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The research program that has dominated macroeconomic theory since the 1980s achieved its hegemony mainly because of its methodological claims of having ‘solid microeconomic foundations’. The core models of new Keynesian macroeconomics are based on intertemporal optimization by representative households, a ‘forward looking’ Phillips curve with nominal price stickiness and staggered priced setting, and rational […]
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The conventional premise for embracing law in the context of economic reform calls for a modern legal system as a prerequisite for economic development. The premise suggests that economic exchange between unfamiliar parties requires reliable and uniformly applicable norms and institutions, to protect the rights of economic participants and provide credible commitments for growth (secure […]
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I enjoy writing articles and books that integrate ideas, which resulted in my most recent book Encouraging Innovation: Cognition, Education, and Implementation. The first section of the book discusses the cognitive and social skills required for innovation – reasoning, problem solving, creativity, group decision making, and collaborative problem solving. The second section discusses education – […]
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Its been a busy six months since the launch of the UNU-WIDER-CUP Elements series in Development Economics in November 2022. Three titles have been published, the first was The 1918–20 influenza pandemic: A retrospective in the time of COVID-19, by Prema-chandra Athukorala and Chaturica Athukorala, which provides an analysis of the research from the last century […]
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It’s hard to believe, but an increasing number of retirement plans are allowing employees to invest their 401(k) saving in non-conventional assets – including crypto currency funds and meme stocks. On the one hand, limited exposure to esoteric investments can provide some diversification benefits, on the other hand, the investors who are interested in these […]
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A romantic notion of democracy depicts democratic governments as accountable to their citizens and acting in their citizens’ interests. Academic analyses of democratic decision-making support this view. Voters have preferences, and parties and candidates adjust their platforms to conform with voter preferences. In reality, voters have little incentive to become informed about public policy issues, […]
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Sustainability is on the agenda of many policymakers, businesses, civil society organisations and academia. The publication of the book Sustainable Value Creation in the European Union is therefore especially timely,as it offers insight on how the European Union has failed to achieve its overarching sustainability goals, and suggestions on how we should move forward. The […]
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The federal convictions of two founders of technology companies over the last year has illustrated the fine line between the over-optimism of entrepreneurs who believe they can change the world and the criminal intent to defraud investors. As it has become routine for stock valuations to reflect the future profits that may be generated by […]
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