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Paul Samuelson's View of Milton Friedman
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In their book Animal Spirits, George Akerlof and Robert Shiller recount the intellectual battles waged between Milton Friedman and Paul Samuelson, two of the 20th century’s most important economists. Friedman was a huge believer in the power of markets, and in consumers’abilities to make rational decisions. Samuelson also recognized the power of markets, but thought…
Ancient Greek Philosopher Anticipates Behavioral Economics Finding
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I have conducted a number of studies on a phenomenon sometimes referred to as emotional adaptation. The basic idea behind this phenomenon is that people often respond with strong emotions to significant changes in their circumstances, but these emotions tend to diminish over time. Moreover, people often fail to anticipate this change in emotions, a failure…
What Airplane Safety, Mammograms, and Gun Massacres Have in Common
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Gun rights advocates are correct: a well armed principal might have reduced the death toll from the tragic elementary school shootings in Connecticut last week. Gun carrying citizens might also have been able to take down the shooters in Aurora and Virginia Tech. To most people, after all, guns are about self-defense, not about committing crimes….
On Healthy Soldiers
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In World War II, soldiers were reminded regularly to take their anti-malaria pills. One soldier summarized this practice as follows: “Like fat cattle who are pampered to the very doors of the slaughterhouse, it was important that if and when we died we should be in good health.” Gulp. (Click here to view comments)
More on Revolution from Clay Shirky
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“If it’s a revolution it can’t be predictable. And if it’s predictable it can’t be a revolution.” -Clay Shirky (Click here to view comments)