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.
A “Help Wanted” sign hangs in restaurant window in Medford, Massachusetts, U.S., January 25, 2023. Brian Snyder | ReutersNonfarm payrolls...
The US Supreme Court now has before it the case of Trump vs. Barbara. The Trump administration is arguing that...
I just returned from Canada, where I spoke in Calgary and in Vancouver. I found the support for Alberta separation...
Duke University is perhaps best known for its very successful men’s basketball program, which is always ranked each year among...
The latest JOLTS report for February 2026 is being interpreted by the mainstream press as a “cooling” labor market, but...
The latest IRS data makes one thing clear. The United States is undergoing a massive redistribution of wealth between states,...
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