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Helicopter with falling money

Exceptional economic and financial crises often demand exceptional remedies.  It was in this spirit that many governments, fearing another Great Depression, intervened heavily in their economies during the 2007-2009 financial crisis.  While the adopted fiscal actions, involving both government expenditures and tax cuts, were quite substantial, they were nevertheless easily eclipsed by the massive levels of central bank monetary interventions.  In the United States, for example, the level of…

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By Dr. Beverly Barrett—  Nearly two decades into the new millennium, the pace of technological change behind globalization continues to advance exponentially.  This rapid technological progress has, in turn, necessitated the internationalization of higher education with emphasis on the development of high quality skills needed in the global knowledge economy.  In my recent book Globalization…

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By Dr. Hassan Shirvani—As you might have heard, the 2017 Nobel Prize in Economics was awarded to Richard Thaler for his pioneering work in the field of behavioral economics, a school of thought dedicated to the application of psychology to economics.  The main point of this school is that humans are subject to too many…

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By Wan-Ju Iris Franz, PhD—“Size inflation,” also known as “vanity sizing,” is a phenomenon where the measurements of the same label size have been growing over time (The Economist)[1]. For instance, size 14 in Sear’s 1937 catalogue has similar measurements as a size 8 in 1967, which is a size 0 in 2011.[2] In my…

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By Dr. Hassan Shirvani—-As U.S. stock prices reach new historic highs, many investors are now wondering if another stock market cycle of boom and bust is at hand.  Indeed, many financial advisors are already recommending a shifting away from stocks into safer investments such as cash and bonds.  While predicting future stock price movements is…

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By Dr. Hassan Shirvani–Advertising is an important feature of our daily economic life.  As we watch TV, listen to radio, read newspapers and magazines, and use social media, we are constantly bombarded with advertisements.  For this “privilege,” we are asked to pay some $325 billion per year, roughly 2 percent of our annual national income.  Given this heavy demand of advertising on our…

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By Dr. Hassan Shirvani—Among the collateral damages of the recent global economic crisis has been the reputation of the economics profession whose members famously failed to anticipate the financial tsunami that rocked the world. Enmeshed in their complex mathematical models with their highly unrealistic assumptions, most economists were seemingly as stunned by the suddenness and the severity of the economic downturn as the average person on the street.  Even Queen Elizabeth of England, on…

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By Dr. Hassan Shirvani –Since the great Austrian economist Joseph Schumpeter (1883-1950) introduced the concept of entrepreneurship into economics almost a century ago, economists have struggled to systematically incorporate this concept into their models of economic development, with only limited success.   As a result, the initial enthusiasm over the unique role of entrepreneurs as heroic…

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By Dr. Pierre Canac—This is the continuation of last week’s blog, and thus, it is advised to first read Part I if you haven’t done so. Remedies The ball is now in Congress’ court and the speaker of the House, Paul Ryan, indicated that he would push for a solution by March 2016. Commissioner Pierluisi…

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