Meet the engineers of economic theory: Market design has become a full-time job
What does someone with the job title of “chief economist” actually do? The most well-known in the UK is probably Andy Haldane at the Bank of England, but his role is not typical. So what do the others do? Nobel Laureate Alvin Roth’s paper in the latest issue of the American Economic Review describes the […]
Are the markets telling the truth?
The opening month of 2016 has been marked by sharp falls in asset prices, not just in financial markets but in commodities such as oil. The conventional wisdom is that the markets form a rational assessment of future prospects for the economy, and set prices accordingly. So if prices fall, we should be downgrading our […]