Scholars need incentives to tell the truth, not to hide it and promote socially acceptable ideas.

A silent crisis of ‘serial returns’ is eroding retail profit margins as uncovered in the Annual Returns Benchmark Report 2024 conducted by returns specialists ZigZag, in partnership with Retail Economics.

Once upon a time, in a land far, far away – in Internet terms that’s about 10 years ago – a small business owner did not have to worry too much about macro-economics. Well, that was a nice trip down Memory Lane.

Today, Main Street business owners have to operate every day in their micro-economy, while keeping an eye on what is happening at the macro level. Alas, macro-economics is not easy to get your head around when your highest priority on Monday morning is to cover payroll on Friday.

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Fr. Apostolos Hill homily about the parable of the unforgiving servant.

In the world of business, understanding unit economics is crucial for achieving scalability, profitability, and maintaining overall business health. It provides valuable insights into the financial performance of a company, allowing entrepreneurs and managers to make informed decisions about resource allocation, pricing, and profitability. I spend a decent amount of time talking about this in ... Read more

The post Scaling Your Business Requires Understanding Your Unit Economics appeared first on Chris Lema.

One of the more persistent criticisms I get these days is that by being public about my really rather normal experience of sex work, I am "silencing" people who label themselves a victims.

I'm not going to rehash the particular arguments regarding Happy Hookers vs. Abused Victims here, in part because Maggie McNeill has already done it. Suffice it to say that people who have read my writing know my experience of sex work, while useful, positive, and not abusive, was not quite the shopping-and-shoe-buying fantasy critics paint it as. But then most people who think that about me have never encountered my writing firsthand and are instead basing their impressions off a half-remembered advert featuring Billie Piper's tits. I understand. It's easy to get confused.

But it did give me a moment of pause: is my writing crowding out other voices in the market? I decided to examine this further.

Since many people purport to tell the story of sex workers for them, I excluded books that were either not written by or not straight biographies of a particular sex worker. I also excluded all that were fiction (such as my own Playing the Game) or deal with post-sex work life (such as Lily Burana's I Love a Man in Uniform).

Anyway, here are the results:


As you can see, my books are outnumbered by hooker memoirs that predate mine (Tracy Quan and Xaviera Hollander in particular). Outspoken strippers also chalk up plenty of contributions to the genre.

But outnumbering all of us by far are the 'misery memoirs' about prostitution. (Don't get angry at me for the sweeping generalisation. That is what the genre actually is called.) There are, to use the technical term, fucking shedloads of these books. You'll notice more than a few bestsellers in that stack as well. These were just the ones I could fit into the graphic; there are dozens upon dozens more. Many if not most of which were published after my books first came out.

It's probably fair to conclude that not only has my writing not stopped others from contributing their experience to the general debate on sex work, but that you're actually more likely to get noticed if you're unhappy with prostitution than generally satisfied with it.

With the swirling vortex of Kristof/trafficking/concern porn making the rounds, in fact, now might just be the right time to do it. If you were of a mind to write a book like that.

I encourage people with real firsthand views on the topic, whatever they are, to write. In fact moreso if you are not white, or not a cis woman, or not from the US or Western Europe. Women who look and sound approximately like me are already pretty well represented in the hallowed halls of sex worker lit. Let's diversify it all over the damn place until the orientalists and anti-migration-disguised-as-anti-trafficking types have to eat every last one of their words.

Just so long as we all understand that there is no such thing as one story of sex work - they are as diverse as the people in it. My story is my story. Your story is your story. None of us speak for all sex workers. And be honest. As Bob Dylan memorably put it “If you live outside the law you must be honest.” So long as we are all on the level, then getting as many true voices out there as possible is no bad thing.

Now back to the critics...

For pity's sake don't come crying to me if you're not as popular as you like. As the objective evidence shows, it categorically is not down to me whether or not people want to read your writing.

As regards writing as a career, it is dangerous to assume I or anyone else is getting "vastly rich" off of writing (as one bitter soul recently accused). Many people seem to think that writing a book, even a bestselling one, is a ticket to financial freedom and nets far beyond what even your common-or-garden escort can potentially make. I hate to break it to the dreamers, but that is not so.

