In one ancient demonstration of what Kahneman calls the availability heuristic, the character of Euthyphro defines piety as exactly what he has done immediately before beginning his conversation with Socrates. Because this is the first example that comes to mind, Euthyphro naturally offers his own behaviour as a paradigm case of piety – the concept that the dialogue investigates. Consider the difference between saying ‘I am doing X because it is right’ and ‘X is right because I am doing it’. Euthyphro unwittingly falls into the trap of the latter while believing he is doing the former. Plato suggests that a remedy for this tendency must involve changing what gives us pleasure and pain – lessening the pain associated with uncertainty or decreasing the pleasure derived from proving that one is right. These are ethical challenges as much as intellectual ones.
Here is the alternative to the treadmill thesis. As professional life has evolved over the past generation, it has become much more pleasant. Software and information technology have eliminated much of the drudgery of the workplace. The duller sorts of labour have gone, performed by people in offshore service-centres or by machines. Offices in the rich world’s capitals are packed not with drones filing paperwork or adding up numbers but with clever people working collaboratively.
Because of an editing error, an obituary on Wednesday about the economist Ronald H. Coase misidentified the university where he taught from 1951 to 1958. It was the University of Buffalo, not the State University of New York at Buffalo. (It did not become part of the State University system until the early 1960s.)
— Conrad Black is the author of Franklin Delano Roosevelt: Champion of Freedom , Richard M. Nixon: A Life in Full , and Flight of the Eagle: The Grand Strategies That Brought America from Colonial Dependence to World Leadership .
Before Keynes, economists considered the money supply a primary tool of economic management. But Keynes argued that under depression conditions, when interest rates are very low, changes in the money supply have little effect on the economy. The logic went like this: when interest rates are 4 or 5 percent, nobody wants to sit on idle cash. But in a situation like that of 1935, when the interest rate on three-month Treasury bills was only percent, there is very little incentive to take the risk of putting money to work. The central bank may try to spur the economy by printing large quantities of additional currency; but if the interest rate is already very low the additional cash is likely to languish in bank vaults or under mattresses. Thus Keynes argued that monetary policy, a change in the money supply to manage the economy, would be ineffective. And that’s why Keynes and his followers believed that fiscal policy—in particular, an increase in government spending—was necessary to get countries out of the Great Depression.
RES Young Economist of the Year 2013 - Ellie Heatherill. 2013 Winning Essays & Judges Report