The Twilight Zone of Economics
https://www.project-syndicate.org/commentary/robert-shiller-advocates-behavioral-approach-to-economics-by-antara-haldar-2023-12
While Chicago School orthodoxy says that humans can’t beat markets, behavioral economists insist that it’s humans who make markets, which means that humans can strive to improve their functioning. Which claim you believe has important implications for both economic theory and financial regulation.
https://www.project-syndicate.org/commentary/robert-shiller-advocates-behavioral-approach-to-economics-by-antara-haldar-2023-12
While Chicago School orthodoxy says that humans can’t beat markets, behavioral economists insist that it’s humans who make markets, which means that humans can strive to improve their functioning. Which claim you believe has important implications for both economic theory and financial regulation.
Related:
The Bigger Airlines Get, the Worse They Become
https://www.nytimes.com/2023/12/04/opinion/jetblue-spirit-airlines-merger.html
Yet since the 1980s, the judiciary has fallen into the bad habit of deferring not to the original letter or spirit of the federal antitrust statute — but rather to the testimony of economic experts paid to argue that nearly any given merger might actually be good for consumers. In the hands of highly talented economists, even mergers that anyone can see will limit competition can be depicted as somehow generating more of it.
https://www.nytimes.com/2023/12/04/opinion/jetblue-spirit-airlines-merger.html
Yet since the 1980s, the judiciary has fallen into the bad habit of deferring not to the original letter or spirit of the federal antitrust statute — but rather to the testimony of economic experts paid to argue that nearly any given merger might actually be good for consumers. In the hands of highly talented economists, even mergers that anyone can see will limit competition can be depicted as somehow generating more of it.