Gary Becker, Nobel Laureate

This post acknowledges another patron saint of the GEM Project. In 1992, Gary Becker of the University of Chicago was awarded the 1992 Nobel Prize “for having extended the domain of microeconomic analysis to a wide range of human behaviour … 
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Routinized Jobs

 

Is anybody excited about a post entitled “Routinized Jobs”? But boring employment is a key part of modern macroeconomic landscapes that is almost uniquely modeled in the GEM Project. I just finished reading Seasonal Associate by Heike Geissler, an “autobiographical … 
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The Big Picture

Macro theorists have understandably experimented with a variety of paradigms in the attempt to explain the periodic instability of modern highly-specialized economies. Contrasting two conflicting paradigms has been a recurrent theme of the GEM Project Blog. The first is mainstream … 
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Top Billing

 

The GEM Project insists that the top priority in modern macroeconomic research is unchanged from the Early Keynesians. It continues to be figuring out how to microfound meaningful wage rigidity, which by definition rationally suppresses labor-price recontracting. MWR is a … 
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The One True Wage Rigidity Model

As promised last week, this post looks at some of the insightful, little known evidence that supports my claim that the GEM Project’s explanation of wage determination is how labor is actually priced in ubiquitous information-challenged workplaces. The Project’s narrative … 
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Thinking about Efficiency

 

The core concept in the GEM Project is economic efficiency. Throughout the history of the profession, economists have agreed on the centrality of efficiency. From the beginning: “Adam Smith’s main concern was how and why economies grew. His answer was … 
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Douglass North, Nobel Laureate

Douglass North died three years ago, at the age of 95. He received the Nobel Prize in Economics in 1993 for his pioneering work in cliometrics and the application of rigorous neoclassical theory to the analysis of institutions. The GEM … 
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Axiomatic Assumptions and Employee Utility

As made clear las week, the GEM Project properly constructs employee preferences on axiomatic assumptions. Enter utility functions, the wonkish vehicle economic theorists typically employ to organize their analyses of human behavior. Noneconomists hate the mechanistic sound of “utility function”. … 
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Axiomatic Assumptions

This post continues the grand theme of the GEM Project. How to best construct theories of macro phenomena that actually explain the range of costly instability that occurs in highly specialized economies? Readers know that Project guidelines begin with rationality. … 
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Unbearable Truth

Nietzsche believed that a person is entitled to as much truth as he or she can bear. My corollary is that people push aside truth that they cannot bear. The capacity of truth to inform is much in the news … 
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