There is a serious problem with the scientific nature of economics. It is that microeconomics and macroeconomics exist as different theoretical systems while targeting the same economy. So, what about economics? Microeconomics analyzes the rational choices of individuals and firms.
One of the interesting things about studying economics is how wide its applications are. Once you understand general principles like supply & demand, marginal cost/revenue, opportunity cost, comparative advantage, asymmetric information, and so forth, you can apply it to a…
February 21, 2014 / 6:00 AM EST / MoneyWatch Coming upon the term "game theory" this week, your first thought would likely be about the Winter Olympics in Sochi. But here we're going to discuss how game theory applies in economics, where it's widely used…
Get an introductory Jacobin subscription for just $20 The economist Hyman Minsky died 30 years ago today. Best known for his theory of financial instability, Minsky developed a view of capitalism and its mutations that was far more radical than many of…
Nobel laureate Michael Woodford ’80 J.D. reflects on how the intellectual freedom that pervaded Yale Law School set him on a path to becoming one of the world’s leading economists. When Michael Woodford ’80 J.D. arrived at Yale in 1977 as a first-year…
Published originally in 1929, Monetary Theory and the Trade Cycle is the first essay Friedrich A. Hayek wrote. It serves as a primer into Hayek’s monetary and capital theories. In it, he takes the time to dismember opposing monetary theories of the…
On October 12, 2026, it was announced that the Nobel Prize in Economics would be awarded to Robert Hall and Michael Woodford. The reason for the award is "microfoundations for macroeconomic stabilization." Their work is recognized for providing a stable theoretical foundation…
When Michael Woodford '80 J.D. arrived at Yale in 1977 as a first-year law student, he had never taken an economics course in his life and was not particularly interested in the field. And then classes started. At the time, Yale Law School…
The framework of the modern economy and the nature of the state as depicted in 'The Wealth of Nations'Adam Smith's 'The Wealth of Nations,' published in 1776, is known as the starting point of modern economics. The book consists of five…
Prominent scholars with broad expertise Ways for students to get involved On California’s proposed billionaire wealth tax, Zwick argued that “we can only raise so much money from that group.” A recent Budget Lab analysis came to a similar conclusion.
Nobel Prize and Economic Thought in Economics: the news, the names and what changed.
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