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John Kenneth Galbraith's A Short History of Financial Euphoria PDF

By John Kenneth Galbraith

ISBN-10: 0140238565

ISBN-13: 9780140238563

The world-renowned economist deals "dourly irreverent analyses of economic debacle from the tulip craze of the 17th century to the hot plague of junk bonds."—The Atlantic.

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In a grade will tend to have about 20 students per class. Since other differences between a school with 119 students in a grade and a school with 121 students in a grade are presumably random, Angrist and Lavy were able to exploit Maimonides’s rule to estimate the effect of class size on student performance. 35 Difference-in-differences analysis. Does the death penalty save lives by deterring murder? In 1972, the US Supreme Court found the death penalty to be unconstitutional, leading to its suspension.

Though they continue to be refined and extended, these ideas are derived from mainline theories that have been at the core of economic thinking for centuries. Our colleagues at the Mercatus Center and at the Economics Department at George Mason University regularly employ these theories to make sense of the world. Therefore, we include examples throughout our discussion of how their work helps bridge the gap between theory and real-world problems. 61 The explanation begins with productivity. 62 And firms are willing to pay more productive workers more than less productive workers.

Incentives matter Acting individuals respond to incentives. And while we can never presume to know how every person will react in every situation, there are some regular patterns that seem to characterize human action. In particular, humans typically seek pleasure and avoid pain. Moreover, they make tradeoffs, weighing opportunities against one another. 11 These simple ideas about incentives and tradeoffs yield the basic supply and demand models of economics and go a long way toward explaining an extraordinarily wide range of human behaviors.

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A Short History of Financial Euphoria by John Kenneth Galbraith

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