Posts Tagged Economics

The Knowledge Economy and the Globalization of Higher Education

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

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Cognitive Biases and Rational Behavior

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

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Economics of Vanity Sizing

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

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Are U.S. Stocks Expensive?

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

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An Economic Explanation for Why Donald Trump Won the 2016 Presidential Election

By Dr. Pierre Canac – With real GDP growing at 3.2% during the third quarter of 2016 while unemployment was running at 4.6% in November and 178,000 jobs were created during the month, we could have expected that the voters

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Advertising and Economics

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

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Psychology and Economics

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

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Schumpeter on Entrepreneurship

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

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Puerto Rico: Is it America’s Greece? (Part II)

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,

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Puerto Rico: Is it America’s Greece? (Part I)

By Dr. Pierre Canac—This is a two-part blog; the second part will appear next week. I usually write about international economics; however, this time I will let the reader decide whether this is what I am doing in this post.

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