Webinars

aje on November 28, 2024

If you attempted to join this event and found the link didn’t work I sincerely apologise. By the time we fixed the problem it was too late to start again. I will try to run the event again soon.

Porta Palazzo

aje on November 21, 2024

Although many markets today are virtual, it is important to recognise the culture and tradition contained within long standing physical market places. Known as one of the biggest open air markets in Europe, Porta Palazzo is also one of Turin’s most popular tourist attractions. It contains a wide range of different stalls, exemplifying the bustle and atmosphere of routine commercial activity. It has historically been the centre for people’s livelihoods, their access to goods and services, and their social identity. The market serves multiple purposes:

  • Food distribution
  • Tourist attraction
  • Community resource

I’ve been coming to teach in Turin for many years, but only found out about Porta Palazzo when I read Rachel E. Black’s anthropological study. So on my visit in November 2023, I took a quick taxi ride from the ESCP campus to have a look around. The outdoor market meets the covered part at its entrance:

The inside section is a labyrinth with multiple vendors selling whatever meats, fish and bread you can imagine. Behind the counters some stalls have ladders leading up to their hidden storage areas, and vendors serve you from a height.

I was particularly impressed by the variety of animals and cuts of juicy meat!

There is a “new” section of the market, which is modern, quieter, and more civilised. But it’s familiar and a little boring.

Across the road there is the open air market, and at first I made my way through stalls selling household items.

I even found a Porta Palazzo truck!

The most colorful and lively area by far contains the fruit and vegetable stands. Here, vendors are at the same level as their customers, and there is much greater noise and discussion.

Here are some of the orange and clementine stalls:

Like many markets, the pace of activity changes throughout the course of the day. It tends to be busiest around meal times, and better deals are made just before it closes. Across Italy, people are most likely to visit markets on weekends, but they are usually closed on Sundays.

Notice how many shoppers – especially older ones – wheel a trolley bag with them. Some of the younger customers appeared to be buying in bulk for commercial purposes.

There are several reasons why markets such as this have an older demographic. It can often be a combination of factors such as:

    • Low prices
    • Habit
    • More free time
    • Social aspects
    • Convenience

I also noticed younger vendors on the periphery of the market, selling mint and other fresh herbs.

These tended to be immigrants, who are becoming an increasingly important source of custom for markets across Italy.

I’ll finish this photo essay with the words of Rachel Black:

Although it is easier to focus on the big picture of the market as an institution, the complexity, personalities, and passions of the people who participate make markets truly extraordinary places. Through the people and their daily interactions, the marketplace takes on life and meaning. The time I spent in markets taught me that these are not waning sites of tradition and history; they are dynamic places of lively sociability that resist homogenization and remain open to the general public. Markets have always embraced globalization as a force that creates diversity and encourages social, economic, and cultural exchanges across borders and barriers, making them extremely timely institutions that have the potential to bring people together and help create community. Black, 2012, p. 180-181

Are there any other markets I can visit?

For an overview of where to visit in London, see “A Tour of London’s Markets“

To learn more about Porta Palazzo:

    • Black, Rachel E., 2012, Porta Palazzo: The anthropology of an Italian market, University of Pennsylvania Press
    • Porta Palazzo market – Arrival guides

The transition lectures

aje on November 5, 2024

Welcome to my four part video series on transition.

Part 1: “Steps in the Dark: Why socialist calculation is impossible”

Part 2: “Economics transition in Central and Eastern Europe: Shock therapy or gradualism?”

Part 3: “The Oligarchs: How the new tycoons rose to power”

Part 4: “Russia’s kleptocracy: And the rise of Putin”

Addendum
I devoted a section of Chapter 12 of my Managerial Economics textbook to transition. You can read it for free here.

Here is my webpage about The Museum of Neoliberalism.

