The economic crisis is also a crisis for economic theory. Most analyses of the evolution of the crisis invoke three themes, contagion, networks and trust, yet none of these play a major role in standard macroeconomic models. What is needed is a theory in which these aspects are …
Jeden Tag treffen Manager hunderte von Entscheidungen: die meisten davon in der Annahme, diese seien rational fundiert. Doch ein Großteil unserer Wahrnehmung ist implizit. So verwundert es nicht, dass auch der größte Teil unserer Entscheidungen in Wahrheit unbewusst abläuft. Imp…
On December 5, 2004, the still-developing blogosphere took one of its biggest steps toward mainstream credibility, as Nobel Prize - winning economist Gary S. Becker and renowned jurist and legal scholar Richard A. Posner announced the formation of the Becker-Posner Blog. In no t…
"International law is a vast subject, and its importance is imcreasing. It is sufficient to point to the major role of international law in the conflicts and wars that emerged from the 9/11 terrorist attack and in international efforts to address climate change. These are two of…
What we value, like, endorse, want, and prefer changes over the course of our lives, sometimes as a result of decisions we make-such as when we choose to become a parent or move to a new country-and sometimes as a result of forces beyond our control-such as when our political vi…