This weeks articles from Ball State’s Econ Dept include why economics is the dominant social science, oil prices, education, and textbook arbitrage

  1. Here is a paper that investigates the “dominant position of economics within the network of
    the social sciences in the United States.”  Paul Krugman talked about this article and had an interesting take on the reason economics is so hierarchical.  Do you with his assessment?  Some colleagues mentioned that they agree with the first part of his assessment but not as much with the macroeconomics portion.
  2. The United States spends more per student than many other countries but has lower test scores. Freakonomics examines the US Education problem:
  3. Two Utah men bought textbooks during low demand and sold them at peak demand.  In other words, a textbook case of arbitrage:
  4. Some of the effects of oil prices falling include falling prices of energy stocks and decrease in the prices of the Russian Ruble and the Nigerian Naira.
  5. Moody’s downgrades Japan’s Credit rating.
  6. The Economist notes that “Making sweeping statements about the virtues of long-termism and the vices of short-termism is a satisfying pastime: it confers a sense of moral seriousness and intellectual depth. But it is a poor way of analysing the dynamics of wealth creation—and it is an even worse way of designing corporate policies.”
  7. Hicks argues that at current growth rates our standard of living will double in 80 years.

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