"There is only one difference between a bad economist and a good one: the bad economist confines himself to the visible effect; the good economist takes into account both the effect that can be seen and those effects that must be foreseen." Frederic Bastiat
Costly investments in specialized human capital resources might be less important than incentives for creativity, flexibility, and the ability to make incremental adjustments.
Mahoney argues that economic arguments play a central role in Smith’s theory of justice. Smith’s jurisprudence might thus provide an important bridge between his moral and economic theories.
The human brain has always been highly tuned toward narratives, whether factual or not, to justify ongoing actions, even such basic actions as spending and investing. Shiller considers the epidemiology of narratives relevant to economic fluctuations.
The provocative Parasite Stress Theory of Values suggests a possible link between the historical prevalence of infectious diseases, the cultural dimension of individualism–collectivism and differences in income inequality across countries. Nikolaev’s findings suggest that societies with more individualistic values have significantly lower net income inequality.
Empirical studies show that government ideology has hardly influenced welfare expenditures since the 1990s. However, empirical analysis shows that economic freedom continues to be the guiding principle that divides left and right in economic policy-making.
Punto de Vista Economico 