In Praise of Irrationality

“The trouble with market research is that people don’t think what they feel, they don’t say what they think, and they don’t do what they say.” — David Ogilvy Beautiful equations are seductive. Mathematics brings logic and structure to a

The Undoing Project: A Friendship That Changed Our Minds

The belief that human beings are fundamentally rational individuals is perhaps the most important foundational element of modern economics.  While no economist would ever claim that all individuals are rational all the time, it has long been thought that rational

Google’s Inflation Measure May Keep Government Statistics Honest

According to the Financial Times, Google is planning to construct a price index that could eventually serve as an alternative to official government statistics. While the Google Price Index (GPI) is still a work in progress and only tracks web-traded goods, the potential for expansion into other sectors of the economy could provide a more complete picture of inflation in the future. If fully developed, the GPI may keep government statistics honest in periods of higher inflation.

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