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Media ID: 55382406
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Janet L. Yellen, the Federal Reserve chairwoman, with Mario Draghi, the president of the European Central Bank, and Haruhiko Kuroda, the head of the Bank of Japan, at the annual conference in Wyoming sponsored by the Federal Reserve Bank of Kansas City. Credit Martin Crutsinger/Associated Press.


Media ID: 55380749
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A man walks by a billboard for a drug recovery center in Youngstown on July 14, 2017 in Youngstown, Ohio. (Photo by Spencer Platt/Getty Images)


Economists Are Cheating Their Profession

Economists Are Cheating Their Profession

Many economists genuinely want to make their field more scientific — grounded in empirical evidence rather than in theory or, worse, ideology. Yet a recent article by four prominent academics demonstrates the extent to which ideology remains a problem. My...
Media ID: 55375754
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NEW YORK, NY – APRIL 26: Paul Romer of Stanford University speaks at the Disruptive Innovation Awards at The 2011 Tribeca Film Festival at Citibank Building On Greenwich on April 25, 2011 in New York City. (Photo by Slaven Vlasic/Getty Images)


The World Bank Has Bigger Problems Than Bad Writing

The World Bank Has Bigger Problems Than Bad Writing

Economists, to put it mildly, are not known for their communication skills. The typical economics paper is written in a formal, stilted style, laden with phrases like “in the following subsection” and “it has been shown that.” Jargon flies thick and fast, interspersed...
Media ID: 55371123
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Photographer: Mark Wilson/getty images Via Bloomberg


When Economics Failed

When Economics Failed

When people come up to me and declare that economists are charlatans, they usually mention how economists failed to predict the Great Recession. This is true. No mainstream macroeconomic model of the day managed to anticipate that the largest, longest economic...
Media ID: 55368599
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The Major Blind Spots in Macroeconomics

The Major Blind Spots in Macroeconomics

There was an unusual degree of consensus among economists about what would happen if Britain voted for Brexit in the referendum on June 23 last year. The language used by the International Monetary Fund was typical: It expressed fears of an “abrupt reaction,” adding...