Since Marshall wrote those words a century ago, however, there has been surprisingly little integration between economics and other life sciences. Instead economics has continued to model itself after physics. The General Equilibrium Models favoured by po...

How risky is the stockmarket? How rough is its ride? The traditional way to answer that question is to look at a representative period of history – say the last few years or decades – and use standard statistical methods to compute the average...

Economics is often called the dismal science. The expression goes back to 1849, when Thomas Carlyle described the new field as “a dreary, desolate, and indeed quite abject and distressing one; what we might call, by way of eminence, the dismal scien...