Lynne Kiesling OK, all of you who are teaching principles of economics right now, I hope you are paying attention to this incredibly timely unanticipated freeze in the Central Valley in California. This is a great classroom example of a leftward shift of a supply curve due to an exogenous weather event, and the consequent … More California Freeze Drives Up Citrus Prices … More California Freeze Drives Up Citrus Prices
Lynne Kiesling Mark Thoma draws our attention to a recent Martin Wolf column in the FT, discussing complexity and evolution as a methodological framework for economic modeling and analysis. [M]ost [economists] must also know that the economy is not characterised by perfect foresight and equilibrium, but by trial and error and evolution. That was the … More Beinhocker Book on Wealth, Complexity, and Economic Theory … More Beinhocker Book on Wealth, Complexity, and Economic Theory
Lynne Kiesling Hey! John Tierney has a blog at the NYTimes to accompany his new gig as a Science Times columnist. He’s got, for instance, an interesting post with some behavioral economics insights into being a tightwad or a spendthrift. I tend to vascillate between the two, so I found this particularly interesting. … More Tierneylab
Lynne Kiesling I have my ideas, but instead you should read this outstanding and clear post from Jim Hamilton at Econbrowser. He does a superb job of analyzing the macroeconomic factors that intersect with other commodity market drivers. … More Why Are Oil Prices Falling?