Macroeconomics Textbooks
Almost fifty years ago William Nordhaus and James Tobin, both professors at Yale University and later Nobel Prize laureates in economics, wrote an article with which they intervened in the debate aroused by the well known Report to the Club of Rome, The Limits to Growth (Meadows et al, 1972)1. Among other things, they wrote: "The prevailing standard model of growth […] is basically a two-factor model in which production depends only on labor and reproducible capital.
- Natural Resources
The Value of Nature’s Services to Modern Economies
These factors of production from nature hold the core of all economies’ potential output, which therefore makes our economy dependent on the life-support systems of our planet. Even businesses seemingly removed from raw materials - like software-as-a-service companies - depend on power generated from natural sources.