Why Capitalism’s “Invisible Foot” Needs An Ankle Bracelet

Open a textbook in your typical economics classroom (at the undergraduate or graduate level) and you are not likely to find any discussion of externalities outside of being a one-off problem. Textbooks tell you externalities can be fixed with regulation, a tax, or, alternatively, by establishing rights to pollute and then allowing the trading of…Continue reading Why Capitalism’s “Invisible Foot” Needs An Ankle Bracelet

Is wealth and power in the hands of a few natural and inevitable?

Robert Reich, former Labor Secretary under President Bill Clinton, last December wrote an opinion piece for the The Guardian that opens by asking how could it be that a handful of billionaires have managed to “convince the vast majority of the public” that “wealth and power in the hands of a few [is] natural and…Continue reading Is wealth and power in the hands of a few natural and inevitable?

Is the economics profession “stuck in a kind of Nash equilibrium”?

When it comes to climate change and research related to what many consider to be the most pressing issue of our times, the economics profession appears to have its head in the sand. Based on a 2019 study of leading journals of economics, only a handful of articles have been published related to climate change.…Continue reading Is the economics profession “stuck in a kind of Nash equilibrium”?

Re: Critical thinking in economics classrooms.

Assessing critical thinking skills at the post-secondary level of education has long been on the radar of educators. After several decades, however, despite valiant attempts by many, outcomes don’t appear to be matching the efforts. While nearly ten years old, the book, Academically Adrift, published in 2011 by Richard Arum and Josipa Roksa, showed that little…Continue reading Re: Critical thinking in economics classrooms.