Oligopoly, illustrated

Gains from trade and specialization, illustrated

Christmas macro tunes!

Sir James Mirrlees on mathematical models

Economist of the day: Roland Fryer Jr.

Roland Fryer Jr. (of Freakonomics fame) on his MacArthur "Genius" Fellowship ($500,000 grant).

Micro lecture of the day

Nobel laureate Gerard Debreu on general equilibrium, c. 1987.

Online textbook of the day

Forecasting: Principles and Practice
by Hyndman and Athanasopoulos

Coasean podcast of the day

Russ Roberts of EconTalk.org interviews no other than Ronald Coase, age 101. Here. An excerpt:

Roberts: “[D]id you have contact with Keynes and Hayek, two great economists of that era in England?”
Coase: “Yes. I was very friendly with Hayek. I liked him, and he liked me. But we didn’t have great contact. He tended to deal with these big questions, and I’m always interested in how the actual system operates. Therefore, in much smaller matters than Hayek.”  

Roberts: “And how about Keynes? Did you know Keynes?”
Coase: “I can tell you – I was helping when Britain was trying to get a loan from the United States immediately after the war, and I was talking to one of Keynes’s assistants. And Keynes came in the room and walked over to us and the man I was talking to us said, ‘This is Coase, who is helping us with the statistics. I don’t think you know him.’ And Keynes said, ‘No, I don’t.’ And walked off. And that’s my life with Keynes. ”