If it was, do you think I'd still be writing? Hell, no. I'd be kicking back with J.K. Rowling and E.L. James in our secret volcano fortress warming my toes on a fire built by our minions entirely out of £50 notes and cackling madly. As opposed to the reality - sitting in my home office in a very average house in one of the poorest areas of the country. I'm not bankrolled by any grant-grabbing NGOs, my personal appearances usually only cover expenses, and nuisance legal threats from people with a lot of time on their hands cost more than all my living expenses combined. I've done better than most by writing and am still a long way off being a millionaire.

As it turns out, I hear the person who made that accusation supposedly comes from family money herself and spends her time as a dilettante poetess. If that's true, well, good luck with that. Whatever works amirite?

Best of luck, former fellow hos. This is not exactly the road less traveled but is no less bumpy for it.

The growing global market for the light gauge steel framing industry.

The post CfP: Artificial Intelligence in Health Economics and Outcomes Research was curated by information for practice.

A new roundtable will hold its first public meeting on Jan. 23 to discuss challenges associated with incorporating climate change into the macroeconomic analyses used for federal policymaking. The roundtable’s activities will inform a new White House interagency working group.

A new National Academies report highlights how behavioral economics has built invaluable evidence about why people may act in seemingly irrational ways, how they respond to interventions, and how public policy can be designed to help people make better decisions.

Understanding macroeconomics is helpful as you advance in your OHS career. Macroeconomics is the big picture evaluation of how an economy works based upon numerous influences at the local, regional, and global levels.

Farayi Gwenhamo, PhD, is a distinguished expert in macroeconomics with 20 years of experience

Marvin M. Phaup Jr. is a distinguished educator and recognized scholar

Prahlad Kasturi is recognized for over 40 years of service at the Manoa and Hilo campuses of the University of Hawaii and at Radford University in Virginia

Carycruz Miriam Bueno, PhD, honored for her expert leadership in economics and education research

Soccer star Lionel Messi is currently hoping to lead Argentina to victory in the World Cup. His path to global fame was shaped by a crisis in Argentina's economy.

This episode was made in collaboration with NPR and Futuro Studios's The Last Cup podcast.

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All sorts of lessons (even about economics) can be learned from kids' books. On today's show, we visit an elementary school to try to teach third graders econ using some beloved childrens' classics. And, along the way, we learn a few things ourselves.

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In the early 90s, when a young economist named Michael Kremer finished his PhD, there had been a few economic studies based on randomized trials. But they were rare. In part because randomized trials – in which you recruit two statistically identical groups, choose one of them to get a treatment, and then compare what happens to each group – are expensive, and they take a lot of time.

But then, by chance, Michael had the opportunity to run a randomized trial in Busia, Kenya. He helped a nonprofit test whether the aid they were giving to local schools helped the students. That study paved the way for more randomized trials, and for other economists to use the method.

On today's show, how Busia, Kenya, became the place where economists pioneered a more scientific way to study huge problems, from contaminated water to low graduation rates, to HIV transmission. And how that research changed government programs and aid efforts around the world.

This episode was produced by James Sneed with help from Willa Rubin. It was engineered by James Willetts. It was fact-checked by Sierra Juarez and Emma Peaslee. It was edited by Molly Messick. Jess Jiang is our acting executive producer.

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Innovation is crucial for game-changing advancements in society, whether it's treatments for serious diseases, developments in AI technology, or rocket science.

Today on the show, we're airing two episodes from our daily economics show The Indicator. First, a new paper suggests that breakthrough innovations are more likely at smaller, younger companies. We talk to an inventor who left a big pharmaceutical company to start afresh, leading to some incredible treatments for serious diseases.

Then, it's off to Mars — or at least, on the way. Elon Musk's company SpaceX did a first test launch of a rocket meant to go all the way to the red planet. The rocket made it up off of the launch pad and lumbered briefly through the sky before self-destructing over the Gulf of Mexico. Suffice it to say, it's not quite ready. NPR science correspondent Geoff Brumfiel walks us through SpaceX's business plan as we try to figure out if this company has the funding and business acumen to reach its moonshot goal.

These two Indicator episodes were originally produced by Corey Bridges & Brittany Cronin, engineered by Katherine Silva & James Willets, and fact-checked by Dylan Sloan & Sierra Juarez. Kate Concannon edits the show.

