Top Research Papers on Economics

What is economics? Economics is the study of how societies and individuals use limited resources to satisfy "unlimited" human wants. Resources are limited because they are scarce. Resources are scarce because there are more possible uses for the resources than there are resources available to be employed in those uses. When scarce resources confront "unlimited" wants, choices must be made. We can restate our definition of economics as follows: Economics is the study of how societies and individuals choose among alternative uses for scarce resources, in the never-ending effort to satisfy "unlim...

The essential economic problem of digi-crime is the impact of technological progress making transactions costs of enforcement potentially too high, partly because of the low costs of copyright infringement due to technological advance, for there to be substantial amounts of deterrence from punishment.

Abstract This chapter introduces the essence of economics and explains the concepts of opportunity cost, scarcity, and choice, as well as the mechanism of allocating scarce resources. Also discussed are the scientific approach to economics and the problems faced by scientific economists.

Interstate Highway openings were permanent, anticipated demand shocks that increased gasoline demand and sometimes shifted it spatially. We investigate supply responses to these demand shocks, using county-level observations of service station counts and employment and data on highway openings' timing and locations. When the new highway was close to the old route, average producer size increased, beginning one year before it opened. If instead the interstate substantially displaced traffic, the number of producers increased, beginning only after it opened. These dynamics are consistent with Ho...

The Economics of Sin examines the definition and evolution of sin from the perspective of rational choice economics, yet is conscious of the limitations of such an approach. The author argues that because engaging in activities deemed to be sinful is an act of choice, it can therefore be subject to the logic of choice in the economic model.

After more than a century of near-complete hegemony of the neoclassic paradigm in the academy, we take it for granted that economics, as it is nowadays practised, is a science in the same sense we believe other fields of scientific inquiries to be. Although many critiques and dissenting voices can and have been heard questioning various aspects of different theories and models, the overall scientificity of economics as such has mostly been left unquestioned. Economists still present themselves as experts, Nobel and various other prizes in economics are awarded, thousands of papers are publishe...

A precise definition of science must precede the answer to the question of whether economics can be considered a science. Observable phenomena, general propositions and, based on them, predictions, define science, and the different types of predictions are considered here in some detail. Theories, particularly the theory of probability, lead to economic predictions and econometrics; it is concluded that economics is on the edge of science and on the edge of history.

Many people study economics because they wish to understand why we have social problems such as unemployment and poverty, and how they can be remedied. Most people have similar visions of prosperity and justice. We want to live in social harmony, where everyone who wants to can work and make a good living. We would like to eliminate poverty and live in a healthy environment.

. This paper studies the problem of an agent who wants to prevent the state from exceeding a critical threshold. Even though the agent is presumed to know the model, the optimal policy is computed by solving a conventional robust control problem. That is, robustness is induced here by objectives rather than uncertainty, and so is an example of the duality between risk-sensitivity and robustness. However, here the agent only incurs costs upon escape to a critical region, not during ‘normal times’. We argue this is often a more realistic model of macroeconomic policymaking.

Abstract During the early 1990s, Germany offered temporary protection to 700,000 Yugoslavian refugees fleeing war. By 2000, many had been repatriated. We exploit this natural experiment to investigate the role of returning migrants in boosting export performance upon their return. Using confidential German administrative data, we find that industries with 10% more returning refugees exhibit larger exports between the pre- and postwar periods by 1% to 1.6%. We use exogenous allocation rules for asylum seekers within Germany as an instrument to deal with endogeneity concerns. We show evidence po...

Useful for early and intermediate level college economics classes, this book introduces those with some knowledge of economics to the larger scientific background of the subject. Specifically, it focuses on economics as a behavioral science, as a political science, a mathematical science, a moral science and finally it looks at the successes and failures of economics and what it portends for the future.

The article substantiates the scientific inconsistency of modern economic theory, which is based on the market model of production relations. It is proved that they have entered the final phase of their development – a digital format in which they reach their limit and must be replaced by a more progressive type of economic mechanism. It is verified that he must obey the action of the ethical laws of being, according to which the material basis and the mental superstructure of society constitute a single configuration that ensures the harmonious development of the individual. The article gives...

A review of literature during calendar year 2014 focused on environmental policies and sustainable development, and economic policies. This review is divided into these sections: sustainable development, irrigation, ecosystems and water management, climate change and disaster risk management, economic growth, water supply policies, water consumption, water price regulation, and water price valuation.

L11 Econ 105 The Endgame of Entrepreneurship: Leveraging Capitalism for Good Historically, profit has been a key driver of human behavior. In this course, students will learn to take advantage of the profit-seeking motive of capitalism while also learning from the mistakes and unintended consequences capitalism has caused throughout history. Students will apply these learnings toward profit-seeking solutions for the United Nations' Sustainable Development Goals, which are global challenges that call us to work together with boldness and urgency. We will explore how skills from entrepreneurship...

Department Website: http://economics.uchicago.edu Program of Study The program in economics is intended to equip students with the basic tools to understand the operation of a modern economy: the origin and role of prices and markets, the allocation of goods and services, and the factors that enter into the determination of income, employment, and the price level. Students can satisfy the requirements of the standard track of the BA in economics in two ways, Track A and Track B. The specialization in data science provides training in computation and data analysis beyond the basic methods discu...

. This study adopts ARDL and VAR estimation methods to examine whether military spending crowd-out or crowd-in private investment in Nigeria. We use the data that covers the period from 1970 to 2019. Our results, based on the ARDL method, show that military spending only crowds-out private investment in the short run. In the long run, military spending crowds in private investment. The results are robust to the use of alternative estimation methods. Specifically, IRF results show that military spending has a contemporaneous negative effect on private investment. However, the negative effect tu...

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• Provides a thorough grounding in neoclassical economic theory, modern statistical method, and their applications in the traditional fields of economic science; • Embeds that training in a broader conception of economic science and method with special emphasis on philosophical, historical, and institutional approaches that link economics with other social sciences and humanistic disciplines; • Compares and contrasts alternative methodological approaches and types of evidence as ways of analyzing economic phenomena, evaluating policy debates, and assessing the broader social and political cons...

Economics uses the idea of optimizing behavior to provide a unified framework for studying human action. The economics curriculum is designed to give business students an understanding of economic theory and its application to a wide range of problems. The program provides excellent preparation for careers in business, government, and international agencies. It is particularly recommended for students planning graduate study or professional training in fields such as law, business, international studies, public administration, and economics.

ECON:3100 Intermediate Microeconomics 3 s.h. Economic theory of the behavior of consumers, producers, and other economic agents; role of markets in coordinating economic activity; effects of government policies on market outcomes; conditions that markets require for efficient allocation of resources; market imperfections; strategic behavior of economic actors. Prerequisites: ECON:1100 and (MATH:1350 or MATH:1380 or MATH:1460 or MATH:1550 or MATH:1850 or MATH:1860).