A discussion of “A Skeptic’s Guide to Modern Monetary Theory” A sexy new economic theory appeared in the last few years promising us that government debt really is nothing to worry about. Modern Monetary Theory (MMT) says a nation that spends, taxes and borrows in a fiat currency they control…
Pedagogy
Do Teachers Need to Teach “Digital Natives” Differently?
A Discussion of “Bridging the Teacher-Student Divide: A Multimedia Approach to Reach Digital Native Learners” I like to think of ways to teach that will make the experience more engaging for both the students and myself. The crux of the problem is the gap between teaching and learning. Me standing…
Economic Thought
It Was Never Only About Profits
A Discussion “The Social Responsibility of Business: Milton Friedman Reconsidered” As an economics professor, I know I have some misconceptions to overcome every semester a new crop of students appear in my intro microeconomics course. Economics is about greed. It is immoral. Capitalism is bad. Elrick and Thies (2018) offer…
Microeconomics
Do Women Choose to Earn Less?
A discussion of “The Role of Firms in Gender Earnings Inequality” and “Ranking Firms Using Revealed Preferences” Do women earn less than men because of discrimination? Or are they making choices that lead to lower pay? Why on earth would someone choose lower pay? Because the lower pay may come with…
Macroeconomics
Consumer Reaction to the Pandemic Shutdown Shock
A Discussion “Initial Impacts of the Pandemic on Consumer Behavior” Here is an early look at the impact on consumers’ income, spending and savings behavior from the dreadful economic shock of the coronavirus pandemic and shutdown. As an economist, I never would have said it was possible to shut down…
Economic Thought
Capitalism: Value, People, and Planet
A discussion of “Revisiting the Purpose of Business” I am an economist and a lot of what drew me to the field early on is the Adam Smith story of the Invisible Hand. Briefly, it is the idea that our self-interested nature is channeled, as if by an all-knowing Invisible…
Microeconomics
Bigger Firms used to Mean Bigger Paychecks but not Anymore
A Discussion of “The Productivity-Wage Premium: Does the Size Still Matter in a Service Economy?” We turn today to another piece in the puzzle of determining why it seems income inequality has grown in the United States in recent decades. Knowing why a variable is trending a certain way makes…
Macroeconomics
Why Countries Rich with Resources can be so Poor and How to Prevent It
A Discussion of “Does Information Break the Political Resource Curse? Experimental Evidence from Mozambique” It seems logical that a country with no resources would be poor, so it seems puzzling when a country rich in resources is poor. However, Armand, Coutts, et al. (2020) note the Resource Curse, defined as…
Pedagogy
We Could Do Better If We Tried!
A Discussion of “Measuring Success in Education: The Role of Effort on the Test Itself” US students tend to score lower than we Americans would like on international tests. For example, on the 2012 Programme for International Student Assessment (PISA) that was taken in 65 countries around the world including…
Pedagogy
Start School Later, See Scores Rise?
A Discussion of “Snooze or Lose: High School Start Times and Academic Achievement” Or maybe not. But it still could be a good idea, according to some research by Groen and Pabilonia (2019). The basic idea of moving the start time of high schools later comes down to two connected…