Here are two videos defining capitalism and liberal democracy:
Online learning
Here are some recommended online courses and videos:

And I love this profile of Hillsdale professor Ivan Pongracic:

https://youtu.be/ImrVAujXJC8?si=kwJrNUvidS9CoDIl
Podcasts
The Rest is History has a good, 4 part series on transition. Links to each episode are here:

  1. Young Putin, the KGB and the Soviet Union, March 7th 2022
  2. The Fall of the Soviet Union, March 8th 2022
  3. Yeltsin, Economic Chaos and President Putin, March 9th 2022
  4. Putin’s Russia, March 10th 2022

Here are some other podcast recommendations:

  • #349 – Bhaskar Sunkara: The Case for Socialism, Lex Fridman podcast – Bhasker calls himself a “democratic socialist” but I maintain that this is an aspirational label rather than one that can be  understood in theory or demonstrated in practice. While the left attempt to grapple with their history of actually-existing-socialism, I think it is wise to go with capitalism, which is the only system that seems to work so far.  It’s also notable that Bhaskar’s magazine, The Jacobin, is well designed and popular, but routinely misrepresents free market economics and is geared towards activism rather than serious enquiry.
  • Ep. 7: Eric Mack — Why Not Socialism?, The Curious Task, September 18th 2009 – regardless of collectivist aspirations, this interview recognises that the essence of socialism is a centrally planned economy. Mack draw uses camping trips as a model of “the good society” but I think this suffers from three flaws. When it comes to a camping trip, the participants already know each other; everyone has consented to participate; and there’s no need to create resources (camping trips are primarily about consumption rather than production. If you want to drink a beer, you bring it with you having paid for it with previously expended labour). This reveals that most socialist visions are utopian and don’t solve the real world problems of how to create human flourishing in an extended social order. Ultimately, socialism is a collectivist philosophy that requires subjection of the individual to the whole. Therefore it should be rejected by anyone whose fundamental concern is the dignity and sanctity of the individual.
  • The Road to Socialism and Back — Peter Boettke & Rosolino Candela, Hayek Program Podcast, August 23rd 2023 – this interview makes clear that the main tragedy of socialism is that it is unintended. The results are inconsistent with the stated goals of the advocates, implying the problem is an intellectual one. Hence the need for scholarly enquiry and public education. They also recognise that a centrally planned economy may function better than a market economy during times of war, but this should not be the model. After all, a stable peace is as important a social objective as greater wealth. This interview also captures Pete Boettke’s biggest contribution to economics:  in the absence of the “three P’s” of property, prices, and profit and loss you have to rely on political power to allocate resources. Therefore, a socialist society will be riddled with rent-seeking and the other inefficiencies associated with “politics without romance“, giving rise to the nomenklatura and priviledge. He also makes the point that prices are embedded in institutions, and institutions are embedded in broader social relations. We therefore need to understand law, politics and society, as a coherent social science. Finally, I like the point made that a free market economy lets ordinary people do extraordinary things. It doesn’t rely on extra ordinary people controlling and directing a vast bureaucracy.

Energy Economics (MEM)

aje on October 25, 2024

Course introduction

This course equips students with an understanding of how useful economics is for energy professionals. The Micro part of the course covers market design and the interpretation of price information, and relates this to the challenges posed by disruptive technologies. The Macro part looks at the changing nature of the energy industry, including new technologies, sustainability objectives, and geopolitical implications. The course presents this material in an integrated way and challenges students to become effective problem solvers in both individual and team based settings.

Course assessment

  • 40% group project
  • 60% final exam (online but invigilated)

 

Recommended podcasts

Managerial Economics – ESA, Beirut

aje on October 1, 2024

Online, October 2024

This course provides an overview of core economic concepts and how they relate to senior executive management. Particular focus will be placed on the theory and practice of internal markets and how organisations have harnessed the knowledge and incentives provided by market mechanisms. Group work will focus on an analysis and assessment of the macro context for a relevant country, looking at monetary and fiscal policy as well as a broader set of social and environmental indicators.

