Economic Thinkers: Robert J. Shiller and the Nobel Prize

This week, Robert Shiller received a call from Adam Smith. Really. Shortly after hearing he had been one of three economists selected to receive the 2013 Sveriges Riksbank Prize in Economic Sciences, Dr. Shiller was called by Adam Smith. A Nobel interviewer,…

Election Economics: Obama’s Keynesian Message

Comparing Obama/Biden and Romney/Ryan economics, people name John Maynard Keynes and Friedrich von Hayek. Having looked at Hayek several weeks ago, let’s turn to Keynes now. During 1934, with unemployment high and production low, British economist John Maynard Keynes was…

Animal Spirits and Gas Prices

Is a 9-cent drop enough to ignite our “animal spirits?” The 9-cent decrease refers to the average national price of a gallon of regular gasoline. And “animal spirits” is the optimism that leads to more buying and investing. During the…

Austerity and Harry Truman

What are people saying about austerity, the 2010 word of the year? According to Dr. Econ at the San Francisco Federal Reserve, households are demonstrating austerity by saving more and borrowing less. On the one hand, living within our means…