Economists develop economic models to explain consistently recurring relationships. Their models link one or more economic variables to other economic variables (see “Economic Models,” p. 8). For ...

Critical Economic Theory is not a new concept. Like critical race theory (which is seen through a more controversial lens), CET seeks to examine and understand how systemic economics is ingrained in ...

I n the epilogue of their blockbuster book Mostly Harmless Econometrics (2009), Josh Angrist and Steve Pischke write, “If applied econometrics were easy, theorists would do it.” As academic jokes go, ...

In 2006, economists at the Federal Reserve Bank of New York started to worry about the overheating US housing market. Concerned that the bubble might burst, they used their best model to predict what ...

When gasoline is expensive, people grumble that big oil companies like Chevron and ExxonMobil are colluding to keep prices high. They’re wrong. The best way to understand why businesses aren’t ...

Behavioral Economics is the application of psychology to the field of economics. It describes the role that psychology plays among consumers, employers, and governments, which then impacts markets and ...