Economics

I Cringe when I See Hayek’s Knowledge Problem Wielded As a Rhetorical Club

2 Comments / Economics, Liberty / By

Michael Giberson The knowledge problem made the newspaper today – that’s Hayek’s concept of the knowledge problem, not the KP blog that Lynne and I operate.  But since we appreciate the significance of Hayek’s insight on the mobilization of knowledge, it seems appropriate to draw attention to Glenn Reynold’s op-ed, “Progressives can’t get past the …

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Crude Oil Prices in 2008: Was the Spike a Bubble?

4 Comments / Economics, Energy markets / By

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 …

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God and Mammon Both Teach Fairness

5 Comments / Economics, Liberty / By

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 …

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Georgia Bill Would Add Useful Flexibility to Price Gouging Law

1 Comment / Economics, Energy markets / By

Michael Giberson A bill passed by the Georgia state senate would add some helpful flexibility to the state’s anti-price gouging law.  The primary purpose of the bill would be to allow the state to limit the range of items for which the price gouging rules will be enforced based upon the nature of the emergency.  …

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I Nominate “Computational Economic Systems Design”

1 Comment / Economics, Technology / By

Michael Giberson At his Oddhead Blog, Yahoo! researcher David Pennock reports several links of interest for folks working at the intersection of the fields of economics and computer science and then asks what this subfield should be called.  He finds several terms in use for projects or at conferences: Algorithmic Economics, Market Algorithms, Electronic Commerce, …

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