Revisiting the mathematics of economic expectations

The below presentation by Dr Ole Peters opened my mind. If there was one thing I believed was reasonable about economics, it was assumption that expectation values upon which agents base their decisions are the “ensemble mean” of a large…

Economics of favours and karma

Giving gifts is not selfless. It always creates an implicit obligation…

Book review: The Econocracy

I have just read a fantastic economics book. In entertaining detail, it outlines many issues in the economics profession that I feel strongly about [1]. Like the authors, I want my discipline to evolve into one that is much better than it is; more practical, humble, and diverse…

Immigration economics lesson

When foreign supermarket chains ALDI and Costco entered Australia, did Coles and Woolworths welcome them with open arms?

What a silly question. Of course not. The entry of foreign competitors undermined their pricing power. So much so, that recent RBA…

Land value capture from light rail

Land value capture could fund 25% of light rail infrastructure…

Bullshit financialisation

A type of nonsense policy designed specifically to not address a problem, but rake profits from those who suffer it.

Controlling futile rental-price competition

Home rents are mostly wasted spending arising from futile…