Course textbook:

Assessment:

Course handouts: will be made available during the course

Pre class activities
Please read all of the information below carefully in order to prepare for the course. The textbook references are background materials and can be read anytime. The required materials should be read or watched in advance. At the end of Day 1 I will be referring to the 2016 film ‘Arrival’. Here’s a trailer. If you’ve not already seen it, I suggest familiarising yourself with the plot (spoiler alert). Or better still, watch it!
Day 1: Thursday 10th October
1. Managerial insights* (handouts)

2. Incentives GW (activity)

3. Value creation GW (activity)

    • Required video: (1 minute)

4. Markets and AI* (handout)
Day 2: Friday 11th October
5. Price discrimination GW

6. Price discrimination DB* (handout, board plan)

7. The evolution of money* (handout)

    • Required video: (9 minutes)

8. Case study: Beirut (questions, board plan)
Day 3: Saturday 12th October
9. Macro Trends* (activity, handout)

  • Required video: (18 minutes)

10. Macro Risk* (handout, activity)

11. Presentation GW (instructions)

12. Presentations

Note:

An asterix (*) means that lecture slides will be available.

GW means group work. DB means a whole class debrief.

Student FAQs

aje on July 24, 2024

Why don’t you make all of the content from your lecture slides available?

There are three types of powerpoint content that I reveal in class and aren’t visible in the PDF lecture handouts. They are either:

  • Answers – these are intended to be a surprise and therefore I don’t want you to be able to see them in advance.
  • Images – for design reasons these often can’t be simultaneously shown alongside the text, and would also use a lot of ink if printed.
  • Confidential information – in these cases I don’t want the material to potentially circulate on the internet.

You should therefore treat this information the same as something I write on the whiteboard or say verbally, where the burden is on you to take notes rather than rely on handouts. Recognising what is pertinent and what is not is a key part of your obligations as a learner. This is also a reason why student attendance is important, since there is a necessity to be present in class to receive all of the necessary information. For the same reason that I don’t provide copies of my whiteboard plans or recordings of class, some powerpoint content is deliberately restricted.

Rest assured that I pay close attention to what is and isn’t within the PDF handout. If it is something relevant for an exam then it will be easy for you to fill in the gaps. If the information is relevant, but not necessarily important, you will be able to find out more either through a footnote or the additional resources on my website. In any case, if you feel that you didn’t capture some relevant information, whether it was communicated via powerpoint, on the whiteboard or verbally, just let me know and I’d be happy to help your revision.

Is the final exam open book?

You will take the exam on your own laptop and are allowed to consult any notes. The exam is “open book” in the sense that you can use course materials. However, you may not use your laptop (or any other electronic device) to communicate with anyone (e.g. another student or a LLM such as ChatGPT). The purpose of the exam is to test your knowledge of the content, rather than your ability to use the internet to find answers to questions. Therefore obtaining help from someone/anything else during an exam (whether it’s a fellow student or an AI) is a serious offense and will result in disciplinary action. You can use your device to access course materials. You may not use it for communication.

How do I get full marks on a MCQ?

For full marks you need to select all of the correct answers. Depending on the intended difficulty level and the software being used it may not be obvious how many of the provided answers are correct. This is to ensure that you consider each one carefully. Partial credit will be available in some instances.

Montalbert

aje on July 14, 2024


We have a 2 bedroom apartment in the family-friendly ski resort of La Plagne Montalbert. It has a master bedroom and a smaller bunk room making it perfect for a family of 4, and the sofa bed in the lounge means that it can cater for 6. Located on the second floor, the balcony overlooks the piste and provides hours of entertainment and afternoon sun.

