Big news today in commodities: crude oil closed above $100 a barrel for the first time ever. In the days that follow, you’re going to be hearing a lot about what OPEC will do when it meets on March 5, and maybe some more about Venezuela’s president threatening to cut off exports to the U.S. [...]
It’s hard to swing a dead cat without hitting a behavioral economist these days. In case you’re one of those people who only reads this blog for the trivia, and you don’t normally follow economics, I’ll explain. Neo-classical economics (i.e., what you learned as a college freshman) assumes that individuals are rational and act in [...]
