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The Bureau of Labor Statistics released its monthly Employment Situation report this morning. The report is a recurring opportunity for the press to misinterpret what is going on in the U.S. economy. From the on-line edition of The Wall Street ... 
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The reemergence of Ben Bernanke, Timothy Geithner, and Henry Paulson (BGP) on the policymaking scene stimulated this post. Their book, Firefighting: The Financial Crisis and Its Lessons (2019), was preceded by a succinct New York Times op. ed., “What We Need ... 
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John Bates Clark (1847-1938) was the most distinguished American economist of his time. To me, he is especially interesting for two reasons. First, his career focused on the same important, difficult issue that a century later has motivated the GEM ... 
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Good economic theories help us understand big events as they are happening. What we most want is guidance on how they are likely to play out over time, both the short- and long-run. Good models are especially valuable in circumstances ... 
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Still pursuing my apparent obsession with the most recent issue of the American Economic Journal: Microeconomics, this post looks at a third article, “Behavioral Economics and the Atheoretical Style”. Perhaps surprisingly, I very much liked Ran Spiegler’s piece. It is ... 
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In a recent tweetstorm, Donald Trump returned to his favorite boast: “Today I have, as President, perhaps the greatest economy in history…and to the Mainstream Media, it means NOTHING. But it will!” This post demonstrates his explanation-point promise is best ... 
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The core concept in the GEM Project is economic efficiency. Throughout the history of the profession, economists have agreed on the centrality of efficiency. From the beginning: “Adam Smith’s main concern was how and why economies grew. His answer was ... 
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Douglass North died three years ago, at the age of 95. He received the Nobel Prize in Economics in 1993 for his pioneering work in cliometrics and the application of rigorous neoclassical theory to the analysis of institutions. The GEM ... 
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As made clear las week, the GEM Project properly constructs employee preferences on axiomatic assumptions. Enter utility functions, the wonkish vehicle economic theorists typically employ to organize their analyses of human behavior. Noneconomists hate the mechanistic sound of “utility function”. ... 
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This post continues the grand theme of the GEM Project. How to best construct theories of macro phenomena that actually explain the range of costly instability that occurs in highly specialized economies? Readers know that Project guidelines begin with rationality. ... 
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