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The first name that an Economics student is likely to encounter is Adam Smith. The second name is usually David Ricardo, the proponent of Comparative Advantage.
As a quick summary, Comparative Advantage states that even if a country makes every possible good more efficiently than other countries, it should still concentrate on the goods it is [...]

If you have access to the Wall Street Journal Online, you may want to read this article. It talks of Prediction Markets and their fallacies:
So-called “prediction” markets such as Intrade and Iowa Electronic Markets are, like the stock and every other market, only as reliable as the information they process. They generally do a bang-up [...]

Happy Memorial Day to everyone in the United States. To everyone else happy Monday. Today we’ll bring your attention to this website.
Goodness knows I could have used this for my thesis. It is a collection of research papers and articles regarding Prediction Markets. It is still quite rudimentary, but it is sorely needed.
We will be [...]

On May 4th, Hillary Clinton said she was not going to put her “lot in with economists.” On May 8th her chances of winning, according to prediction markets, stood at below 10%, while her chances of winning the Democratic nomination stood at exactly 10%.
In 1992, Hillary’s husband Bill Clinton used the slogan “It’s the economy, [...]

Live in Italy. That’s the short answer.
Italy has an untaxed (read contraband; black and gray market) economy that equals the combined gross domestic products of Finland, Portugal, Romania and Hungary. According to Italy’s tax revenues, 25% of the country makes less than € 6,000 per year, and 95% make less than € 40,000. Restaurant owners [...]