CSB Faculty
Say Goodbye to “Homo economicus”: The New Science of Behavioral Economics
By Dr. Roger Morefield — HOMO ECONOMICUS AND PARADIGM SHIFT In his 1962 book, The Structure of Scientific Revolutions, Thomas Kuhn described the process of what he called “paradigm shift,” which is a change in the basic assumptions underlying a science. Recent advances in the theory of consumer behavior have allowed the new science…
Read MoreA Primer on Keynesian Economics
By Dr. Hassan Shirvani —Before John Maynard Keynes published his General Theory of Employment, Interest, and Money in 1936, the prevailing view among most economists was that modern economies are characterized by perfectly competitive markets, in which flexible prices and wages cleared all markets and, hence, ensured continuous full employment. Pointing to the Great Depression…
Read MoreThe Wizard of Oz as a Monetary Allegory
By Dr. Hassan Shirvani — Since the Chicago journalist L. Frank Baum published his The Wonderful Wizard of Oz in 1900, the book has become one of the most beloved American tales of adventure. Millions of both children and adults have taken great pleasure in reading about Dorothy, a little girl living in the midst…
Read MoreDon’t Just Dream About Success: Stack the Odds in Your Favor
By Ramon Fernandez — I just finished reading a new book by Joe Ben Hoyle entitled Don’t Just Dream About Success: Stack the Odds in Your Favor. It’s a motivational advice book about how to achieve success and attain the goals that you set for yourself. The author writes from experience as a successful CPA,…
Read MoreThe Paradox That is Colombia
By Dr. Roger Morefield —- Welcome to the “New Colombia” (Read this post in Spanish) Based on its per-capita Gross National Income (GNI), Colombia meets the World Bank criteria for classification as an upper middle income country. But it still has many of the earmarks of a low-income developing country, including its high poverty rate…
Read MoreThe Economics of the Just Price
By Dr. Hassan Shirvani — The concept of the “just” or “fair” price is as old as History. To combat predatory lending practices, price gouging, profiteering, and price discrimination, many governments throughout history have passed laws to protect their citizens against dishonest and unethical lenders and sellers. Thus, the Babylonian king Hammurabi (1792-1750 B.C.) had…
Read MoreConservatives vs. Liberals: The Economic Debate
Given their disparate ideologies, conservatives and liberals generally reach different conclusions about such economic issues as how modern economies operate, what should be the role of government economic policies and regulations, and what levels of income and wealth inequality should be tolerated. While the foregoing economic debate between the two camps has been ongoing for…
Read MoreLower the Minimum Wage
Despite the struggling economy, documented by a workforce participation rate of less than 63%, proponents have urged an increase in the Federal minimum wage. This is a bad move at the worst possible time. Even Janet Yellen, Chair of the Federal Reserve, indicated that loose monetary policies will continue due to the poor job market.…
Read MoreCatholic Economic Teaching
The recent controversy over Pope Francis’s economic views has raised the related issue of whether these views are consistent with the traditional Catholic economic teaching. While the answer is in the affirmative, the pope has decidedly added a new emphasis and a more urgent tone to this teaching. Catholicism is, of course, primarily a…
Read MoreLONGEST-RUNNING SERVICE LEARNING PROGRAM AT UST: CSB VOLUNTEER INCOME TAX PROGRAM
The Volunteer Income Tax Assistance (VITA) program was begun nationwide in 1969 as an IRS-sponsored program to provide free tax assistance to persons who cannot afford professional tax help. The Accounting Department at the Cameron School of Business has been involved in this program since January 1984, making it UST’s longest-running service learning program. In…
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