In the good tradition of David Letterman, here are the “top ten” of economics in the past half-century or so, courtesy of Bryan Caplan.
1. Human capital theory
2. Rational expectations macroeconomics
3. The random walk view of financial markets
4. Signaling models
5. Public choice theory
6. Natural rate models of unemployment
7. Time consistency
8. The Prisoners’ Dilemma, coordination games, and hawk-dove games
9. The Ricardian equivalence argument for debt-neutrality
10. Contestable markets
For those studying the Philippine economy, nos. 1, 5, 8, and 10 are perhaps the most interesting fields.
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