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Fun with Fractional Reserve Banking...

Sat, 31 May 2014 22:51:51 +00002014-05-31T22:51:51Z

In order to understand how the Federal Reserve controls the supply of money in an economy, it's necessary to understand how a fractional reserve banking system operates. Luckily, I'm happy to help...

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Fun with Regulation, Cell Phone Edition...

Mon, 19 May 2014 12:47:01 +00002014-05-19T12:47:01Z

In general, economists are okay with regulation when it corrects a market failure, or, in other words, a situation where transactions or features that would be efficient to offer don't happen. Therefore, it's important to ponder when learning about new regulation is whether a market would have reached the same place on its own.

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On the Distinction Between Healthcare and Health Insurance...

Mon, 19 May 2014 12:33:28 +00002014-05-19T12:33:28Z

Economists, even when sometimes trying too hard to play devil's advocate, aren't technically wrong when they state that the market for healthcare could function like the market for most other goods and services. (Steve Levitt uses cars as an example in the linked article.) The thing about the market for, say, cars, however, is that people who are not willing and able to pay for a car don't get cars. Therefore, until we as a society are cool with people who aren't willing and able to pay for healthcare not getting healthcare (which I'm not recommending), the market for healthcare is in fact a different beast than most other markets.

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Economic Growth and the Rule of 70, Now in Video Form...

Mon, 12 May 2014 12:38:02 +00002014-05-12T12:38:02Z

When economists discuss economic growth, they often bring up the rule of 70 as a useful shorthand for determining how long it takes a quantity to double. Technically, there ...

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Bias in the Media...

Mon, 12 May 2014 12:32:55 +00002014-05-12T12:32:55Z

It's often noted that media outlets, subtly or not, take a political position via the way that they choose what to cover and the way that they choose to write ...

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Fun with Correlation Versus Causation...

Mon, 12 May 2014 12:28:52 +00002014-05-12T12:28:52Z

Economists and policy analysts are often very careful to point out that correlation does not imply causation- for example, while it may be true that increased incidence of drowning correlates ...

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Economist Gary Becker, 1930-2014...

Mon, 05 May 2014 12:58:32 +00002014-05-05T12:58:32Z

Nobel-prize winning economist Gary Becker passed away yesterday in Chicago. You can read an official obituary here...or a much more heartfelt and personal one from Steve Levitt here.



Finally, Some Good News from the April Jobs Report...

Mon, 05 May 2014 12:56:47 +00002014-05-05T12:56:47Z

The April jobs report was released by the Bureau of Labor Statistics last Friday, and it shows that the economy added 288,000 jobs last month.



This Year's John Bates Clark Medal Recipient Is...

Mon, 21 Apr 2014 12:52:18 +00002014-04-21T12:52:18Z

The John Bates Clark Medal, awarded by the American Economic Association to who they feel is the most promising economist under the age of 40, is often referred to as the "baby Nobel" due to its high correlation with future Nobel Prize awards. This year's medal goes to Matthew Gentzkow of the University of Chicago's Booth School of Business for his work in analyzing and understanding bias in the media and its effect on society.

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