The modern business school is designed to promote dealmaking, simplification and optimization. This mind-set has escaped containment and has spread to the wider world. Business-educated elites increasingly populate political leadership, bringing with them a transactional view of public life. One investigation found that out of 45 current heads of state who had studied in the United States, 10 were business majors, and six of those also earned M.B.A.s. President Trump, a Wharton graduate, has treated foreign policy and government itself as extensions of dealmaking and personal gain. The New York Times

On October 12th the Nobel memorial prize, the top gong in economics, was awarded to two of that movement’s leading lights, Robert Hall of Stanford University and Michael Woodford of Columbia University. The prize committee credited the duo with rebuilding macroeconomics on “microfoundations”: representing economic outcomes as the result of the behaviour of individuals and businesses. That was an intellectual break from the past. Economist

After a decade of backlash, it is time to accept not only that neoliberalism is dead but also that a new consensus is taking its place. Discussions in universities and think tanks are driven today by a common understanding that departs significantly from the neoliberal orthodoxy of the last 50 years. tipp insights

Toss out the college textbooks, because the world has changed. The unemployment rate? Forget it. The Fed only cares about the number of people working and how to get it higher, not an age-old statistic that, for all its familiarity, overlooks a key group, namely those who stopped looking for work during the pandemic and need to be brought back. Inflation? Not a problem anytime soon. Queried by Democratic U.S. Senator Mark Warner about the need to make “a sizeable investment” in U.S. infrastructure, Powell set aside classic concerns of hefty government borrowing driving up prices and responded “this is

Raj Chetty has an idea for introducing students to econ that could transform the field — and society. Vox