Economics Archives

Gold Standard vs. Fiat Currency: Is the Issue Just Psychological?

Which is better—the gold standard or fiat currency? Could you make a sound economic argument for your position? In Narrative Economics, economist Robert J. Shiller argues that human beliefs and actions, rather than numbers and statistics, ultimately drive economics. Specifically, he writes that beliefs about the gold standard are part of a recurring American economic narrative. Read more to learn Shiller’s take on the gold standard vs. fiat currency debate.

Tips on Investing in Stocks: How to Avoid Overspeculation

What are some tips on investing in stocks? How can you avoid being caught in a speculative bubble? The best tips on investing in stocks include recognizing overpriced assets in the market and diversifying your portfolio. To avoid overpaying for stocks, you should consider these factors more in-depth. Learn why stocks become overpriced and how to avoid losing money in investments.

Machines Taking Over Jobs: A Tale as Old as Time

Are you worried that you’ll lose your job to a machine? What’s the historical precedence for this concern? Economist Robert J. Shiller points to several narratives that tap into fundamental themes that have shaped our collective understanding of past economic events. In turn, the narratives themselves come to have a profound influence on future events. One of these narratives entails machines taking over jobs. Keep reading to learn about this recurring economic narrative that provides some needed perspective.

2 Narratives Borne Out of Elon Musk’s Charismatic Leadership

Why is there a market for electric vehicles? Why are people venturing into the arena of space travel? Economist Robert J. Shiller asserts that certain narratives take off and take hold because they receive influential endorsements. He credits the charismatic leadership of Elon Musk for two of these economic narratives. Keep reading to learn how Elon Musk’s charismatic leadership has captured our imagination in two sectors of the economy.

Narrative-Based Economic Forecasting Methods (Robert Shiller)

What if economists collaborated with psychologists and sociologists? How could they benefit from spending more time on social media? In Narrative Economics, Robert J. Shiller argues that human beliefs and actions, rather than numbers and statistics, ultimately drive economic outcomes. From this perspective, he suggests that we adopt new approaches that broaden our understanding of economic events and help us make better predictions. Read more to learn about Shiller’s proposed narrative-based economic forecasting methods.

4 Economic Narratives We Can’t Shake (+ How They Work)

What are the consequences of the “American dream” narrative? What’s the truth about the gold standard? Economist Robert J. Shiller writes that narratives are extraordinarily powerful because they help us make sense of the world. By organizing random events and observations into stories with clear narrative arcs, we come to understand our world, how it came to be, and our place within it. Keep reading to understand how narratives work and to learn about four recurring economic narratives.

The United Auto Workers Union Strike: Background & Views

Does the public support the United Auto Workers union strike? Who does the strike affect the most? More than 34,000 members of the United Auto Workers union have been on strike for over a month, halting production at key plants. Polls show strong public support for the striking workers, which suggests sentiment may be shifting toward unions in the US. Continue reading for a background on the UAW strike and the opinions surrounding it.

Cold War Technology: The Power of the Semiconductor

What Cold War technology emerged in the 1940s and 1950s? How did military investment influence the development of electronics? Cold War technology centered on semiconductors and computer chips used for intelligence, guiding weaponry, and more. By understanding how the military influenced technological research and development, you can develop a better grasp of economic history. Read on to learn more about how semiconductors developed through the Cold War.

Chip War: Miller’s History of the Semiconductor, Explained

What can we learn from Chris Miller’s Chip War? What is there to know about the economic history of the semiconductor? In Chip War, Miller describes the growth of the semiconductor industry from invention to globalized mass production. He walks through each step of the semiconductor’s technological development, highlighting key international competitors in the industry. Read on for insights and explanations drawn from Chris Miller’s Chip War.

What Is Moore’s Law? Predicting the Evolution of Electronics

What is Moore’s law? Can we still use Moore’s law today? Moore’s law states that the number of transistors that can fit on a microchip will double every two years and that the cost of each transistor will decrease. Since it was first predicted in 1965, this has been roughly accurate; however, understanding whether we can use Moore’s law today requires a more thorough look. Read on to learn more about what Moore’s law is and whether it still makes sense today.