The Right Decision? It all depends if you’re up or down…

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Why are taxis hard to find on rainy days? Now that is a question that traditional economics struggles to answer. Economists tell us that on rainy days when taxis are in demand more drivers will work and increase the supply. The taxi driver disagrees… (more…)

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Market? Crash! Why market crashes should not surprise us!

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Another market crash. Another occasion when the dogs didn’t bark. Another cohort of economists scrambling for explanations. Why does it happen and why do we always seem surprised? The answer has its roots three centuries ago in the scientific revolution. (more…)