The Planet Money version of this episode was produced by Willa Rubin, engineered by Robert Rodriguez, and edited by Keith Romer.

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When it comes to big questions about the economy, we're still kind of in the dark ages. Why do some economies grow so much faster than others? How long is the next recession going to last? How do we stop inflation without wrecking the rest of the economy? These questions are the domain of macroeconomics. But even some macroeconomists themselves admit: While we have many theories about how the economy works, we have very few satisfying answers.

Emi Nakamura wants to change all that. She's a superstar economist who is a pioneer in the field of "empirical macroeconomics." She finds clever ways of using data to untangle some of the oldest mysteries in macroeconomics, about the invisible hand, the consequences of government spending, and the inner workings of inflation.

Recently we called her up to ask her why the economy is so difficult to understand in first place, and how she's trying to find answers anyway. She gets into all of that, and how Jeff Goldblum shaped her career as an economist, in this episode.

This show was hosted by Jeff Guo and Nick Fountain. It was produced by Dave Blanchard with help from Sam Yellowhorse Kesler. It was engineered by Josephine Nyounai and fact checked by Sierra Juarez. Keith Romer edited the show. Alex Goldmark is our executive producer.

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You might expect to find economic concepts in the pages of an economics textbook. But you know where you can really see a lot of economic concepts in action? Buffets.

Here at Planet Money we believe there's a lot of economics going on at the all-you-eat buffet, tucked in between the mountains of brisket and troughs of mashed potatoes. From classic concepts like adverse selection, sunk costs, diminishing marginal returns, to more exotic economic mysteries, like the flat rate pricing bias.

Today on the show, we're headed to the place where the modern buffet may have been born: Las Vegas. Our mission? To feast ourselves on all the economics we can handle at the all-you-can-eat buffet. And along the way, an economist and fellow buffet-lover will teach us his hyper-rational strategy for optimizing his buffet experience.

Today's show was produced by James Sneed and Nick Fountain with help from Emma Peaslee. It was edited by Jess Jiang, engineered by James Willetts, and fact-checked by Sierra Juarez. Alex Goldmark is our executive producer.

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The Department of Defense's proposed budget for 2024 is $842 billion. That is about 3.5% of the U.S.'s GDP. The military buys everything from pens and paper clips to fighter jets and submarines. But the market for military equipment is very different from the commercial market.

On today's episode, we're bringing you two stories from The Indicator's series on defense spending that explore that market. As the U.S. continues to send weapons to Ukraine and Israel, we first look at why defense costs are getting so high. Then, we dive into whether bare-bones manufacturing styles are leaving the U.S. military in a bind.

The original Indicator episodes were produced by Cooper Katz McKim with engineering from Maggie Luthar and James Willetts. It was fact-checked by Sierra Juarez and Angel Carreras. They were edited by Kate Concannon and Paddy Hirsch. Alex Goldmark is Planet Money's executive producer.

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Why do video game workers offer labor at a discount? How can you design a video game for blind and sighted players? Does that design have lessons for other industries?

These and other questions about the business of video games answered in todays episode. The Indicator just wrapped a weeklong series decoding the economics of the video game industry, we're excerpting some highlights.

First, we meet some of the workers who are struggling with the heavy demands placed on them in their booming industry, and how they are fighting back.

Then, we check in on how game developers are pulling in new audiences by creatively designing for people who couldn't always play. How has accessibility become an increasingly important priority for game developers? And, how can more players join in the fun?

You can hear the rest of our weeklong series on the gaming industry at this link, or wherever you get your podcasts.

This episode was hosted by Wailin Wong, Darian Woods, and Adrian Ma. Corey Bridges produced this episode with help from James Sneed. It was edited by Kate Concannon, fact-checked by Sierra Juarez, and engineered by Robert Rodriguez with help from Valentina Rodríguez Sánchez. Alex Goldmark is Planet Money's executive producer.

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"Wanna see a trick? Give us any topic and we can tie it back to the economy."

That is the bold promise in Planet Money's tagline. And we believe the show does live up to it. Over the last year, we've told stories about breakdancing, rum, pagers, buffets, colors, and heartbreak.

But then one host wondered: what if we really held ourselves to that promise? What if we challenged ourselves to find economic meaning in the most esoteric and far-flung topics imaginable?

