Economic Thinkers

Starting with Adam Smith and The Wealth of Nations, continuing to Malthus, Ricardo, Keynes, Hayek, Friedman, Sen and others, the timeless ideas of economic thinkers provide understanding of the contemporary economy.

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    Nobel Cash

    Oct 15, 10 • 252 Views • No Comments

    If you win a Nobel Prize, you get a cash prize of approximately $1.5 million. The size of that prize relates to how well the foundation that manages Alfred Nobel’s endowment has fared.  According to the Financial Times, during the 1990s the payout...  [read more]

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    A Phone Call From Adam Smith

    Oct 14, 10 • 209 Views • No Comments

    The phone rings. The caller says he is Adam Smith and you have won the Nobel Prize in Economics. Your response? As you know, the 18th century author of The Wealth of Nations, Adam Smith, is perhaps the greatest economic thinker. Seemingly chaotic, the market...  [read more]

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    Cyclical or Structural?

    Oct 9, 10 • 238 Views • No Comments

    Economists still cannot agree. With the new unemployment rate, at 9.6%, the same as the old unemployment rate, one question remains the same. Is it a jobs mismatch, contractionary lay-offs, or a third economic ailment? The diagnosis you choose will determine...  [read more]

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    More Than Chicken Feet

    Sep 29, 10 • 297 Views • No Comments

    Chicken feet are back in the news. But the story is about much more. A delicacy in China, chicken feet are a perfect U.S. export. Except for animal feed, there is little demand for them in the U.S. By contrast, the Chinese want our chicken feet. They are fat...  [read more]

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    Should We Miss Larry Summers?

    Sep 24, 10 • 203 Views • No Comments

    As you know, Larry Summers, chair of the National Economic Council, former president of Harvard, former Treasury Secretary, former chief economist at the World Bank, and Harvard professor, is leaving the Obama economic team. But what did he bring? You might...  [read more]