A new school of economists is controversially turning to neuroscience to improve the dismal science

The turbulence of the U.S. economy has lots of people railing against capitalism itself, and with good reason: capitalism is inherently turbulent. That’s why the legendary economist Joseph Schumpeter called it “creative destruction.” Not only must eggs be broken to make an omelet, but sometimes people may decide they want their omelets made with no eggs at all.

The father of behavioural economics Daniel Kahneman talks to VIKRAM KHANNA about cognitive illusions, investor irrationality and measures of well-being

HAS Fareed Zakaria finally succeeded where others have failed, and named the era in which the world finds itself today? For most of the past century it has been conflict that has defined the age—the inter-war period, wartime, the cold war. Now Mr Zakaria, editor of Newsweek International, declares that this is the post-American age.

So here’s the bottom line: Mr. Bush deserves some blame for the poor performance of the economy on his watch, but much of the blame lies with other, earlier political figures, who squandered chances for reform. As it happens, however, most though not all of the politicians responsible for our current economic difficulties were Republicans.

The median household income is commonly used to provide data about geographic areas and divides households into two equal segments with the first half of households earning less than the median household income and the other half earning more.[1] The median income is considered by many statisticians to be a better indicator than the average household income as it is not dramatically affected by unusually high or low values.

http://money.cnn.com/2008/06/20/magazines/fortune/Evolution_McCain_Whitford.fortune/index.htm?postversion=2008062314

He slammed big companies and free trade in the primaries, but Barack Obama insists he just wants to show corporate America some tough love. We go behind the scenes to see how he plans to make the U.S. a land of opportunity once again.

First of all, I don’t have a political dog in this fight. I’m happy to believe that crazy speculation distorts markets. And I do think it’s likely that oil prices will come down, for a while, once consumers have a chance to respond more fully to high prices by changing their driving habits, switching to smaller cars, etc..

Our real choice is between two candidates who don't understand economics. And they both want to govern a country full of people who also don't understand economics while thinking they do. That makes the old, senile guy the only person in this scenario that isn't deluded or lying. He tells you up front that he doesn't understand economics.