Academic

Modern Day Economics

Once upon a time, an economist could stand up and say that economics is about the allocation of resources. I am afraid that that is history. Economists by now have done quite a bit more than resource allocations. If you pick up a recent economics journal, you’d see that the titles of the articles can seem rather strange. For example, in recent issues of the Journal of Economic Theory, you’d read titles such as.

• Ambiguous events and maxmin expected utility
• Subjective probabilities on “small” domains
• Exploitation and time
• p-Best response set

But these strange titles are not limited to microeconomic theory. Look at the Journal of Monetary Economics, and you will find titles such as.

• Do self-control preferences help explain the puzzling behavior of asset prices?
• Inattentive consumers
• Big elephants in small ponds: Do large traders make financial markets more aggressive?

Now some working papers are even less revealing. I have come across an economics working paper: “Are Working Women Good for Marriage?” You’d wonder when economists have started their dating or marriage counseling service. Or how about “Why We Grow Large, and then Grow Old: Economics, Biology and Mortality?” a working paper written by a very senior economist. If these titles are about economics, you must be thinking about a Ph.D. thesis on why Norwegians sing in their showers!

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