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, ...

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 ...

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 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 ...

Economics is the study of the allocation of scarce resources. The subject of this course is microeconomics, which examines the decision making of individuals and firms with regard to consumption, ...

Discover how Oliver Williamson, a Nobel laureate, transformed economic thought with Transaction Cost Economics and influenced policy beyond traditional markets.

Physicists look at the big world of planets, stars, galaxies, and gravity. But they also study the minute world of atoms and the tiny particles that comprise those atoms. Economists also look at two ...