We regard Economic Theory as a collection of models, each viewed as a storyor a fable rather than as a testable scientific model to be verified or refuted(seeRubinstein(2012)). Models in Economic Theory are “useful” in the samesense that fables are.Perhaps, there is no boy who literally “cried wolf”,but we nevertheless tell the story to teach our children about…
Economics has the capacity to offer us deep insights into some of the most formidable problems of life, and offer solutions to them too. Combining a global approach with examples from everyday life, Partha Dasgupta describes the lives of two children who live very different lives in different parts of the world: in the Mid-West USA and in Ethiopia. He compares the obstacles facing them, and the…
Beside Inventory, the title of the book refers to Analytics. Thisis nowadays a concept that has been inflated with a plethora ofmeanings, so that it becomes difficult to understand exactly whateach of us means when we refer to it. The Cambridge Dictionary11Cambridge Dictionary,https://dictionary.cambridge.org/dictionary/english/analytics?q=Analyticsdefines Analytics as “a process in which a c…
sat that evening in the back of the auditorium where the first Senate session of the academic year was being held. The table on the stage was draped with a green tablecloth that reached the floor. Seated at the table were the patricians of the university, which is situated north of an almost dry riverbed. A microphone was connected to scratchy loudspeaker…
The governor exudes power. Rachel watches him from across the conferencetable. His occasional laughter is loud, his knowing smile invites others tospeak, but not for too long. Today is his first visit to the institute. Theinstitute’s director has introduced the senior researchers sitting around thetable, Rachel among them, and two of her colleagues have already ma…
What do we expect when we say something to someone, and what do they expect when they hear it? When is a conversation successful? The book considers a wide set of two-person conversations, and a bit of game theory, to show how conversational statements and their interpretations are governed by beliefs. Thinking about beliefs is suitable for communication analysis because beliefs are well-define…