Renowned economist, Alex Edmans, recently presented to Fathom on the topic of bias in data. One example cited a study that claimed breastfeeding leads to more intelligent babies. Delving further into the study, mothers with higher education and more supportive home environments were more likely to breastfeed, meaning that the correlation could be due to the mothers’ home environments rather than breastfeeding itself. That the underlying data is, first, correct and, second, analysed in a non-biased way, is crucial in

I recently read in the news that US presidential candidate Kamala Harris is flirting with the idea of introducing a ban on ‘corporate price gouging’, in relation to food suppliers and grocery stores. As an economist, and the proud son of a father who has worked in the food business for more than thirty years, I could not resist writing a few lines to convince you that this plan is undoubtedly a rather bad idea. So, without further hesitation, let’s

Owning and using a private jet has long been the status symbol of the elite in our society, from prominent celebrities to the most successful CEOs. Not many can deny that one of the primary reasons to fly a private jet is simply because they can. When I was asked to write a post for the famed Fathom blog, I gave a lot of thought to the topics that would best combine some of my interests. In the end, I

Given recent passionate debates by colleagues Erik and Elisabeth about economic models and ’rational man‘ — homo economicus — how could I pass up this opportunity, on Friday the 13th, to write about empirical economic evidence for superstitions? Friggatriskaidekaphobia, or the fear of Friday the 13th, has proved to be a persistent Western superstition, rooted in Christianity and Norse mythology.[1] Christians believe that Judas Iscariot, who betrayed Jesus Christ of Nazareth, was the 13th guest at the Last Supper, which

Coffee drinking is taking over the world. Even in the UK, the home of ‘afternoon tea’, coffee is now the most popular drink. That would make someone like me, who considers coffee an indulgence as much as a means to remain alert, happy. But I am not. Coffee can be served both in hot and cold variants, and in a world where temperatures are rising the latter are not pulling their weight. Far from it, new iced-coffee variants increasingly use

We've all hit that afternoon slump, when the clock seems to slow down and every task feels like a mountain. It's in these moments that the idea of taking a break starts to sound not just appealing but necessary. As work environments change, especially with remote working, finding the right balance in how we take breaks can help prevent these slumps, and it is key to maintaining our health and momentum. But how should we take breaks effectively? Our attitudes,

[As told to Erik Britton] It has come to my attention that some self-styled ‘economists’ are of the opinion that I am redundant. That I, Homo economicus, the embodiment of economic rationalism, have served my purpose, if indeed I was ever fit for that purpose. That positive economics, a branch of positive science which I personify, should be ditched, along with the assumption of rational behaviour on the part of the human species. Hard to imagine, I know; but if

The streets of Paris appeared to be free from locals last week. That’s not necessarily unusual in August. The French are famous for enjoying Les Grandes Vacances with extended trips out of the city. But this year, there was the added factor of the Olympics: with concerns about expensive ticket prices, packed transport and even safety, around half of Parisians in one poll said they would leave the city as the famous flame arrived. However, as the competition got under

I frequently moan about low levels of investment in the UK. It has become a bugbear of mine. Looking across the whole of the G7, the UK has had the lowest investment-to-GDP-ratio in 28 of the past 42 years. And on those odd occasions when it has not been bottom of the G7 investment league table, it has been close. I blogged about this subject as recently as February this year, when I contrasted my willingness to extend my mortgage

‘“When the rockets go up, who cares where they come down, That’s not my department,” said Wernher von Braun.’ [1] These lyrics from the US mathematician and satirist Tom Lehrer’s highly amusing song may not immediately get you thinking of economics, but there are similarities between the disinterested mental shrug given by Lehrer’s von Braun and the way economists ply their trade. Looking back to when I started my economics degree, one of the first things I remember learning was