How to get there

❇️ Montalbert is a 2 hour drive from Lyon or just over 2 hours from Geneva. Both airports are served by low cost flights with usual car rentals available. ✈️

❇️ Aime station is at the bottom of the valley (11km away), and easy to reach either by taxi (15 minutes) or a regular bus service (via Altibus). During the ski season there are often direct trains from St Pancras, however return journeys depart from Bourg-St-Maurice, which is twice as far from Aime (this is because only Bourg has the security equipment that allows it to have international passengers). A good option is to get a standard Eurostar to France and then change for a TGV to Aime. There is a regular (and cheap) service from Paris Gare du Lyon but – top tip – you can also change at Lille, which means you avoid having to cross Paris! For more see the Man in Seat 61.

❇️ We are 976km from Calais which is around 9 hours of driving. It can be done in one day, but France has plenty of clean and affordable hotels at convenient stops along the way (we use Novotels). The toll roads are fast and efficient and it’s much more pleasant to drive through France than the UK. There are two ways to reach Calais:

❇️ ️There are regular and cheap ferry services from Dover, from £80 per trip (see P&O or DFDS) ⛴️

❇️ The Eurotunnel (now known as Le Shuttle) is usually around £140 but takes just 35 minutes and goes from Folkestone.

❄️ Winter 

La Plagne is world famous for its size and array of runs. Best suited for all rounders and families, there are enough black runs to challenge serious skiers but the main places are accessible via blue runs. Best of all the Vanoise Express connects La Plagne with Les Arc, providing over 400km of ski runs, 70% of which are above 2,000ft. There are also 18 separate “fun zones” and new activities and lifts are added each year.

Image: https://en.la-plagne.com/discover/ski-area/piste-map

☀️ Summer 

Montalbert is a charming mountain village which makes it a suitable place to vacation all year round. Outside of the ski season there are plenty of amenities and the summer wildflowers are stunning. The gondola still operates and this allows walkers to reach the higher mountains. Mountain bikers can take ski lifts up several runs and enjoy the descent. For more see this summer guide, or a trail map for Mont Jovet.

Photo: https://www.savoie-mont-blanc.com/en/walking/mont-jovet-loop-146925/

How to book

You can check availability or make enquiries through all the usual platforms. And the cheapest way is to book direct with Montalbert Ski.

           

Macro Trends

aje on July 5, 2024

Macroeconomics can be a daunting subject matter but it is too important to be left to specialists. All senior managers need to be able to understand and interpret the macroeconomy, and reflect on the factors that cause it to change. This page gathers material that equips participants with a foundation in the models and frameworks needed to make sense of our context and policy responses, and develop an awareness of several key risks. They will help you to become familiar with with global growth forecasts and identify the key challenges facing policymakers.

And the best part of these resources? Most of the lectures are delivered live!

Lecture handout: Macro Trends. Here is the quiz.

My attempt to provide some theoretical background to core macro concepts is my video on “The emoji equation of exchange“. See here for a quiz.

You can find the latest global growth forecasts from the institutions mentioned in the lecture here:

What you should be reading:

Newspapers: The Economist • Financial Times • The Guardian (international edition)

Business press: Harvard Business Review • McKinsey Quarterly • Knowledge@Wharton 

Suggested podcasts:

  • Planet Money by NPR – short introductions to key topics
  • Macro Musings, by David Beckworth at the Mercatus Center – interviews with relevant academic and policy experts

Where to look for good charts:

What I’ve been reading:

What I’ve been writing:

Background resources:

  • The best way to keep on top of macroeconomic trends are to subscribe to the Financial Times or The Economist.
  • “An Inflation Primer” Patrick Horan, Mercatus Center Policy Brief, July 2022 – a good background primer on inflation
  • Evans, A.J., 2020, “Economics: A Complete Guide for Business” London Publishing Partnership – my managerial economics textbook is intended to provide a thorough but readable overview of the most important elements of macroeconomics

Related content:

Milton Friedman and corporate social responsibility

aje on June 11, 2024

This web page contains resources related to this academic article:

  • Evans, A.J., 2024, “Is economic familiarity a necessary prerequisite for understanding Milton Friedman’s view of shareholder primacy? Reflections on a classroom exercise.” Journal of International Business Education, Vol. 19

It is based on the following opinion piece by Milton Friedman:

