Michael Giberson In the physical world, spikes and bubbles are quite different things that don’t generally get mistaken for one another. Curiously, in economic metaphor, the same phenomena can be called a spike and a bubble. Argument among economists continues on the issue of whether the oil price spike in 2008 was or wasn’t a … More Crude Oil Prices in 2008: Was the Spike a Bubble?
Michael Giberson In a study encompassing several distinct populations, Joseph Henrich and collaborators conclude that both participation in markets and belief in a world religion promote fairness norms that facilitate emergence of large-scale societies. The study was described in a recent issue of The Economist: For the evolutionarily minded, the existence of fairness is a … More God and Mammon Both Teach Fairness