musings on music and life

September 7, 2016

Big ideas in economics

Filed under: The Economist — sankirnam @ 4:16 pm

In July-August of this year, The Economist featured a series of 6 articles on seminal ideas in economics. These should be required reading for everyone, not just students of economics, as these concepts underlie so many macro- and microeconomic decisions that affect our lives on a daily basis.

  1. Secrets and Agents
  2. Minsky’s Moment
  3. An inconvenient iota of truth
  4. Where does the buck stop?
  5. Prison breakthrough
  6. Two out of three ain’t bad

I’m glad that The Economist did this, as it is important for the general public to know these theoretical concepts and how they originated (that being said, the readership for this magazine does skew towards the more educated populace).

There are a lot more topics that can be covered in future variations of this series, such as “Supply-side economics”, Behavioral economics (including Kahneman’s work on Prospect theory), the Ricardian model of free trade and how it breaks down, and modern work on globalization, among other things.

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