Myths of Econ 101
Why Left Economics is Marginalized
After the 2009 recession, Nobel Prize winner Paul Krugman wrote a New York Times article entitled “How did economists get it so wrong?” wondering why economics has such a blind
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There Is No Such Thing As Low-Wage Competitiveness
By Daniel Olah and Viktor Varpalotai. An old myth Moderate labor costs serve as the basis for the international economic success of a country – this has been the approach favored by
Myths of Econ 101
Behavioral Economics: Still Too Devoted To Homo Economicus?
How we interpret the “ultimatum game” suggests that it is. By Alexander Beunder. It’s always an illuminating experience to discuss economic literature with non-economists, as these conversations often reveal the many
Myths of Econ 101
Buying Power: an often neglected, yet essential concept for economics
Buying power is a concept that is absent from basic economic theory, and this has major implications both for theory and for the practical issues that we face. This absence
Myths of Econ 101
The Neoliberal Tale
“The tide of Totalitarianism which we have to counter is an international phenomenon and the liberal renaissance which is needed to meet it and of which first signs can be
Myths of Econ 101
Economics as a Science?
By Johnny Fulfer. Is economics a science? Could it be? Should it be? The debate is as alive today as it was in the early twentieth century. This article reviews
Myths of Econ 101
It’s gotta be true, because data says so
Data and statistics are everywhere, especially in economics. But we forget that empirical results are often manipulated, biased, or inconclusive. To ensure we design policies responsibly, we must meet empirical
Myths of Econ 101
Going Beyond Exchange
Traditional economics reveals the dynamics of exchange. But is that all there is? Late economist Kenneth Boulding recommends that we look further. Once we consider that some transactions only go
Myths of Econ 101
The Borrowed Science of Neoclassical Economics
Another “Econ 101” story we hear in microeconomics classes is that, as consumers, individuals are always involved in a rational, hedonistic competition trying to maximize their own utility. The utility
Myths of Econ 101
The Tragedy of “The Tragedy of the Commons”
How should society manage its common-pool resources like fisheries, forests, and grasslands? The problem, as presented in an Econ 101 course, is that these systems lack the proper incentives for
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