Industrialization pays less dividends: when manufacturing jobs shift abroad, their share peak at a lower level than in the previous country

It’s a global problem, which means recent U.S. policy might be doomed to fail.

Book Review: ‘Foragers, Farmers, and Fossil Fuels: How Human Values Evolve’

A must-read book spanning time and science.

The 2016 Nobel Prize in economics awarded to duo of contract theoreticians

Sign at the bottom for Prize.

The science of why you should buy experiences, not things

The science of happiness is still a youthful and controversial field, but one thing seems to be clear: there’s only so much money and comfort can bring. Economic growth doesn’t translate to happiness. Sure, people in developed countries often tend to be happier than those in developing countries, but generally speaking money doesn’t bring more happiness – it just brings less sadness.

Are some people pro-social because they don’t know how to selfishly help themselves?

A new study by Oxford researchers suggests that we all would like to maximize our profits, it’s just that some simply don’t understand the rules of the game. In other words, they act altruistic because they don’t know how to be selfish, which in effect doesn’t make them altruistic at all.

Rich but not happier — why economic growth doesn’t always translate to happiness

It’s easy to assume that with economic gain comes happiness — we live in capitalism, after all. But science comes to prove us all wrong yet again, and shows that the link between economics and happiness is much more complicated that we thought. Money can’t buy happiness, it seems.

When Rhode Island accidentally legalized prostitution rapes and STDs dramatically fell

In the 1980s, concerned that the state statute on prostitution was too broad and could potentially infringe on First Amendment freedoms, lawmakers in Rhode Island decided to make it more explicit by cutting some articles. They went a bit too far, though, and accidentally removed the section defining the act itself as a crime. It wasn’t until 2003 that courts

Poverty puts ‘tax’ on cognition – financial strain causes drop in IQ as large as 10 points

Poverty posses long lasting social, emotional and, least not forget, cognitive perils. A recent study found that people under financial strain have a hard time focusing on anything else other than their day-to-day strides, seriously affecting their cognitive abilities. The researchers, led by  noted Harvard economist Sendhil Mullainathan, found that people affected by poverty scored as much as ten points lower than

When the “prisoner’s dillema” is played with real prisoners: unexpected results

The prisoner’s dilemma is one of the most famous paradigms and at the same time one of the most discussed case studies in both economics and psychology introductory classes. Basically, two prisoners are each isolated from one another and are presented with two choices: either they turn the other in (sabotage) or remain silent (cooperate). Now, from here on it

Beautiful people earn $250,000 extra on average

It’s generally known that people of above-average physical looks are at a greater social advantage than people of average or sub-average appearance. Beautiful people are known to be more successful, happier and more financially fulfilled. Regarding the last part, there’s always been a controversy regarding the economics behind this kind of superficial advantage. Renowned economist Daniel Hamermesh of University of

How scientists taught monkeys the concept of money. Not long after, the first prostitute monkey appeared

You may have thought things like currency or money are concepts known solely by man – something which differentiates humans from animals. Some might have a sense of ownership, besides of course territory, but trading and the likes haven’t been observed in any other species besides homo sapiens. An economist/psychologist duo from Yale back in 2005, however, managed to train seven capuchin monkeys how to use money, and I’m pretty sure from here on some of you might be able to guess what happened from there on.