Behavioral economist and Duke University professor Dan Ariely put together a second iteration of his online course
, and there is still a bit of time to sign up. Go ahead, get your learn on, you won't regret it (though you might talk about regret in the course!).
In theory, politicians and lawmakers should be encouraged to use what economists learn about the world in order to make smarter policy decisions, and it sounds really impressive when policymakers can cite lots of academic studies to support their positions. That said, it's worth checking to make sure that the economists' work has actually been represented properly
, since it is surprisingly often not the case.
Economists often draw upon Bayesian reasoning to understand how people perceive risk and make decisions that involve uncertain outcomes. One often-noted mathematical observation is that such reasoning leads to a number of correct but counterintuitive outcomes. Fortunately, This video
will halp you make sense of it all in less than 5 minutes.
I'm told that Japan has decided that Bitcoin doesn't count as currency
and that some expect the U.S. government to follow suit. It's worth noting that, while some legal definitions of currency require it to be issued by a sovereign government, but there's nothing from an economic perspective that requires that to be the case. Economically, money is defined by the functions it serves
, and Bitcoin appears in large part to be capable of serving those functions, though that's not to say that Bitcoin doesn't have other problems of its own