There has been concern in the news media about why 2011 was a year of slow productivity growth in the United States when, in contrast, 2010 showed strong productivity growth. As it turns out, this is a very common pattern in all recessions over the past 50 years. . . . → Read More: Productivity
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Economists frequently run across criticisms of the assumption of rationality in economics, or of rational choice theory more generally. For the most part, the critics wholly misunderstand what the term “rational” means. In this column, I clarify. . . . → Read More: Rationality |
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