A Discussion of “The Historical Production (and Consumption) of Unsustainability” My last couple of stories have examined the unsustainability of our diet, …and an escape from the unsustainability of our agricultural practices. Today, I want to examine unsustainability itself. I turn to an article published in The Hedgehog Review, an interdisciplinary…
Tag: Economic Thought
Regenerative Agriculture
Why We Need Regenerative Agriculture
A discussion of “Why Regenerative Agriculture?” Writing previously about the un-sustainability of our Western Dietary Pattern has inspired me to look more into how we got here today. We saw the WDP as the cheapest way to eat, but also the least healthy and the most damaging to the environment….
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…
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…
Economic Thought
Our Future Growth Depends on Who Wins the Culture Wars
A Discussion of “Which Dimensions of Culture Matter for Long-Run Growth?” For the past few semesters, I have been using Barry Clark’s “The Evolution of Economic Systems” in my MBA global economy classes. I like how it is comparing economic systems across countries, not just economies. An economic system consists of…
Microeconomics
Superstar Firms Causing Concentration of Market Power
A Discussion of “Concentrating on the Fall of the Labor Share” For much of the 20th century, economists marveled at the stability of labor’s share of national income. Labor’s share of national income is the total dollar amount paid out in wages, salaries, and benefits as a percentage of GDP,…
Microeconomics
Income Contingent Loans: Fixing the College Debt Crisis
A Discussion of “Financing Higher Education in an Imperfect World Pssstt! I got a secret. College debt is soaring. OK, not really a secret. Search Medium and you can find article after article decrying the situation. But what can we do to fix it? That is what Long (2019) is…
Economic Thought
Populism: Its Economic Consequences
A Discussion of “Studying the (Economic) Consequences of Populism” US President Donald Trump. Marine Le Pen, head of the National Rally party in France. Hugo Chavez, late president of Venezuela. Pablo Iglesias of the Podemos party of Spain. They probably would not agree on much but they do have one…
Economic Thought
Can Economics Illuminate the Populist Movement?
A Discussion of “A Dialogue between a Populist and an Economist” In an unusually playful academic article, Boeri, Mishra, et al. (2018) write a script of two people, Populist and Economist, arguing over the success (or failure) of economics in explaining the latest wave of populism fever that has spread…