That's when we turned to you, our listeners. And boy did you deliver. You sent in ideas so obscure, so banananas, so guaranteed to stump and bamboozle that our host maybe started to regret her life choices...but she was resolved to give it a try.

This episode was hosted by Sally Helm and Keith Romer. It was produced by James Sneed. It was edited by Molly Messick and fact-checked by Sierra Juarez. Engineering by Kwesi Lee. Alex Goldmark is Planet Money's executive producer.

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Mortgage rates are at their highest levels in 22 years and house prices are at record highs. Hardworking Americans cannot get on the property ladder, and retirees are struggling to sell in order to downsize. The Biden administration has done little to help alleviate the problem. This Washington Examiner series, Home Economics, will investigate how we got here, the toll on people around the country, and the alternatives people are embracing to survive the market. Part one of this four-part series focuses on the risk the crisis poses to President Joe Biden's reelection effort.

Soaring mortgage rates have combined with high housing prices to push homebuying out of reach for many people, causing major knock-on effects on their lives.

Mortgage rates are at their highest levels in 22 years and house prices are at record highs. Hardworking Americans cannot get on the property ladder, and retirees are struggling to sell in order to downsize. The Biden administration has done little to help alleviate the problem. This Washington Examiner series, Home Economics, will investigate how we got here, the toll on people around the country, and the alternatives people are embracing to survive the market. Part three of this four-part series focuses on the supply side problems in the housing market.

Mortgage rates are at their highest levels in 22 years and house prices are at record highs. Hardworking people cannot get on the property ladder, and retirees are struggling to sell in order to downsize. The Biden administration has done little to help alleviate the problem. This Washington Examiner series, Home Economics, will investigate how we got here, the toll on people around the country, and the alternatives people are embracing to survive the market. The last part of this four-part series focuses on the alternatives to traditional fixed-rate mortgages gaining new consideration among prospective home buyers.

Author Vijay Mehta, Chair of Uniting for Peace, is giving a talk on his book on 5th March 2013 at University of Warwick

Join the Study Abroad Program to learn more about undergraduate summer study abroad at the London School of Economics. We will discuss the application process, credit transfer, and funding.

School board members in Tucson, Ariz., acted after learning that a controversial economics textbook that hadn't been properly vetted.

US-based academics Daron Acemoglu, Simon Johnson and James Robinson won the 2024 Nobel economics prize "for studies of how institutions are formed and affect prosperity", the Royal Swedish Academy of Sciences said on Monday.

On September 2 (3pm UTC / 11am EDT), I'll be joining Jonathon Karelse, CEO of NorthFind Management, for an interactive "fireside chat" on the application of Behavioral Economics in demand planning. This is part of the Foresight Webinar Series, and registration is free. Since we first met at an Institute [...]

The post Behavioral economics in demand planning (webinar September 2) appeared first on The Business Forecasting Deal.

This is the 15th installment of The Rationalist, my column for the Times of India.

It’s election season, and promises are raining down on voters like rose petals on naïve newlyweds. Earlier this week, the Congress party announced a minimum income guarantee for the poor. This Friday, the Modi government released a budget full of sops. As the days go by, the promises will get bolder, and you might feel important that so much attention is being given to you. Well, the joke is on you.

Every election, HL Mencken once said, is “an advance auction sale of stolen goods.” A bunch of competing mafias fight to rule over you for the next five years. You decide who wins, on the basis of who can bribe you better with your own money. This is an absurd situation, which I tried to express in a limerick I wrote for this page a couple of years ago:

POLITICS: A neta who loves currency notes/ Told me what his line of work denotes./ ‘It is kind of funny./ We steal people’s money/And use some of it to buy their votes.’

We’re the dupes here, and we pay far more to keep this circus going than this circus costs. It would be okay if the parties, once they came to power, provided good governance. But voters have given up on that, and now only want patronage and handouts. That leads to one of the biggest problems in Indian politics: We are stuck in an equilibrium where all good politics is bad economics, and vice versa.

For example, the minimum guarantee for the poor is good politics, because the optics are great. It’s basically Garibi Hatao: that slogan made Indira Gandhi a political juggernaut in the 1970s, at the same time that she unleashed a series of economic policies that kept millions of people in garibi for decades longer than they should have been.

