Articles on economic theory

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How can you tell if you’re getting a great deal or buying a lemon? Art Crimes/Flickr

Economic theories that have changed us: asymmetric information

Asymmetric information -- where one party to a potential transaction knows more about the deal than the other -- can cause markets to collapse. Luckily, we've invented a few tricks to deal with it.
A male bonobo who likely holds some irrational biases when it comes to economic decision-making. Christopher Krupenye

Apes make irrational economic decisions – that includes you

Just the other day I found myself in the waiting room of an automotive dealership. While my car was being serviced, I flipped through a product brochure. One ad for an oil change boasted that it would…
When faced with an economic policy agenda, the public must be persuaded on two fronts: that it is justified both by evidence and morally. AAP/Paul Miller

The government can sell the budget if it gets its story straight

It is now more than three months since the Abbott government released its first budget. Amid the subsequent wrangling over controversial measures such as the A$7 GP co-payment and re-indexing the fuel…
A new benchmark to measure the economic response to climate change. Mario Sánchez Prada

Bringing the long game into climate change economics

The UK government’s senior adviser on science has made an entirely sensible call for researchers and policy makers to move the climate change debate towards workable strategies and solutions. The trouble…
George Soros says it is necessary to redefine the assumptions and axioms on which economic theory is based. AAP

The end of economics as we know it? Don’t bet on it

According to billionaire George Soros, co-founder of the Institute for New Economic Thinking, proving the bankruptcy of traditional economic theory is “mission accomplished” and it is now time to determine…
Buying power doesn’t always stack up as the best measurement for who we are and how far we’ve come. Shutterstock/ MaleWitch

More pie in the sky - economic progress no slice of life

In the verbal volley between Gillard and Abbott, Swan and Hockey, there is a conversation that we are not hearing. It bubbles below the consciousness of mainstream Australia, a conversation that is old…

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