Word: economists
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When confronted with this reality, political analysts and commentators often exclaim helplessness at the outcome, citing Kenneth Arrow’s “impossibility theorem” as a justification for using a flawed voting system. Arrow, a Stanford economist, won the Nobel Prize in Economics for his theorem explaining that no voting system could perfectly represent the preferences of a group of voters. According to the theorem, a perfectly representative voting system would create an outcome where the ranking of winners would align with voter preferences, unanimity would be respected, there would be no dictators, and irrelevant choices...
Stavins, who also directs the Harvard Environmental Economics Program, said that the independence property is not a new idea; Harvard-educated economist W. David Montgomery first coined the term in a paper printed by the Journal of Economic Theory...
...kids by the year 2025. When I visit Fryer at his Harvard lab this spring, he hands me an agenda for the day and proudly introduces me to his team. For the next three hours, as we talk about the experiment, Fryer is charming and intense, occasionally lapsing into economist speak and then apologizing for being a "nerd...
...tend to assume that kids (and adults) know how to achieve success. If they don't get there, it's for lack of effort - or talent. Sometimes that's true. But a lot of the time, people are just flying blind. John List, an economist at the University of Chicago, has noticed the disconnect in his own education experiments. He explains the problem to me this way: "I could ask you to solve a third-order linear partial differential equation," he says. "A what?" I ask. "A third-order linear partial differential equation," he says. "I could offer...
...question is whether anything other than a massive, one-off revaluation in the RMB versus the dollar - something that is not in the cards - will have any significant impact on employment in the U.S. or Europe. Economists differ around the edges of this debate, but most agree that a big employment impact is unlikely given a RMB rise of, say, 10% over the next year or two. "The thread between the two [revaluation and jobs] is very, very thin," says Derek Scissors, an economist at the Heritage Foundation in Washington. "No currency revaluation of any feasible size will create more...