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Economics

Sh*t happens: a birds eye view of economics

THIS is a very humorous and instructive (albeit PG rated) overview of economics. Here are the super-summary notes: 1. Microeconomics: The price of sh*t is determined by supply and demand. 2. Macroeconomics: Oh, sh*t! 3. Keynesian economics: Sh*t happens because of animal spirits. 4. Neo-keynesian economics: This sh*t is sticky. 5. Neo-classical synthesis: Sh*t happens in the […]

Categories
Economics

Harvard students protest against Greg Mankiw

IN THE WAKE of the global financial crisis, there has been a backlash against the mainstream school of economic thought, of which Greg Mankiw is a proponent. Mainstream economists did not predict the global financial crisis and notable commentators, including Steve Keen, single out the narrow minded and simplistic ideas put forward by mainstream economists as the […]

Categories
Economics

Mankiw’s 10 Principles of Economics

Economics is about decision making in situations of scarcity ECONOMICS is the study of how individuals, firms and government make decisions to manage scarce resources.  What does this mean exactly? Professor Greg Mankiw teaches economics at Harvard University and is the author of a popular economics text book called Principles of Economics which is used at many Ivy League […]