This time, the Congress has released no details, and keeping it vague makes sense because I find it hard to see how it can make economic sense. Depending on how they define ‘poor’, how much income they offer and what the cost is, the plan will either be ineffective or unworkable.

The Modi government’s interim budget announced a handout for poor farmers that seemed rather pointless. Given our agricultural distress, offering a poor farmer 500 bucks a month seems almost like mockery.

Such condescending handouts solve nothing. The poor want jobs and opportunities. Those come with growth, which requires structural reforms. Structural reforms don’t sound sexy as election promises. Handouts do.

A classic example is farm loan waivers. We have reached a stage in our politics where every party has to promise them to assuage farmers, who are a strong vote bank everywhere. You can’t blame farmers for wanting them – they are a necessary anaesthetic. But no government has yet made a serious attempt at tackling the root causes of our agricultural crisis.

Why is it that Good Politics in India is always Bad Economics? Let me put forth some possible reasons. One, voters tend to think in zero-sum ways, as if the pie is fixed, and the only way to bring people out of poverty is to redistribute. The truth is that trade is a positive-sum game, and nations can only be lifted out of poverty when the whole pie grows. But this is unintuitive.

Two, Indian politics revolves around identity and patronage. The spoils of power are limited – that is indeed a zero-sum game – so you’re likely to vote for whoever can look after the interests of your in-group rather than care about the economy as a whole.

Three, voters tend to stay uninformed for good reasons, because of what Public Choice economists call Rational Ignorance. A single vote is unlikely to make a difference in an election, so why put in the effort to understand the nuances of economics and governance? Just ask, what is in it for me, and go with whatever seems to be the best answer.

Four, Politicians have a short-term horizon, geared towards winning the next election. A good policy that may take years to play out is unattractive. A policy that will win them votes in the short term is preferable.

Sadly, no Indian party has shown a willingness to aim for the long term. The Congress has produced new Gandhis, but not new ideas. And while the BJP did make some solid promises in 2014, they did not walk that talk, and have proved to be, as Arun Shourie once called them, UPA + Cow. Even the Congress is adopting the cow, in fact, so maybe the BJP will add Temple to that mix?

Benjamin Franklin once said, “Democracy is two wolves and a lamb voting on what to have for lunch.” This election season, my friends, the people of India are on the menu. You have been deveined and deboned, marinated with rhetoric, seasoned with narrative – now enter the oven and vote.

The India Uncut Blog © 2010 Amit Varma. All rights reserved.
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Bilateral business and financial engagement is growing between India and China, with India taking advantage of China's favorable financing terms.

New institutional economics (NIE) has received another so-called Nobel prize, ostensibly for again claiming that good institutions and democratic governance ensure growth, development, equity and democracy. Daron Acemoglu, Simon Johnson, and James Robinson (AJR) are well known for their influential cliometric work. AJR have elaborated earlier laureate Douglass North’s claim that property rights have been […]

Warby Parker was one of the original direct-to-consumer brands, but now, the eyeglass-maker’s sales are split about evenly between its more than 140 brick-and-mortar locations and its online store. WSJ’s Charity Scott explains why this split is Warby Parker’s secret sauce. Photo: Adam Falk/The Wall Street Journal

Bristol : Bristol University Press, [2023]

Amsterdam : North Holland, 2023.

Amsterdam, Netherlands : Elsevier, 2023.

San Diego : Elsevier Science & Technology, 2023.

Cambridge : Cambridge University Press, 2023.

La Vergne : Anthem Press, 2024.

Newcastle upon Tyne : Agenda Publishing , 2024.

Kate Raworth is an economist focused on making economics fit for the 21st century and the author of Doughnut Economics: Seven Ways to Think Like a 21st Century Economist. Join Raworth at WIRED Live as she describes how doughnut economics impacts businesses. ABOUT WIRED SMARTER Curated by WIRED’s award-winning editorial team, WIRED Smarter gathers the disruptive minds across business, technology, retail, finance and politics to investigate how innovation, technological advances and world events are changing the way we interact with customers.

The prestigious award, formally known as the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, is the final prize to be given out this year and is worth 11 million Swedish crowns ($1.1 million)