I n the epilogue of their blockbuster book Mostly Harmless Econometrics (2009), Josh Angrist and Steve Pischke write, “If applied econometrics were easy, theorists would do it.” As academic jokes go, ...

Explore the principles of mainstream economics, its origins in neoclassical thought, and criticisms from heterodox theories. Discover how it impacts economic policies.

Cooperative game theory is often seen as a numbers-driven discipline rooted in mathematics. Yet beyond the equations lies a powerful framework, particularly in macroeconomics, for understanding how ...

Nearly 50 years ago, the preeminent economist Milton Friedman wrote that businesses don't have a social responsibility to society, only to creating wealth. In the half-century since, economists have ...

Economics is in many ways a novel subject, only gaining momentum in the past 100 years, and only more recently has modern economic theory begun to be developed. On the subject of sustainability, we ...

Economists develop economic models to explain consistently recurring relationships. Their models link one or more economic variables to other economic variables (see “Economic Models,” p. 8). For ...

Economics is split between analysis of how the overall economy works and how single markets function Physicists look at the big world of planets, stars, galaxies, and gravity. But they also study the ...

Keynesian economics is a macroeconomic theory that advocates for active government intervention to manage economic cycles, particularly during recessions and depressions. Developed by British ...

It’s hard to overstate how much the face of American economics has changed in the past 100 years. Following the Great Depression, post-war Keynesian economics emerged as the dominant force in economic ...