Sequence

The original sequence of interventions was as follows:

  1. Students took quiz 1 under exam conditions.
  2. Students were then asked to read the Friedman article before the next session.
  3. Students took quiz 2, which tested their comprehension of the Friedman article.
  4. Students received the “Concepts” and “Cases” handouts. They were given 20 minutes to read the handouts.
  5. Students took quiz 3, which included a reflection on the exercise as a whole.
Links:
  • Concepts
  • Cases
  • Cases (Solution) – an instructor resource, available on request
Quizzes:

Part 1 – this simply gathers information about the participants for the original study.

Part 2 – this graded quiz should be used after reading the Friedman article. It can also be used a standalone activity for instructors who simply want to test student comprehension.

Part 3 – this should be used after reading the Friedman article and the handouts. This is more focused on applying the Concepts to the Cases than the original reading.

EMBA Managerial Economics & Business Ethics – Cotrugli

aje on March 16, 2024

Background readings:

The textbook is Economics: A Complete Guide for Business by Anthony J. Evans (2020). I wrote it specifically for this course and all students are advised to read it in conjunction with the lectures. 
 
There are plenty of other good textbooks on the market. I also recommend Managerial Economics by Luke M. Froeb, Brian T. McCann, Michael R. Ward and Mikhael Shor (Thomson Southwestern 3rd edition, 2013) and A Concise Guide to Macroeconomics by David Moss (Harvard Business School Press, 2007). 

Course handouts: Managerial Economics and Business Ethics

Day 1

1. Incentives matter* +

Textbook reading: Chapter 1

2. Understanding cost* +

Textbook reading: Chapter 2

3. Auctions +

Hild, M., Dwidevy, A., and Raj, A., “The Biggest Auction Ever: 3G Licensing in Western Europe”, Darden Business Publishing, 2004 (£)

Discussion question: What are the alternatives to auctions?

Extra activity: The Dutch flower auction

Textbook reading: Chapter 3

4. Prediction markets +

Coles, Peter, Lakhani, Karim and McAfee, Andrew, “Prediction Markets at Google” Harvard Business School 9-607-088, August 20th 2007 (£)

Prediction Markets, February 2016

Textbook reading: Chapter 4

Day 2

Before the Macroeconomics class you should watch this video:  and complete this quiz.

6 & 7. Monetary policy* +

“The Euro in Crisis: Decision Time at the European Central Bank” Harvard Business School case no. 9-711-049

The ECB During the Crisis, July 2021

Textbook reading: Chapter 7 and Chapter 8

8 & 9. Fiscal policy* +

Textbook reading: Chapter 9

10. Macro Policy Workshop +

Extra activity: NGDP masterclass

After the Macroeconomics class you should watch this video and complete this quiz.

Day 3 

  1. Managerial Insights*
  2. Macro Risk*
  3. Markets: The First AI* +
    • For this session there are 4 readings. You may find some of them tough going. But you’ll have some time in class as well. Please try to read them. 
    • “On the Origin of Money” (Carl Menger, 1892, Economic Journal, (2):239-55)
    • “The Use of Knowledge in Society” (Friedrich Hayek, 1945, American Economic Review, 35(4):519- 530)
    • “I, Pencil” (Leonard Read, 1958, Foundation for Economic Education)
    • “What is Seen and What is Not Seen” (Frederic Bastiat, 1850, Paris: Guillaumin. This version taken from The Bastiat Collection, 2nd Ed., Mises Institute, 2007, pp. 1-11 only)

    Here is a PDF copy of the reading pack which should be read:

    Download the reading pack here.

  4. Group preparation
  5. Group presentations

Day 4 See Business Ethics.

Before the Business Ethics class you should read about these mini cases: and complete this form.

 

Note: Sessions marked with an asterix (*) have a lecture handout available in advance, which can be downloaded. Cases marked with a pound sign (£) are available through the Programme Office. Follow the + links for additional resources.