If you could invent something to fulfill an economist’s dream, it would look an awful lot like a prediction market. A world where every uncertain future can be priced, hedged and insured against? Kenneth Arrow and Gérard Debreu would approve. A market mechanism to co-ordinate the decentralised wisdom of crowds, ensuring the accuracy of such prices? Adam Smith and Friedrich Hayek sought just that.
For much of the post-WWII era, the United States maintained a set of institutional boundaries designed to govern the use...
As was the case the morning after “Shock and Awe” signaled the start of the Iraq war, many are cheering...
In any principles of economics class, students learn the difference between accounting profit and economic profit. Accounting profit, which is...
Yves here. I am of two minds in even now calling attention to the before-year-end action in the Fed’s repo...
Ludwig von Mises’s Omnipotent Government did not merely sharpen my intellect; it gave language to an experience I had lived. For...
Thousands of Venezuelans go out in La Vega, a popular area of Caracas to celebrate the fall of Nicolás Maduro...
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